Financial support designed specifically for parents could be a ground-breaking change for young families in the UK.
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Springwise have often featured innovations focused on helping people manage their finances. An app helps create investment portfolios, and this startup uses AI to offer loans to first-time buyers. Now another financial platform is focusing on giving financial support to new parents.
Storkcard aims to help parents manage the financial burden that often comes with having children. The average family’s childcare costs is 53 percent of the total income in the UK, demonstrating a high drain on a household’s resources. This can lead to financial stress and can have further knock-on effects to the health of the entire family and even divorce rates. Storkcard hope to alleviate such problems by offering more financial security to young parents and families.
The Storkcard platform offers a variety of services to promote healthy wellbeing in young families. The main product is a low-rate credit card that can help families manage the high costs of raising children. The prepaid card also offers parents retail discounts for relevant shops and budgeting tools. Participating shops range from Boots to Mamas & Papas. There is also a benefit scheme on offer, Storkcard for Business, that helps companies better support their employees’ childcare costs. The entire platform is also tied together by a supportive community, the Storkcard Village, that brings parents together through mutual experiences.
The services aim to be easily accessible, with an upfront fee of GBP 5.95. There is currently availability to sign up to their waiting list to get access to the card and platform benefits.