A Financial Planning firm has launched a new 'toolkit' to help millennials ‘poorly served’ by the advice sector to plan their financial futures.

Magenta Financial Planning, based in Bridgend, South Wales, has released it’s new Millennial Toolkit, which is free to download and is available to any younger person who wants to know more about Financial Planning.

The toolkit available via the Magenta website is aimed at consumers and offers a variety of Financial Planning tips. These include help with:

• Simple cashflow forecasting
• Long term saving
• Smart banking
• General banking.

As part of the kit, users will be able to use an app, where they can put in details about their income, expenditure or savings, to see what their financial future will look like.

Magenta Financial Planning chief managing director Gretchen Betts CFP^CM Chartered MSCI said: “We’ve launched this toolkit to help younger people start to plan for their future and fill a gap, because we feel that millennials are poorly served by the Financial Planning world, as they often cannot afford to pay for comprehensive advice.

“We wanted to provide a resource which points millennials in the right direction of tools and apps that can help them, for free, get a grip of their finances and start to really understand financial planning. We are not trying to compete with robo-advice, rather we’re trying to help educate about the importance of proper Financial Planning and money mindset.”

“Many of the apps and tools are free and in the public domain. The 7IMagine app will require them to make contact with Magenta, just to set them up. We hope that, if we have been helpful at this time, in the future the millennial may reach out to us at a later stage – when they require and can afford full Financial Planning.”

The toolkit will also contain tips and guidance on low cost financial solutions, which the firm hopes will help millennials through the ‘overwhelming task’ of planning for a sound financial future.

As part of the new kit, Magenta, run by chief executive and former Institute of Financial Planning President Julie Lord, is offering a free 20-30 minute chat to help millenials kickstart their Financial Planning.