Why we're building Pariti
It’s claimed that money makes the world go round…But our relationship with our finances is becomingan increasingly uncomfortable one.
Rising personal debt, lack of savings and volatile income, have left many of usfinancially fragile. In the UK alone, 1 in 5 have less than £250 in their bank accounts and 1 in 3 are not saving for the future. Added to this, personal debt has reached record highs of £169bn, with 8.8 million people deemed to be over-indebted (Centre for Social Justice, Money Advice Service).
Compounding the issue, the banks themselves have created an environment ofincreasing complexity. Balance transfers, introductory offers, APRs and overdrafts… it’s a minefield. The myth of free-if-in-credit banking masks the way retail banks really make their money: we’re all paying for services, it’s just sometimes not clear how much and how we can avoid it.
This lack of financial resilience and unnecessary complexity isstressing us out, impacting our wellbeingandlimiting our life choices. This needs to change… And so… Pariti was born.
Our vision is simple:
To help people stress less about money and achieve financial security.
But the solution is not so straight forward. So where do you start?
Over the past year, we’ve met with, listened to and involved hundreds of people as we researched the problem and identified a solution. We’ve heard inspiring stories from people about how they’ve successfully turned things around.
“It’s making me feel calmer that at least I am making steps in the right direction: to try to shift that monthly debt”
And we’ve heard difficult stories from people who are struggling and are weighed down by the pressure.
“I bury my head in the sand. There will be whole months where I say: ‘I just won’t look. I just won’t look — it’ll be ok if I just don’t look”
But most importantly, we’ve heard what people need…
“I want to feel safe”
“I want an app that will tell me when I’m going wrong”
“I want to avoid being in a situation where I have to apply for a [payday] loan”
And so, we’re building a new type of finance company to help do this.
Pariti is a service to help people take control of their money, improve their financial health, and access fairer, relevant financial products when needed.
Our app connects to all your different bank accounts to provide one simple view of where you stand, a plan for improvement and a weekly manageable ‘spending goal’ which is easier to stick to. In weeks where you’ve spent less than planned, we help put that money aside. In more difficult weeks when things haven’t gone to plan, we help support the shortfalls.
What initially started out as a mobile tool, however, has evolved into something much larger and far reaching. We’re building a completely new type of business: one which represents the majority not the few, which breaks down the barriers to talking about and addressing your money, and which genuinely has your back during life’s ups and downs. Financial improvement is a journey and we want to support you throughout it.
Sounds hard? If it wasn’t, it wouldn’t be worthwhile. But with your enthusiasm and desire to improve, and our technology and passion to create change, real positive improvements can be made…
So take the first step, get involved and start taking control… the journey’s only just beginning, but together I know together we can