Workplace Wellbeing Study 2019

Category Archives: Announcements

Workplace Wellbeing Study 2019

Financial wellbeing 2019 – companies need to do more.

Download the complete 2019 WWS from the link below

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More workers are using high-cost credit options between pay days despite knowing they’ll struggle

Following on from last years WWS18, we have commissioned more independent research to understand the pressures faced by UK workforces. The findings show that now more than ever, employers need to act.

The research recorded a 4% increase, from 2018, in workers using options such as credit cards, overdrafts and payday loans. Last year’s report highlighted the impact that personal finance related stress can have on workplace performance as well as sleep, health and relationships. The rise in workers using high cost credit has meant these issues are being exacerbated, with respondents reporting a 10% increase in financial stress.

The 2019 report also reveals that a third of workers feel they often need to borrow money, highlighting cashflow management issues within the UK’s workforces. The growing reliance on high cost credit between pay days has resulted in 38% of workers applying for high cost credit options despite knowing they would struggle to keep up with repayments.

“There is a clear need for a safe and ethical alternative to borrowing to get by,” says James, our CEO. “Workers deserve a fair chance to live debt free but are being held back by traditionally rigid pay cycles that simply don’t fit with modern financial demands. Employers have a responsibility to do what they can to improve financial wellbeing, starting with better education around finances and alternatives to high cost credit.”

 

Jasmine Birtles from Moneymagpie.com, tv personality and money expert adds: “These findings show how important it is for people to be financially fit in order to have more stability in their lives and also to be more productive at work. Employers have a lot on their plates as it is, but these figures show that if they help their employees get on top of their finances it will materially improve their bottom line.”

 

Despite the introduction of tougher financial regulations on lenders, workers reported an increase in the level of difficulty experienced as a direct result of using high cost credit. Volume of workers that scored their experiences with different high cost credit options as ‘difficult’:

  • Payday loans: 59% (47% in 2018)
  • Credit cards: 48% (36% in 2018)
  • Doorstep loans: 56% (45% in 2018)
  • Overdrafts: 51% (40% in 2018)
  • Loans from family and friends: 45% (38% in 2018)
  • Loans from other sources: 53% (40% in 2018)

The research also reveals how the face of credit appears to be changing. Buy-now-pay-later schemes have become more widely available in recent years and 56% of millennial workers (those aged 18-34) say that these schemes encourage them to spend money they don’t have. Those earning over £100,000 per annum are the most likely to say they are negatively influenced by buy-now-pay-later schemes (77%), supporting the notion that financial wellbeing is not an issue faced exclusively by low earners, it is a cash flow concern that is felt by workers across the board.

 

Digital money management tools are bringing workers some respite from financial stress. 70% of workers feel happier when using digital money management tools such as credit score and reporting apps, budgeting apps, challenger banks and micro investing apps. Workers say digital tools help them to save money, track their spending with greater visibility, make better financial decisions and reduce debt.

Download the complete 2019 WWS from the link below

HP-workplace-wellbeing-study-2019web-FINAL

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The Global Recruiter

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Help, it’s Christmas

It’s Christmas! A time to enjoy some well-earned time off with friends and family. A time to go to more parties than you normally do, get more taxi’s than normal, more car journey’s, presents…the list goes on. For many, the expected and unexpected costs put huge pressure on finances, family and relationships over the Christmas period, but fear not, come January all will be ok, right?

 

Wrong.

 

Our latest independent research has showed that you are FIVE times more likely to use short term credit in January than December. That’s right, five times.

 

In addition, the research uncovered the fact that you are TWICE as likely to use short term credit options, no matter the time of year, if you are paid monthly rather than weekly.

 

This supports the message that if you are paid more regularly, then you are able to budget and manage your money better, which as per advice from the NHS and MIND is a major contributor to improved mental and financial health.

 

We will be releasing our full report in the New Year, but for a snapshot of some of key facts, please see below. If you’d like us to send you the research directly, please drop an email to MKTG@hasteepay.com

 

Words by Jamie

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CIPD Manchester

Coming off the back of a great Employee Benefit (EB) Live we were really buzzing to see how our free employee benefit would be received at the CIPD event in Manchester.

We were not disappointed….Thankfully!

The event space was stunning, and the audience were engaged. Being a relatively new company, this was our first exhibition in Manchester so it was exciting to be on the road with the team and presenting Hastee Pay to what is arguably the largest forum for HR professionals in Europe.

