National wealth advisory firm Evelyn Partners has launched a digital hybrid platform to help revolutionise how employees tackle their money worries in these challenging financial times.
Called MoneyHealth, the financial well-being service enables employers to offer a comprehensive approach towards effective money management for staff at all income levels to give guidance on topics such as saving, budgeting, tax, mortgages, financial planning and investing.
John Bunch, chief financial services director of Evelyn Partners, said: "People worried about their finances are six times more likely to struggle with productivity and seven times more likely to be affected by absenteeism."
Employees under financial stress are far more likely to suffer mental health problems.Tom Shave, Evelyn PartnersMoneyHealth's objective is to equip employees with all the tools they need to focus on their jobs, boost productivity and, hopefully, improve the company’s bottom line.
Businesses subscribing to MoneyHealth can give their employees:
- Financial coaching with a qualified professional
- A full financial health check
- A full view of their net wealth
- A personalised financial plan
- Direct access to the BestInvest investment platform.
Bunch added that MoneyHealth aimed to shrink the UK’s well-documented ‘advice gap’ by encouraging employers to look after the financial health of their workforce.
The launch followed a recent Evelyn Partners survey, which found that almost a third of business owners saw financial wellbeing as the biggest worry for their staff members.
As reported at the time by FTAdviser, the research suggested that an improvement in employees’ healthy financial habits would lead to better productivity and efficiency.
It also found that having increased employee satisfaction and financial security leads to a win-win scenario for both employers and employees.
At the time, Tom Shave, partner at Evelyn Partners, said: “Employees under financial stress are far more likely to suffer mental health problems, such as anxiety, sleep deprivation and a low mood, something that could impact their concentration levels and relationships in the workplace, dampening productivity in the process.”
Theo Gray is doing work experience with FTAdviser
