The Close Brothers Financial Wellbeing index of 2019 reported that money worries are costing British businesses millions of pounds every year. The index revealed that 89% of larger UK businesses are impacted by employee financial wellbeing. This means an estimated 25 million employees take their money worries into work. The index also found that ‘worrying about money’ is the cause of 18 million lost working hours and costs employers over £121 billion a year due to absences from work that stem from money stresses. Some people revealed that they even call in sick over the last few days of the month, as they cannot afford their morning commute.
With one in five UK households in poverty*, surely the place to start is to ‘help people to help themselves’ and what better way to do that than with a regulated financial advice app they can access 24/7? The financial wellbeing app, MyEva, conducted its own study with over 800 employees of an FMCG brand to see if people were stressed about money at work and to try to uncover what was worrying people the most.
The study found that 58% of surveyed employees aged 18-75 didn’t know where to start when it came to building up savings. 83% of surveyed employees felt that they would benefit from further financial education and guidance on where to start when it came to managing their money in the ‘now’, before thinking about the future.
MyEva is an award-winning, regulated digital financial adviser, connecting with employees in diverse communities to help them to help themselves with accessible and affordable financial guidance and advice. Partnering with employers such as Calvin Klein, NHS trusts, Ricoh and the Foreign and Commonwealth Office to roll out the service, MyEva connects with individuals on a one-to-one basis in large employee populations and most importantly, speaks non-judgemental ‘human’ not ‘financial jargon’.
David Bell, Head of Human Resources at Central and North West London (CNWL) NHS Foundation Trust said of MyEva: “It has helped with our understanding of the needs and wants of our employees and how best to proceed with our financial wellbeing strategy.
“For CNWL it has been a fantastic initiative – we have been supported by great partners in MyEva and have some quantitative data about the financial health and wellbeing of our staff to help develop our plans.”
Additional benefits of MyEva include its availability and ‘tactile’ elements, in that she provides users with someone to message and connect with before they get to work, in a bid to offload stress and receive practical solutions to set minds at ease. MyEva creates a mindset of empowerment – a conversation with the MyEva chatbot works to address the behavioural anchors that might not be helping their finances; such as a pattern of always defaulting to the minimum payment on a loan.
Employers are also empowered, thanks to MyEva. The anonymised data collected on the app is offered to employers who would like to have an insight into the financial worries of their employee populations. This means employers can work smarter by focusing financial wellbeing engagement initiatives, without the risk of embarrassing individuals who need help.
Chief Marketing Officer for MyEva, Elizabeth Basten, says: “Offering a competitive salary alone doesn’t always cut it when trying to attract and retain talent in the 21st Century, which has spurred many employers on to think more creatively and offer a spectrum of benefits to their people.
“Private medical insurance and gym memberships are becoming the standard. We’ve found that many employers want to help empower their staff to make smarter life decisions too – because they know that home life (in this case, financial wellbeing) affects workplace performance.”
Any employer wishing to be part of the financial wellbeing revolution is encouraged to check out: www.myeva.com/foremployers/ to see for themselves what MyEva can do for their brand and the people who live it!
*Millenium Cohort Study, 2016, University College London