Financial stress hurts your people, so you invest in financial education
When people are stressed by money, they can’t thrive at work or home. A 2020 report from the Financial Inclusion Alliance found that people who are experiencing money worries are eight times more likely to be experiencing sleepless nights. Investing in financial education isn’t just the right thing to do, it makes good business sense. Considering the impact on happiness and productivity, the stakes are high – so your investment needs to deliver.
But financial education alone is not strong enough to change financial behaviours
To improve financial health, you must change behaviour. But research – such as Fernandes et al (2014) – suggests financial education can’t achieve this alone. As an organisation investing to improve financial health, you need a solution that goes beyond static education to deliver personalised content combined with targeted insight and accountability to drive behavioural change.
Financial coaching uses personalised insight and accountability to change behaviour
Real-time financial coaching does three things that static education can’t – the content is personalised because the coach responds directly to your employee. Secondly, the content is delivered just-in-time, because the conversation is initiated by your employee. Finally, coaching creates accountability for behavioural change, which is made easier with additional in-app prompts.
Get a live demo of flexible pay with Wagestream
It's a nice peaceful way of managing your money, plus loads of advice.
Nick, Wagestream User