Personal Group offers its customers access to financial wellbeing through partnership with Neyber and SalaryFinance
Financial worries plague one in four employees, according to published research
Personal Group is partnering with Neyber and SalaryFinance, which will allow Personal Group’s clients to offer their employees access to financial wellbeing solutions including loans direct from salary, on-site financial education, and saving products.
Through the initiative, employees will have access to affordable borrowing with low APRs and manageable repayments that are taken directly from payroll.
Wellbeing in the workplace is often synonymous with physical and mental health; however, financial wellbeing is becoming more and more prevalent. According to the 2017 DNA of financial wellbeing report from Neyber, 58% of employees admitted to being mentally and physically affected by financial worries. With 33% of employees citing financial worries as the biggest concern, ahead of health, relationships and work life balance. These financial problems are not necessarily because of poor financial management, but increasingly external factors such as the rising costs of education and housing, depressed wages, rising childcare costs, and energy and food prices, are taking a toll on employees across the UK.
There is a compelling business case for providing employees with financial support. Businesses and organisations are feeling the impact of poor financial wellbeing and the potential impact it can have on productivity and health in the workplace. According to the CIPD in published data released earlier this year, 1 in 4 workers report that money worries have affected their ability to do their job. Household debt has also reached unprecedented levels: household debt is higher than in 2008 before the financial crisis.
Mark Scanlon, Chief Executive at Personal Group commented: “Offering additional support such as fairer finance schemes is a practical way employers can improve the overall wellbeing of their staff. This proposition is about offering practical financial support as part of an overall benefits package. We are enabling employers to address all aspects of their employees’ wellbeing, physical, emotional and financial through a truly holistic wellbeing programme.”