Through our products and services, Vanquis Banking group has always supported financial inclusion and social mobility, but helping to people manage their everyday financial decisions is something our Group is becoming more and more expert at.

Through our recent acquisition of money-saving app, Snoop, and Vanquis’ mindful spending campaign, our teams are living our values in ways that can benefit so many more people than our credit customer base. 

Mindful Spending
Vanquis this week launched a Mindful Spending Campaign aimed at helping people to make more informed spending decisions by promoting practical information and tools. 
Teaming up with TV mathematician and National Numeracy Ambassador, Bobby Seagull; Vanquis developed a piece of research which highlighted rules and formulas to avoid “Buyer’s-Regret”. 

The research concluded that: 

• Two days and 21 hours is the ideal amount of time to wait to make a purchase – so you don’t regret it;
• Brits make seven large spontaneous purchases of between £150 and £1,500 each year – spending at least £1,050 annually on impulse shopping.  
• Gen Z are the most likely to buy without thinking, with an average of 14 impulse buys totalling at least £2,100 a year.; and 
• Brits are most likely to regret buying clothes, games consoles and gadgets.

The full article can be found here, or you can test out the formula for yourself at Vanquis.co.uk/mindful-spending

Snoop app
Snoop is a consumer-focused business helping people make the most of their money. It does this using payments data to deliver personalised insights to help people take control of their finances, cut the cost of living, and save both time and money, taking all the hard work out of making and managing a budget. 

Creating a budget is essential for effective money management and achieving financial goals but many people don’t know where to start or are put off by the time and effort required.

Snoop is a brilliant example of what can be achieved by using open banking data to deliver better financial outcomes for people and we believe this budgeting service can make a strong contribution to social mobility in the UK.

Working harder to help people improve their finances
For many years, Vanquis Banking Group has supported customers with budget management information and guidance, hundreds of articles and guides covering off every budget management style and preference. 
But that fact is that no one manages money in the same way – it’s personal. 
Everyone’s needs, wants and priorities look different depending on things like level of income, dependents, stage of life and job security. So, by offering practical information to help people make better decisions, like in our Mindful Spending campaign; and offering a personalised pain-free, real time budgeting solution right in the customer’s pocket with Snoop; we know we’ve got the tools to make a greater impact than we ever have done before in helping people manage their everyday lives.