How do we measure financial wellness?

We’ve made it our mission to work with our clients to improve the financial wellness of their customers. But how do we measure the impact of our technology on people’s financial health?

We can make inferences from some data points - accounts connected, savings goals set, use of budgeting tools or our pension finder, number of regular logins and more - but we’ve found that the best way to find out how our platform is impacting our users, is to ask them.

After 3 months of using our technology…

84% of Moneyhub users told us that they feel they had better control of their finances

70% of users said they feel they have got better at saving/and or investing

68% said the Moneyhub app has helped them to better understand what they currently have for their retirement, and how much they need

Open Finance has the potential to transform how people interact with their finances for the better. We’re proud to be unlocking that potential for a happier, healthier, wealthier future for all.

If you’d like to find out more about how to improve your customers’ financial wellness, increasing their capacity to save, spend or invest with you, just get in touch →

How to support your employees' financial wellness

Employees are a business’ most crucial asset. The relationship between employee well-being and financial health is well-established, as is its wider impact on productivity, satisfaction and retention.

• Money is the biggest source of stress in the UK: one in eight employees are in working poverty [source]

• Financially stressed employees are twice as likely to leave. [source]

• Employees who are financially stressed are twice as likely to report poor health overall and take twice as many sick days, thereby impacting their productivity and overall team performance. [source]

• Employees struggling with their finances are nine times more likely to have troubled relationships with co-workers, and are twice as likely to be searching for a new job, leading to increased HR and training burdens for employers. [source]

In light of all this, and the cost of living crisis, financial wellness is being pushed up the business agenda, but is still the least common area covered in HR strategies.

Almost 80% of employees are not satisfied with the efforts of their employer when it comes to managing their finances [source]

Why should you incorporate financial wellness into your employer strategy?

There are huge business benefits to delivering financial wellness to your employees:

• 83% of employers noticed an improvement in worker performance when financial wellness programs were implemented, and 81% noted increased employee satisfaction. [source]

• Employees who are financially secure are engaged, healthier, and more productive. A decrease in financial stress leads to lower turnover rates, with 60% of employees more likely to stick with an employer that offers a financial wellness programme. [source]

• 76% of employees state they would be attracted to another company that they perceive cares more about their financial wellbeing [source]

How should you incorporate financial wellness into your employer strategy?

We’ve developed the Moneyhub Multibuy Plan to make it easy for you to offer your employees a practical tool aimed at supporting their financial wellness.

What is the Moneyhub MultiBuy Plan?

Employers can now bulk purchase licences to our award-winning financial wellness consumer app. 

Your employees will sign up via a dedicated sign-up page that is in line with your branding. They’ll then be directed to simply download the app from the Apple Store or Google Play after registering.

The Moneyhub app’s entire user-interface (UI), logos, colours and typography will automatically update to your branding, to ensure you retain ownership of the relationship and consistency of experience.

We can roll out the access in as little as one week, making it fast and easy to incorporate financial wellness into your HR strategy so you can start reaping the rewards of a happier, more productive workforce, increased retention and attracting more top talent.

About the app

The Moneyhub app gives people unrivalled clarity over their financial world by offering them a clear 360° view of their finances.

Employees can connect bank accounts, credit cards, savings, pensions, investments, mortgages, assets and more. It provides personalised savings suggestions, offers and relevant services linked to the individual’s life stage and circumstances.

84% of Moneyhub users told us that after 3 months of using our app, they felt they had better control of their finances

Apps like Moneyhub offer employers a straightforward, intuitive way to help their employees understand, manage and improve their financial health.

They provide more continuation than money management workshops (although both work fantastically in conjunction with each other), and are available whenever, and wherever your employees wish to use them.

If you’re interesting in finding out more about how we can help you support your employees’ financial wellness, learn more about our Multibuy Plan here, or book a demo using the form below

Talk Money Week - Moneyhub features to help your customers #TalkMoney

November 6-10th 2023 was Talk Money Week - an initiative from the Money and Pensions Service that seeks to help people have more open conversations about their money - from pocket money to pensions - and continue these conversations all year round.

Money is a deeply emotive topic, and the anxiety, guilt or shame someone might feel around their finances may mean they find it difficult to talk about. Yet research has shown that people who do talk about money make better, less risky financial decisions, feel less anxious and can help their children form good lifetime money habits.

For the course of Talk Money Week we focused on one Moneyhub feature each day, that can help you to help your customers start talking money. Here’s the round up:

1. Budgets, forecasts and spend analysis

2. Personal Debt Manager

3. Emergency Cash Builder

4. Benefits Finder

5. Pensions Finder

Budgets, forecasts and spend analysis

• Why is it important?

  Understanding how much money is coming in, and where it is going out is the first fundamental step towards financial wellness.

  One of the most significant sources of financial stress is not knowing if there'll be enough money left at the end of the month. As cash usage continues to decline the increased use of 'Digital' money means its harder than ever to keep track of direct debits, BNPL repayments, ad hoc bills and spending on debit, credit cards or payment services like Paypal.

• How does it work?

  Our budgeting, forecasting and analysis features make getting those healthy foundations in place as easy and intuitive as possible.

  Users are encouraged to connect all of their spending accounts to give them a complete picture of their finances. Our technology can then identify income, regular bills and payments and the spending and income analysis helps build a very tangible, visual representation of what’s going where.

  Every transaction is categorised so that the customer can create and set spending budgets for things such as fuel for the car, the weekly food shop, clothes for the kids or home repairs. No matter what account or card is used to make a payment the category is identified and allocated to the correct budget so they can see where their money goes and, when they are in danger of going over budget and take avoiding action.

Personal Debt Manager

• Why is it important?

  UK adults owe £1.9t in personal debt. Failing to keep on top of debt can impact health, wellbeing and the ability to work.