The general theme of the event was financial wellbeing – which is great as it means it is 100% on the radar. Much like EB Live, many of the HR professionals were cautiously optimistic about our offering.

An interesting observation from the team was that many of these HR professionals were unsure what financial wellbeing meant to them and their workforce, but admitted that ‘Financial Wellbeing is on the agenda for next year”. So they know it’s important, but there is a lack of education on what it means and how important it is. Hence why we produced our Workplace Wellbeing Study, to try and demystify some of the themes around financial wellbeing.

Unlike other financial wellbeing products out there, Hastee Pay is a “non-lending” solution and the word is out that this is a popular way to go to help alleviate worker reliance on payday loans and high cost credit, BEFORE they get in to debt.

There has been a growing amount of HR professionals approaching us (which is nice) saying “I’ve heard about this recently, tell me more” which as anyone in a new market knows, is great news.

It means we’re being disruptive and changing the way employers are thinking about paying their workforce and in turn making a positive impact on their staff.

There is still a long road ahead and we (as an industry) must focus on educating people on the benefits of this type of pay solution.

Liam and Matt – Client Engagement Managers

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5 nominations!

This week see’s the sixth Payments Awards at the Grosvenor Marriot Hotel, with companies across the payments spectrum jostling for the prestigious awards and prime industry recognition.

 

 

Hastee Pay is delighted to be nominated for five awards and joins Saxo Bank as the most nominated company from the 2016 awards.

We’re honoured to be alongside huge industry players such as HSBC, Nat West, Starling Bank, Mint, Iwoca and Worldpay.  We’re proud to be revolutionising how people get paid as well as increasing workers’ financial wellbeing by empowering them to pay themselves any day and remove the reliance on the traditional monthly pay cycle.

Our nominations are for:

Personal Finance App of the Year;

Best Mobile Payments Solution,

Lending Initiative of the Year,

Payments Start-up of the Year, and

Most Disruptive Payments Technology.

Whilst the Payments Awards is our industry version of the Oscars, there are no media predictions of who will win.

Watch this space….

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Only a Pavement Away

Today we are announcing our partnership with Only A Pavement Way (OAPA), a recently-launched charity acting to help homeless and vulnerable people struggling to get into work overcome hurdles of finding employment.

Launched at the Houses of Parliament on 10th October, OAPA was founded by representatives from the hospitality industry. Its principal aim is to act as a conduit to help those struggling to get into work overcome hurdles by finding jobs within the hospitality, pub and restaurant industry, giving everyone the opportunity to establish meaningful careers. Initially focusing on helping the homeless to find jobs in the hospitality industry, the charity has extended its reach to ex-service personnel, ex-offenders and those with learning difficulties.

Every person who finds employment through OAPA will get 12 months unlimited, free use of Hastee Pay, giving them immediate access to their earned pay from day one to help empower them financially and reduce their financial stress as they establish themselves in their new jobs.

Additionally, to celebrate the launch of OAPA, Hastee Pay will donate 50% of all the proceeds for a period of three months from the operators and partners of OAPA who sign up to Hastee Pay before June 30th 2019.

We’re incredibly proud to support OAPA in its crucial mission helping the most vulnerable in society access their right to work and get back on their feet financially.

Immediate access to earnings will be so empowering for those coming from difficult situations who simply want to earn a living but would otherwise struggle to reach their first payday.

Words By James, CEO

Full release here:

OAPA PR Release FINAL

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We’re on the DIT Trade Mission to San Fran

 

BREAKING NEWS.

We are delighted to announce we have been selected to showcase our expertise by joining the Department of International Trade UK Fintech Trade Mission to San Francisco this November.

We are looking forward to meeting with US regulators, VCs, industry players and gain insight to doing business overseas and continue our global expansion.

It is great to be recognised by the UK Government for the work we are doing at Hastee Pay. It is vital that we enable people to access their earned pay so they do not have to use expensive forms of credit at times of financial need. We are keen to learn and meet with industry players in San Francisco and expand our revolution of how people are paid.

We’ll be in San Francisco from November 12th -16th – will be sure to send a postcard or two.

 

Words by James – CEO

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Mobile Project of the Year!

See below for the Press Release on our win at Digital Technology Leaders Awards 2018!

 

 

 

 

Digital Technology Awards 2018 – Win 

 

 

CIPHR & Hastee Partnership

Click for details of our partnership with CIPHR.

 

 

 

 

CIPHR PR Release FINAL

 

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