Money talks, but we don't talk about money

Grandparents go Dutch via fintech

Though it's called 'Best Grandparents', this ad will?likely appeal to anyone?who's found themselves footing the bill too often for unthinking/spoilt/ungrateful companions.?

Best known to the general public for its ads featuring a glossy black horse and focusing on continuity for financial carefulness, Lloyds takes a new approach in this campaign: it still focuses on generational continuity, but this time with a twist that marks the difference between family members who've grown up in very different money landscapes.?

Money is a troublesome issue for many to discuss, especially within family units, and British financial institution Lloyds Banking Group aims to ease the awkwardness with its new feature, Link Pay.

Lloyds customers can send a request straight to friends or family, no matter who they bank with in the UK. Link Pay gives the customer the option to create a unique secure link or a QR code, removing the need to give people personal account details.

As Lloyds explains: Link Pay sends the request to the other person, with the Lloyds customer able to choose WhatsApp, SMS, or Facebook Messenger to send the link. The feature allows Lloyds customers to personalise the request with an amount and a reference - such as ‘dinner last week’ or ‘present for Dad’ - making it familiar and clear to the person receiving the request. It’s also easier for the person making the payment, as it removes the need to set up a new payee.

The 'bank of gran and grandad' is increasingly vital to UK families as healthier/wealthier seniors often step up to provide care, fun, and education to assist hard-pressed parents.

While many are delighted to do so, and there are government benefits to help out, more acute cases can put a significant financial and/or emotional burden on those supplying parental care.

Even in cases without the extreme challenge of absent/sick/low-income parents, money expectations and sheer lack of communication can cause stress for grandparents who want to do their best while ensuring their own financial stability. An inews report on a study by over-50s insurers SunLife says:

Grandparents save their children ￡13,500 a year in childcare costs. If grandparents were paid an average wage for their time, they would be on almost ￡11,000 a year.

In the case of the Lloyds ad, the tap-and-go, tech-savvy golden couple achieve a happy ending where no-one gets taken for granted.

A great solution for those who are time-poor, a clever reflection of contemporary fintech, or just another illustration of people being distanced by tech rather than relating / communicating effectively about key issues? Or all of the above?

ends

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