How technology can be used to support a rounded financial wellbeing strategy

When we used to talk about supporting colleague wellbeing, many of us would’ve thought of benefits like medical insurance, gym memberships and health assessments.

As we now know though, wellbeing is so much more than our physical health.

There’s no denying that employers have taken big steps in supporting mental health, particularly over recent years. We’ve seen networks like Mental Health First Aiders grow substantially, alongside companies launching things like resilience training and employee assistance programmes.

But while these may prove helpful for tackling the outcomes of stress, there’s still room to do more to address root causes.

Money worries

Financial stability is key to our overall wellbeing. Numerous studies have highlighted the link between cash flow and mental health and, worryingly, a 2019 study from the bank N26 found that 18 million adults in the UK worry about money on a daily basis.

As employers it’s up to us to make sure our people are supported financially.

In an ideal world we’d give everyone a pay rise but, being realistic, this isn’t always possible. Adult social care is a prime example of this. There’s no denying that the sector is facing a funding crisis, and the recent headlines around the government’s plans to reduce immigration for non-skilled migrants has only gone to highlight this further.

Thankfully there are still steps we can take – particularly when taking advantage of technology.

Redefining payday

One example comes from Wagestream, a new app which is redefining the notion of payday. Rather than waiting until the end of the month, the app allows users to instantly access their wages for any completed shifts.

We recently introduced this at Bupa, making it available to near 11,000 colleagues working across our care homes. The initial response has been overwhelmingly positive.

Based on our initial feedback, nearly 80% of users agree that they’re feeling less stressed now that they’ve got access to the app. What’s more, more than half of people who’ve used the app agree that their financial situation has improved, and that they feel more in control of their money.

While the benefits have been great, there were obviously risks to consider. One of the criticisms is that it can lead to reckless spending, and prevent colleagues from having a full paycheque for the following month.

My thoughts on this are twofold: first, we’ve been able to introduce a cap to prevent this from happening. Likewise, we’ve given colleagues the option to set their own limits within this.

Second, and perhaps more importantly, it’s about empowering colleagues and trusting them to make the choices that are right for them. If you don’t trust your employees, there’s a bigger issue to address.

As it happens, we are seeing people use the app responsibly and view it as a safety net to fall back on, should they face an unexpected bill. In fact, many colleagues are choosing to work extra shifts – and only accessing their overtime wages, so that they’re not short the next month.

A financial advisor in your pocket

Another way that tech can help is through its availability to provide relevant information, wherever and whenever it’s needed.

While traditionally few of us would’ve had a financial advisor to call upon, today we’re able to offer apps which can provide reems of advice at the touch of a button.

There are multiple apps to choose from, including those that offer additional benefits like financial planning and saving tools. What’s more, lots of these are already free, although where they’re not, there’s a chance for employers to step in and cover the cost.

Grab a bargain

While saving is a key part of financial wellbeing, it’s just as important to help employees treat themselves every now and again. Thankfully, employers can support on this front too, by introducing colleague discount programmes – many of which are also now available through apps or online.

From cinema tickets to weekend breaks – even household appliances – you can help you colleagues get the items they want, without having to pay more than they need to.

The bottom line

While any employee benefit should have the number one goal of supporting colleagues, there are always going to be pressures on organisations to deliver ROI. But the good news is that these solutions make good business sense too.

A 2018 study from Aegon into financial wellbeing found that UK workers can lose up to two hours of productivity a day as a direct result of financial stress. That’s more than four million working days a year, and is estimated to cost businesses £1.6bn each year.

More than this though, it’s about being a good employer and doing the right thing for your colleagues. This will not only improve retention, but – in a world where businesses are vying for USPs – help you stand out from the pack when attracting colleagues.

Looking back to Wagestream as an example, our staff have been huge advocates and it’s something that tangibly sets us apart from other care home providers. It’s a win-win – a sweet spot for colleagues and companies alike.

It’s often said that tech will save us, and when it comes to financial wellbeing, I’m a firm believer in it’s potential.

The author is Katie Duxbury, head of payroll services for Bupa Global & UK.

This article is provided by Bupa Global & UK.