Our partner members have been up to some excellent activities raising awareness of financial wellbeing. This week WorkLife by Open Money announced The Financial Wellbeing by WorkLife platform. We were delighted to work with them closely on this project.
They say:
The Financial Wellbeing by WorkLife platform, which successfully soft-launched in April 2023, is to be rolled out across the UK SME market in response to demand for affordable employee financial wellbeing support packages.
The platform is the result of close collaborative working with the Institute of Financial Wellbeing (IFW), and is the first of its kind to offer a meaningful first step to improving the financial wellbeing of employees across the UK, regardless of the size of their employer.
The need for financial wellbeing support is clear. WorkLife’s Small Business Monitor report, conducted last year, shows that 95% of SME business-owners and decision-makers are concerned about their employees’ financial wellbeing. Furthermore, the research found that 94% of UK employees say they worry about money and, of these, 77% say that money worries impact their work*. The problem is compounded by the fact that 30 million people in the UK currently can’t get the financial advice they need, and 59% of people opting for robo-advice get thrown out at the start of the journey (37% of which because they have insufficient savings)**.
With money and mental health being intrinsically linked, Financial Wellbeing by WorkLife aims to get the right support to the employees of businesses which otherwise would not be able to devise their own support package because of their scale and the costs involved.
The new platform brings together in one place practical and hands-on support for employees which will empower them to take control of their finances and to get the most from their money – through learning, coaching, and advice.
The Financial Wellbeing by WorkLife platform offers:
- Educational tools, including podcasts, webinars, and blogs from the IFW, financial journalists, and regulated advisers.
- Access to expert financial coaching – Qualified financial advisers coach individual employees one-on-one to understand their unique situation and develop a customised plan. They provide support, guidance, and accountability to help stay on track and make progress.
- Discounted rates when accessing regulated financial advice via OpenMoney.
- Access to best of breed mental health support – Through ShinyMind, an interactive app backed by the NHS, employees can access text and audio exercises that promote ongoing positive mental wellbeing, and can find immediate and effective support when they need it most.
- A vast selection of retail discounts and cashback offers.
Paul Chedzey, Commercial Director of WorkLife says: “The SME clamour for support in this area is so much more than just wanting to offer access to discounts and cashback, saving money here and there will make a difference on the bank balance, but financial wellbeing is about making better financial decisions overall.
“People react to money emotionally, not logically. It’s a relationship and it can be damaging, which is why people need support in a way that works for them and their circumstances – whether it’s learning, coaching or advice. In short, they needmoney ‘relationship counselling’. We think this is where employers come in. They have a duty of care to support their staff’s financial wellbeing, no matter the size of the business. Big businesses are finally waking up to the fact because it’s good for their business and for their employees. SMEs want to act, but have had nowhere to turn to. Until now.”
*Research data can be found here in WorkLife’s Small Business Monitor
** Stats on robo-advice and people unable to get financial advice and from OpenMoney and its Advice Gap Report 2021.
About WorkLife
Powered by OpenMoney, WorkLife is a digital platform on a mission to help businesses of all sizes to improve employee wellbeing. And in so doing, improve their retention and attraction of talent.
Top of the range financial wellbeing services are core to WorkLife’s proposition. It combines regulated financial advice and market-leading benefits with low cost and transparent fees, allowing SMEs to reward their employees with the same great perks as those traditionally only enjoyed by employees at larger companies. The platform enables companies to take an holistic approach to employee wellbeing, making sure they are covered across all the financial, mental, social, physical and environmental aspects of their life.
For more information on the WorkLife platform, click here.
About The Institute for Financial Wellbeing
The Institute for Financial Wellbeing is a non-profit, pro-positive organisation which launched in September 2019. It is a membership-based business working towards shifting the focus of the finance services industry away from selling products and towards the discovery and understanding of what clients actually want from their money. IFW members benefit from the support and stimulation of being part of a vibrant, growing community of likeminded finance professionals, and enjoy access to collated and bespoke resources, on the growing understanding of financial wellbeing.
For more information on membership, please visit here.
