Improving Retention with Financial Wellness · Next Gen salary App that supports personal budgeting...
Transcript of Improving Retention with Financial Wellness · Next Gen salary App that supports personal budgeting...
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The Problem:UK families don’t have enough savings
• 55% of UK families could not cover a £250 unplanned expense
• These families are penalized £3.4B/year:• £1.2 billion Unarranged overdraft fees• £2.2 billion Predatory payday loans (1000%+ APR)
• Employers want to help, but have no scalable solution for payroll cash advances
• Everything today is instant, but in the UK, 85% of workers are still paid once per month
Sources:ASHE 2017, Office of National Statistics
https://www.moneyadviceservice.org.ukhttps://www.experianplc.com
https://www.verdict.co.uk
NotEnough
Cash
Loans & Overdrafts
Higher Payments
Same Income
Pay bills
The Cycle of Debt
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Your biggest employee issue
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Source: Barclays financial wellbeing survey 2014
UK Companies have been
slow to respond
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Current World
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New World
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Technology that enables your employees to pay bills on
time, avoid late fees, and pay for
unexpected expenses.
Can you even out payment dates to end Employees Financial Stress?
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Product: Mobile app for workersA solution that instantly impacts your employees’ financial welfare
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40% Increase in Staff Retention
100% Increase in job applicants
10% Increase in Productivity No changes to your normal payroll
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in partnership with