Bureau Services - Wagewolf

Financial well-being App

78% of UK employees worry most about having no savings or encountering unexpected costs.

The effect of this concern on one’s psychological well-being is significant.

Nearly half of the individuals (44%) who have faced financial worries have reported experiencing stress, whilst 24% have seen a decline in their mental health 20% have experienced a decrease in their self-esteem.’

The adoption of Financial Well-being Apps by employers has led to a rise in employee productivity, motivation, and retention. This has also improved the overall sense of support that employees receive from their employers.

The App itself is not just about the ability to draw down on earned funds there’s a lot more on offer here and it is split into 4 parts:

Track
Flexible Pay
Build Pot
Learning & Resource Area

Gives employees control and insight into their spending and pay which can stimulate behavior change help them make better decisions and give them the financial visibility they need to spend wisely.

Gives employees the access to draw down on % of their earned pay which will ultimately reduce money worries and the need for loans and reduce long-term debt.

Encourages employees to save. They can set saving goals, create rainy-day pots, and can access them instantly instead of having to stream their current wage. Another benefit of encouraging employees to engage with their money more is they are more likely to start a savings habit.

Helpful well-being articles on managing the cost of living, home, and mortgages, there’s a benefits checker and debt management information.

‘In the future, the businesses that will thrive are the ones that offer a new breed of financial security benefits that are easily accessible and beneficial, while also ensuring a high-performing workforce.’

Wagewolf 24

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