(Louis Otto) #1

Saw this post earlier and it resonated with me, this is the kind of service that could set a bank apart, and with all the data banks have and Monzo’s presumably excellent API, this could be a thing?

Just wanted to share and see what other people thought

Net worth / savings / debt forecast
( related to Monzo CEO, Investor in Monzo ) #2

1st like today - press like because I would like to like this but discourse won’t let me like it - anyway I like it - :slight_smile:

(Ricardo Veras) #3

Louisotto, that is a great idea!
I think a lot more financial institutions should provide a broader knowledge/information to the normal customer in relation to debt and/vs income.
It appears that to this date almost nothing has been learnt from the disaster that ruined so many people’s lives in 2008.
We seem to be more interested to be in debt so that we have our “own” house/car, rather than to wait for a couple of years and be able to buy the car in this instance with our own money.
And banks/lending institutions should in principle not instigate such behavior!
At least with such a function as mentioned below, and if it’s shown in a simple manner people would realise how much debt they have.
Apologies for my rant!

(Louis Otto) #4

Totally agree, and I think we’re in the turning point of people owning their data and taking control of their finances - tools like these would be infinitely helpful.

(Peter Roberts) #5

This looks like a really cool idea

(james_e_bell) #6

This is cool but such a long term view I think its very hard to either usefully or easily come up with as there are some very big life events that can happen financially that would hugely affect the model (promotions, relationships, house purchase).

(Louis Otto) #7

Why would it be difficult? Assuming you use percentage based values for your savings etc, changing your salary would just update everything else. House/car purchases or loans would affect things, sure.

I think the point of a system like this is that you’d have the data in hand before you take out big purchases, you’re armed with the information you need to see how it would fit in your life. If you already have these loans, etc, then you can see how you fare for the next few years at the same rate.

You can’t reasonably expect to input one set of information at a single point in your life and then forecast to it - it’s an iterative process.

(james_e_bell) #8

Yeah i think short term view for big purchases and in general what direction is your money ‘trending’ is super useful and do-able.

I was reacting to the linked article and the first chart / usecase they show - projecting how your money maps out to retirement.

I have looked at the experience of these apps with 20-30 year olds in the past and in general the ‘to retirement’ projection was v unhelpful because:
a) its overly pessimistic to forecast to retirement based upon salary of a 20-30 year old
b) retirement is too far away a concept to weigh up vs ‘how much should i spend on a holiday’

However a usecase of projecting where your current spending would take you i think is super cool

edit: not that im assuming such tools and/or monzo is focused at 20-30 year olds - i was just giving an example from my own work in FSS in the past


Anyone else getting:


I’m really interested in this but I can’t get to the site.