  A study from the Royal College of Psychiatrists found that half of all adults with a debt problem also live with mental ill-health. This ranged from a consistent feeling of anxiety and low mood to a diagnosed mental health condition.

  Debt can be a considerable burden, made worse by dealing with it alone.

  Worrying about debt can affect sleep. Losing out on a good night’s sleep can not only affect mood and energy levels, it can also affect someone’s ability to work or have good relationships with friends and family.

  All of these things in turn can further add to debt problems.

• How does it work?

  Our Personal Debt Manager gives your customers a suite of tools to help them check, manage and adjust their spending so they stay in control of their income and outgoings.

  We know that people get better outcomes when when:

  • They regularly check income, outgoing and bank statements, and;

  • Adjust spending on non-essentials when money is tight

  Your customers can use Personal Debt Manager to connect all of their bank accounts, credit cards and loans in one place so they can check each and every transaction in real time. They’ll benefit from a range of tools, including Personal Balance Alerts, Spending Analysis, Regular Payments and Rent Recognition.

  By utilising these tools, your customers can:

  • Gain sight of where their money is going and where changes need to be made and set realistic budgets

  • Reduce the risk of missing a repayment as they have a full list of upcoming payments to help them plan in advance

  • Even build their credit score through Rent Recognition

  Eliminating debt is about more than the numbers - debt relief brings reduced stress and anxiety, improvements in cognitive functioning and changes in decision making. When someone clears their debt, it’s a significant life event.

  With Moneyhub, you can help them get there.

Emergency Cash Builder

• Why is it important?

  Be it building an emergency cash fund for whatever life throws at them, or saving towards that all important first home, our technology can help you become a significant force for financial good in your customers’ lives.

  With the Financial Conduct Authority reporting that nearly 13m UK adults have little capacity to withstand a financial shock, helping your customers build an emergency fund to weather a financial storm, or simply for a rainy day, can improve financial outcomes, build trust in your brand and deepen the relationship they have with your firm.

• How does it work?

  Moneyhub’s Emergency Cash Builder makes it easy for your customers to increase their financial resilience in three simple steps:

  1. Personalise: Choose a connected account in which the emergency cash fund will be created and give the fund a name. It could be simply an ‘emergency fund’, or something more personal, such as ‘my holiday fund’ or ‘Mum’s 60th birthday’. Customers can create multiple funds for different goals. After naming their emergency cash fund the customer will be prompted to set a target amount and time period over which they wish to save.

  2. Monitor: Each Emergency Cash Fund will automatically appear in the customer’s personal dashboard. They’ll see how much they’ve saved in total and how close they are to achieving their goal.

  3. Celebrate: Moneyhub’s dashboard view provides a visual measure of success. Overlay a nudge in the app or any other communications channel to help the customer celebrate their achievement and provide them with an onward journey.

  Customers can transfer money to their Emergency Cash Builder fund using their bank’s banking app or by creating a standing order. Or if enabled, they can use Moneyhub Open Banking payments technology to make a payment from within a Personal Financial Management app.

  When people have some savings to fall back on, their increased financial resilience leads to reduced stress and anxiety, a greater sense of choice and control and even higher self esteem. With Moneyhub, you can help your customers get there.

Benefits Finder

• Why is it important?

  According to Policy in Practice around 8 Million households in the UK are missing out on £16-19 billion in benefits every year. This works out at around £5k per household, every year - a potential lifeline for low-income households.

  In 2021, in the wake of the Covid-19 pandemic, Welfare at a Social Distance found that the most common reason why people miss their benefits is that they are unaware of the welfare benefits they are entitled to or assume that they are not eligible

  The main reasons people are not taking up benefits they are aware of:

  • Group A: 42% Wrongly assume they are not entitled

  • Group B: 39% Unaware of the range of benefits they could be entitled to

  • Group C: 19% Don’t apply because they are overwhelmed by the process, or find the stigma difficult to deal with

• How does it work?

  Description text goes hereWe’ve embedded InBest’s Benefits Finder into our Personal Financial Management solution, enabling people to identify benefits they may be eligible for based on their financial data.

  The benefits calculator can help those in Groups A and B to find out which benefits they are eligible for and the boost to their income they could receive.

  By incorporating the calculator into a financial management app, we can better serve Group C through personalised nudges and support articles, to help guide them through their benefits applications.

Pensions Finder

• Why is it important?

  It’s no secret that the pensions industry has an engagement problem. In 2020 the Financial Conduct Authority found 59% of adults contributing to a workplace DC pension have low, or very low pension engagement.

  Low levels of engagement correspond with low levels of understanding around pensions, and people are missing out on a better retirement.

  In fact, one in five pensioners is now living in relative poverty in the UK, with the number of financially insecure pensioners soaring to more than two million.

  With the government’s work on the Pensions Dashboard Programme stalled, our Pension Finder offers an interim tool to help people track down, understand and engage with their pensions.

• How does it work?

  Pension Finder allows people to build a full picture of their pension and make crucial retirement plans by connecting the Moneyhub app with their LinkedIn profile.

  It is designed to help pension managers, workplace pension providers, trustees or advisors help their customers engage with their pensions, encourage them to save more cash for retirement and understand the long-term implications of their current financial situation and savings strategies.

  Users can combine the pensions information found by analysing their career history with other information aggregated and calculated by Moneyhub in tools such as Moneyhub’s Lifestyle Modeller, which predicts people’s financial situation after a major event such as retirement to set lifestyle expectations.

  When people have a complete financial picture they are able to make better decisions or get the help they need. The Pension Finder seeks to make financial admin easier and ultimately encourage savers to take positive steps to secure their future financial wellness.

You can offer your customers any of these features as part of our fully customisable white label financial management app, or incorporate them into your own offering as widgets.