Employee Financial Wellbeing.
Most people have an idea of good financial decision making and loosely defined aspirations in the medium to long term. Many are aware of the 'theory' and appreciate the additional information offered by financial technology today. There is no question, incoming FinTech innovation intended to help people to transact and budget better helps a lot. Yet, financial wellbeing has become a significant and currently unaddressed issue with half of those in their twenties (4.4 million in the UK) ranking money related wellbeing issues as affecting them higher than body-image and self-esteem. (Eurostat, 2019).
Significantly, 62% of employees have suffered from severe stress, anxiety or depression in the past two years due to financial problems; 44% stated that it has kept them from performing their best at their job. Half (50%) of employees want their organisations to offer more guidance around improving their financial situation (WTW, 2019). Poor financial wellbeing costs UK employers £1.5 billion a year (Aegon, 2019).
At Money Story, we believe there is a real opportunity to help people experience an improved sense of finance related wellbeing and financial progress by empowering them to explore, re-evaluate and re-define their relationships money.
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