Global Recruiter

Category Archives: News

Partners-GR-Recruiter

Global Recruiter

Workplace Wellbeing Study 2019

Financial wellbeing 2019 – companies need to do more.

Download the complete 2019 WWS from the link below

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

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

 

For the 2018 WWS, please click here.Hastee_Pay_TWWS_ FINAL Spread

 

Elite Business

Partners-GR-Recruiter

The Global Recruiter

The Fabricator

Sifted

rawpixel-665384-unsplash

Financial Wellbeing and Money Worries

It’s recently been reported that the divide between the poor and wealthy is growing. If you’re a working-class professional, you could be paid 17% less per year than someone from a privileged background. This is according to the Social Mobility Commission’s latest report which also finds only 34% of people who started professional jobs in the last year came from a working-class background.
Even if you’re educated to degree level, your prospects could be limited. Research from Resolution Foundation shows people aged 26-32 are likely to face worse job prospects, lower pay, or unemployment, thanks to the ongoing fallout of the 2007-2008 economic crisis which implied a lack of financial wellbeing.
But it’s not all bleak. Employment in the UK is actually on the rise, so things could turn around. Many companies are now striving to become ‘Destination Employers’ which means they want to increase their appeal to jobseekers by becoming more rewarding companies to work for through greater workplace benefits and the financial wellbeing. So there is hope, despite the depressing headlines.
Employment up, wages down
While access to jobs is actually much better than some scaremongering headlines make out, managing personal finances is still an issue and the financial responsibility is still having weigh. This week it was reported that UK wage growth has stalled (which means an increase of money worries) despite rising vacancies and falling unemployment.
As the Social Mobility Commission has highlighted, there is no current living wage that contracting, cleaning or catering companies are obligated to pay, so if you do find employment in these industries, you might struggle to get by.
78% of UK workers rely on high cost credit options such as credit cards, overdrafts and payday loans to get by between pay days according to Hastee Pay research. Borrowing to get by can lead to getting caught up in a dangerous cycle of debt, yet for so long there has been no other choice.
In reality, it’s not necessarily a question of how much people are paid, rather than how people are paid and how the companies which they’re working for are actually promoting their financial wellbeing avoiding so money worries,
Financial wellbeing and freedom is becoming reality
Hastee Pay recognises that traditional pay cycles no longer fit with modern financial demands and it’s actually causing money worries. More flexible access to your salary means you can manage your money better without relying on high cost credit to get by until pay day comes. That’s why we created our earnings on-demand app that lets workers access up to 50% of their monthly salary between pay days.
We believe workers should have the opportunity to balance their incomings with their outgoings without spiralling into debt by borrowing to get by. We also believe in helping employers get the best from their workers and increasing financial wellbeing in the workforce. Providing workers with on-demand access to pay is a great way to do just that.
Whether you’re a business that wants to attract and retain workers with a discreet and flexible employee benefit that helps to increase productivity, or you’re a worker who thinks your employer should be doing more to tackle financial stress in the workforce, Hastee Pay is here to help to promote financial responsibility and to help stopping money worries.
Together with the employers that have already implemented our earnings on demand app, we’re instigating real change in the way people access and manage their money. The need has never been greater.

hrd

HR Director

download (2)

Care Home Professional

Print

Care Home Management

Hastee Pay