Five ways that technology can drive financial wellbeing engagement

By making financial wellbeing communications timely, relevant and personal, employees are more likely to respond and engage with information about financial wellbeing benefits.

New Era of Financial Wellbeing 1 New Era of Financial Wellbeing 2 New Era of Financial Wellbeing 3

Taken from the REBA/Close Brothers: Practical Guide To Preparing For A New Era Of Financial Wellbeing, here are some top tips on how to use technology to improve engagement with financial wellbeing initiatives.

1. See everything in one place. Forthcoming pensions dashboards and similar available tools can help employees see the big picture of their savings and investments. That can help to change behaviours and give employees more of a sense of ownership.

2. Improve planning and budgeting. Many banking apps have a range of tools to help you track expenditure and find out where your money is going. Helping employees to make the most of these can help improve budgeting and money management.

3. Complement one-to-one support. Technology isn’t the answer to everything, and there will be times when employees need to speak to someone for one-to-one guidance or advice. But digital channels can be great for wider financial education or preparing administration before a one-to-one meeting.

4. Manage benefits more effectively. From an employer perspective, the right technology can streamline benefits management, enabling reward and benefits professionals to understand how financial wellbeing services are being used.

5. Embrace emerging technologies. Employees will already be using generative AI tools (such as ChatGPT) in their everyday lives, at home and at work. If used effectively, these tools can provide a good starting point for exploring financial wellbeing products and concepts – but it’s important to recognise their limitations and educate employees about risks such as scams and where to find professional support when needed.