30 June 2019

40% of workers are “not interested” in pensions, new workplace study finds

Written By Wealth Wizards in Financial Inclusion

40% of workers are “not interested” in pensions, new workplace study finds

A study from financial technology firm Wealth Wizards also showed that 58 per cent would “struggle or panic” if they got an unexpected bill.

Twenty per cent of employees had difficulty paying off debt, and 62 per cent said they had not been able to save, even though they wanted to.

The data were gathered from 1,668 workers testing the firm’s new digital financial advice app, MyEva, which is fully-regulated by the FCA and launches this week. It is available to users via employers, including the Foreign and Commonwealth Office, Unilever and Calvin Klein.

MyEva, available as a web-app and chatbot, will help employees improve their financial situation with independent personalised guidance and advice. It offers help, information and nudges on a range of personal finance matters, as well as regulated pensions and investments advice, supporting financial wellbeing in the workplace.

The app initially takes people through a simple financial health check and, based on responses, provides users with personalised recommendations, such as how much they should contribute to their workplace pension, how to build up longer-term savings and how to invest their money.

MyEva also provides employers with real-time, anonymised data on the most prevalent financial worries among their workforces, enabling them to provide help and support and to measure the success of their actions in subsequent data.

Andrew Firth, founder and CEO of Wealth Wizards, said: “We’re delighted to bring MyEva to the workplace market as we know from experience that so many employers are looking to improve financial wellbeing in the workplace and importantly, measure the success of that improvement as part of their benefit and engagement programmes.

“MyEva has been created with a personality that provides a supportive arm around the shoulders, nudging people to make better financial decisions that their future self will one day thank them for at an appropriate pace for all individuals, regardless of personal circumstances. At the same time, she will help employers develop policies and programmes that meet the needs of their employees so there is a double benefit.

“We hope MyEva will help usher in an era in which regulated financial advice is available not just to the wealthy but to everyone.”

The algorithms behind the digital financial adviser are created by expert chartered financial planners and technologists and where MyEva can’t assist, she will refer clients to a team of human advisers. The “beta test” of MyEva was beta-tested by several organisations, including Central and North West London NHS Foundation Trust (CNWL). 

David Bell, head of human resources at the trust, said: “The service from Wealth Wizards has had a significant impact across our organisation. It has helped with our understanding of the needs and wants of our employees and how best to proceed with our financial wellbeing strategy. 

“We worked with the communications and marketing teams at both CNWL and Wealth Wizards to develop an effective plan to launch the service and our employees really enjoyed engaging with the Wealth Wizards staff at events across the trust. 

“For CNWL it has been a fantastic initiative – we have been supported by great partners in Wealth Wizards and have some quantitative data about the financial health and wellbeing of our staff to help develop our plans.”

Unilever has also offered use of MyEva to its employees. 

Nicola Wells, Global Reward Director, Unilever commented. “Unilever share a vision with Wealth Wizards to make financial advice affordable and accessible to all, to inspire societal change. A personalised approach to improving financial wellbeing with great MI to act upon will ensure that we as an organisation will be confident knowing we are helping people access financial guidance and advice that is right for them, regardless of their circumstances.”

MyEva is available now through selected employers. Please visit MyEva.com for more information.

 

Up Next ...
21 November 2024

Nubank Explores Legal Domicile Shift to the UK Amid Regulatory Changes

The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms

21 November 2024

Machine Learning: Revolutionizing Fraud Detection in Banking

These technologies enable financial institutions to analyze vast amounts of transaction data in real-time, identify suspicious activities, and minimize false positives...

21 November 2024

MeaWallet Partners with Integrated Finance to Enhance Digital Wallet and Secure Card Data Access for Fintechs

The collaboration is set to strengthen digital wallet payments and secure card data access capabilities for fintechs

20 November 2024

Atome Financial Secures $200M Credit Facility to Drive Growth

Atome plans to use the funds to strengthen its technological capabilities and grow its market presence, particularly among underserved, young consumers...

More in Financial Inclusion

Posted By The Community

Canopy and Monevo: A Partnership to Empower Renters' Financial Health

29 May 2024

Canopy, a company that aims to make renting easier and more financially secure for households, has r...

Written By: Monevo

Thales offers voice payment options

05 December 2022

Thales has released a voice payment card to support visually ...

PrinSIX’s new platform aims to boost financial inclusion

24 May 2022

FinTech Alliance company PrinSIX has unveiled its new Enterprise Platform.In ...

Tala raises $145mn for financial inclusion 

15 October 2021

FinTech Tala, which offers financial services to the underbanked, has ...

Articles Financial Inclusion

The fintech gender gap

12 June 2023

Can fintech close the gender gap in access to financial services? Using novel survey data for 28 cou...

White Papers Financial Inclusion

Inclusive FinTech 50 White Paper

13 December 2022

Fintech investment is booming. In 2018, a record USD 111.8 billion was invested in fintech, and the...

Articles Financial Inclusion

Women in the C-suite Growth in emerging leadership roles creates new opportunities in financial services

13 May 2020

THE composition of today’s C-suite across industries is markedly different than it was a...

Articles Financial Inclusion

Fintech is Driving Financial Inclusion

09 September 2019

While much of the discourse revolving around innovation in financial services address specific secto...

There are no Events in this category