13 Aug 2019

Five must-have technology tools that can drive financial wellbeing for all of your workforce

With a quarter of organisations reporting poor financial wellbeing as a main cause of stress, it’s no wonder that financial wellbeing is a fast-growing priority for many employers. Despite this, only 37% say that their health and wellbeing activity is designed to promote financial wellbeing. And just 14% have a strategic approach to financial wellbeing that takes differing employee needs into account, according to the CIPD/Simplyhealth Health and Well-being at Work (2019) report.

In the same way that technology can help support physical and mental health, there are several ways it can be leveraged to support financial wellbeing too. Our lives are more digital-based than ever, and with this in-mind, technological solutions could be very effective for many. Here are our top five must-have tech tools that could help you drive better financial wellbeing in your organisation.

1. Financial wellbeing portal

Many options for financial wellbeing portals exist in the market. Often these encompass a number of different elements, but most importantly they commonly include financial education. This helps to build awareness of financial wellbeing, helping people build a better financial foundation and improve their financial habits.

2. Discounts platform

Discounts are a popular choice for many employees, and a simple way for employers to make a difference to financial wellbeing. Platforms offer access to exclusive retail discounts and can help employees make significant savings or receive cashback on their everyday spending. Best of all, most platforms are available via apps, so employees can access these savings at the touch of a button.

3. Budget planners

Being able to manage money well is key to improved financial wellbeing. And helping employees plan their personal budgets can be really effective in achieving this. Plenty of online resources exist to help. Resources like the Money Advice service and Citizens Advice both offer tools to guide people in setting their budgets and identifying where savings could be made.

4. Online savings and loans

Savings and loans can help employees take control of their finances; whether to make saving easier, or to help with debt struggles. These services are frequently provided as part of an online hub or app, and give employees access to better interest rates, for both saving and borrowing, compared with typical high street options. Aside from loans, some providers also allow employers to offer advances on pay that’s already been earned to help ease the burden of unexpected costs.

5. Employee assistance programme

Sometimes financial worries can affect mental health, such as causing stress or anxiety. In cases like this, it’s really important for employees to have easy and timely access to help. This could be in the form of an employee assistance programme or counselling service, which often include online access to mental health professionals, such as video calling or instant messaging, providing that vital, ‘in the moment’ support.

One to watch

An interesting area to watch is digital banking and how solutions like Monzo could be translated into the employee benefits world. App-based banking can help with budgeting, provide real-time updates on spending, and boost savings with small, incremental amounts. This could be a really valuable tech tool for improving financial wellbeing.

A guide to designing a financial wellbeing strategy

If you’re looking to improve financial wellbeing in your organisation, take a look at our guide to creating a financial wellbeing strategy that helps employees get back in control of their finances.

This article is provided by Simplyhealth