1:1 live chat money coach available to employees 24/7 to articulate smart financial goals and set a plan to achieve them.
A trial by the US government agency responsible for consumer protection in the financial sector Consumer Financial Protection Bureau (CFPB) found those who had access to money coaching were more likely to use a budget and pay bills on time, set aside emergency funds and increase savings.
The OECD has identified that when behaviourally-informed and easy to understand financial guidance is combined with personalised goal setting and coaching, individuals are better able to overcome behavioural change barriers such as procrastination and forgetfulness.
Setting smart financial goals and talking through possible options in a 1:1 confidential coaching chat helps employees overcome self-limiting beliefs and take steps to move forward. Being accountable to a coach helps employees focus on tasks that may require short-term sacrifice for a long-term gain.
Employees engage in 1:1 confidential coaching session for a median time of 1 hour
Most popular financial goals include building savings, reducing costs and paying down debt
4 in 10 coaching conversations result in employees setting up a budget
“I really appreciate the help, I’m honestly happy with any guidance with budgeting/money management, I think that having a money coach is a fantastic thing and something I wanted to take the opportunity of!”
“Wagestream was mentioned on my first day of training. I saw coaching on the app and as I kind of wanted to hit this new job running and get ahead on stuff, it seemed like the right idea to talk about money!”
Employees are given the option to have a 1:1 confidential coaching conversation in the app
Employees answer a few questions about their financial situation to Streamy, the coach bot, which helps our money coaches start the conversation in the right position
Coaches use Sir John Witmore’s Grow model to identify their financial goals, what might stop them from achieving them and what options they have before deciding on next steps
Coaches work with employees to develop an action plan, which could include using a budget or savings calculator, reading about options available or committing to a new habit.
Employees are encouraged to let their coach know how they go, and coaches reach out to employees to check they are making progress towards their goals.
We're the mission-led responsible experts in financial wellbeing, providing award-winning innovative solutions to solve the number one employee concern — financial stress. We can have a financial wellbeing program up and running in your business in 4 weeks.
Automated transfers so saving becomes second nature, helping employees to reach their goals faster.
Making it easy for employees to see their earnings grow in real-time, so they can budget confidently and pick up extra shifts when needed.
Remove the need for employees to rely on high-cost credit by providing access to a percentage of earned wages - instantly available.