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Financial Educations Archive - Hastee Pay

Have you ever bunked off work?

Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it. You might recognise that line from the classic – Ferris Bueller’s Day Off. It’s relevant here for two reasons.

 

Firstly because we’re taking our own moment to stop and reflect on what’s been an incredibly busy few weeks for Hastee. Namely because we launched the 2019 edition of our Workplace Wellbeing Study which takes a deep dive into the UK’s reliance on high-cost credit and explores the impact on workers.

 

Secondly, this very study reveals that 39% of UK workers have taken an impromptu day off, just like Ferris. However, that’s where the similarities begin and end, as the narrative here is far darker.

 

Workers are being forced to take a day out because some form of money has restricted them from getting to work. It’s a shocking state of affairs, but hardly surprising when you weigh up some of the other findings from our research which has been published in The London Evening Standard, Wired and Gizmodo among other titles.

 

Between hosting our research roundtable (hosted by the Money Magpie herself Jasmine Birtles and featuring Nick Agwuncha of Money Medics, CIPD’s Charles Cotton, Paul Litchfield CBE of the What Works Centre for Wellbeing and Sam Fuller of the Wellbeing Project as panellists), meeting with journalists from national papers and exploring the research findings in features for HR and trade press, the continued discussion of the research findings has really hit home.

 

With 82% of workers source funds from high cost credit options between pay days, 38% applying for high cost credit options despite knowing they would struggle to keep up with repayments and 56% of millennials saying the recent rise in buy-now-pay-later schemes encourages them to spend money they don’t have, the need for financial wellbeing has never been greater. We were well aware of the issues people are facing when we first started our mission, but this second instalment of our annual research reaffirms our belief that workers need on-demand access to their earnings.

 

So now, with even more determination, we’re rolling our sleeves up even higher to continue our mission to bring financial wellbeing to the working masses. They’ve earned it.

 

If you’re a worker who understands the struggle all too well, or you’re an employer who is just beginning to learn about the impact of financial stress on your workforce (not to mention the negative business impacts), then speak to us today to understand more about how Hastee can help change the narrative.

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How do YOU become a destination employer?

The Journey to Becoming a Destination Employer

 

The term ‘destination employer’ is a badge of honour for any business, but one does not simply become a destination employer overnight. Whether a business qualifies as one depends on how jobseekers and your existing staff perceive the business.

If you’re seen as a company that is well known and respected in your industry and people see working for your business as their end goal, then you’re a destination employer. Earning this title should be important to employers because the competition for talent is heating up. Across all industries, the drive to recruit graduates is intensifying with 2019 seeing the highest annual rise in graduate recruitment since 2010. Some industries, such as hospitality and manufacturing, are facing sizeable skills gaps so will be working harder to attract the right talent.

But what do companies without the ‘destination employer’ badge of honour have to do to earn it? From an HR perspective, becoming one comes down to fulfilling three goals which are:

 

• Creating desirability so that the top talent out there wants to come and work for you

• Keeping your workforce engaged, productive and fulfilled in their roles to prolong a positive working environment

• Retaining your talent so that people don’t just aim to land a job in your business but want to grow their career and help grow your business with it

 

Wellbeing initiatives and workplace benefits are key to achieving these goals. A carefully curated range of benefits that address workers’ needs is integral to building a positive, productive and rewarding working environment and workplace culture.

Tech giants such as Apple, Facebook and Google are synonymous with the term ‘destination employer’. Between them, these companies offer a colourful range of benefits including free massages, hot meals prepared by professional chefs, dry cleaning services, and even cash to help new parents cover expenses.

But not every business has an HR budget that’s enormous enough to be able to match such benefits. Fortunately, though, companies can implement workplace benefits that have a big impact on workers’ everyday lives for no investment whatsoever.

Take the idea of providing workers with on demand access to a portion of their earnings. This is what Hastee Pay enables employers to do, and in doing so, they give their workers the opportunity to better manage their personal finances, avoiding costly overdrafts, credit cards and payday loans by allowing them to use the money that is rightfully theirs without having to wait until the end of the month. With this one benefit, workers have a fair opportunity at achieving financial freedom. To protect your employees, Hastee Pay caps the early-pay limit at 50% of a month’s salary. This provides a safety buffer for the end of the month. So you’re protected, they’re protected, and you’re both doing your bit to promote healthy, helpful budgeting.

You don’t need to be a tech giant with a multi-billion pound turnover to begin your journey towards becoming a destination employer. With easy-to-implement benefits that have a tangible impact on worker’s daily lives, you can start that journey without any negative impact on your budget or your business cashflow. And while becoming a destination employer won’t happen overnight, you’ll quickly begin to see better results from your efforts to recruit, engage and retain the best talent for your business.

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

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

 

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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.

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Help is at hand.

Earlier this month was our charity partner Only A Pavement Away’s (OAPA), inaugural conference held at the hClub. It was a fabulous gathering of 150 leaders from the hospitality industry, all with the same goal, to help and protect the most vulnerable in society and get them in to work.

To celebrate our headline sponsorship of the conference, Hastee Pay will be donating 50% of all the proceeds, for a period of three months, from the operators and partners of OAPA who sign up to Hastee Pay.

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 meaning they are more inclined to stay committed to their work.

We are so proud to be involved with OAPA and playing a small part in getting vulnerable and homeless people off the streets and into work in the Hospitality industry.

To see a 4 hour conference, crammed in to 35 seconds – see here.

Jamie

Money and Mental Health Policy Institute

Money and Mental Health

The connection between mental health and work is a very hard topic nowadays. 

It’s just common sense isn’t it; if you are stressed about money then your mental health at work will suffer affecting your performances.  

Hastee is part of the solution allowing people to manage their finances in their own way and not dictated to by societal and cultural norms helping companies to improve the mental health at work. 

We are constantly on the look out for content to share that inspires people to think, act and ultimately improve their financial wellbeing.  

One of those fighting the good fight, is the excellent Martin Lewis who you will know from Money Supermarket fame, but he is also one of the founders of:

The Money and Mental Health Policy Institute.

 

 

Money and Mental Health Policy Institute is an independent charity, committed to breaking the link between financial difficulty and mental health problems, something very much close to our hearts. They conduct research, develop practical policy solutions and work in partnership with both those providing services and those using them to find what really works.  

They have an abundance of content accessible to everyone here, so please have a look when you have a moment if you want to improve your, or your teams, mental health at work.

Jamie

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The Struggle Is Real…

Independent Research Report – 2019

So it seems the struggle is real and not just over Christmas, but well in to January and beyond. We set out to explore the impact of Christmas on businesses in terms of staff productivity relating to financial stress. There were some obvious findings as you’d expect, but also some fascinating findings, such as:

Workers who are paid monthly are TWICE AS LIKELY to use short term credit compared to those who are paid weekly.

Workers are FIVE TIMES more likely to use high-cost credit in January compared to December.

Workers are nearly SEVEN TIMES more likely to use their overdrafts in January compared to December, FOUR TIMES more likely to rely on funds from a credit union and TWELVE TIMES more likely to use a bank loan.

 

To read the full report please click here – The Struggle is real – Final and if you want to get in touch then please drop us a line here.

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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….

Hastee Pay