Financial Educations Archive - Hastee Pay

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.

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

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

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….

Link between financial and mental health

Back in August we released the findings of our Workplace Wellbeing Study and as it was received so well, opening many employers’ eyes to the financial struggles of the modern day workforce, I thought I’d share a few highlights of the independent study that really made people sit up and listen:

 

  • Of the 1,000+ workers interviewed, financial stress impacts their sleep (38%), social life (29%), relationships (29%) and importantly their health (23%)
  • Nearly three-quarters of 18 to 34-year-olds have experienced mental health or well-being issues linked to money
  • 52% of managers see value in providing employees with an on-demand payment app
  • 32% of people have not been able to make it into work as a result of not having enough funds to pay for their commute due to an unexpected cost
  • Financial stress has impacted 21% of the workforce – this rises to 30% for people in higher level roles
  • 25% of workers state that they have suffered from a lack of concentration at work due to their finances
  • 54% of earners say frequency of pay has an impact on their lifestyle choices

 

You can’t get through a day without the subject of mental health popping up in your social feed, in conversations or on whatever news outlet you consume – mental health is a huge issue, but thankfully the stigma is slowly being removed and people are getting more comfortable speaking about it. There is still a long way to go.

 

Whilst recently trailing through the NHS website to reassure myself that my daughters latest rash was just because she had drawn on herself with a pen that she is allergic to and not anything more sinister, i came across this really helpful article on coping with money worries.

 

We are fully aware that we have a big responsibility, given the space in which we exist, to provide clear and objective information on how financial stress impacts on mental and physical health and how we see Hastee Pay being a contributor to the easing of these stresses and reducing the big payday spikes that can cause the problems.

 

Mind, the mental health charity, have advice that states, amongst other factors, that getting organised is one of the key elements to a healthier relationship with your finances. Hastee Pay allows you to do just that, allowing you to smooth your income throughout the month, spending what you need to and removing the big peaks and troughs that can be so stressful.

 

Honesty alert – Hastee Pay or solutions like ours, are not the silver bullet to financial tranquillity, don’t believe anyone who tells you otherwise. If you earn £20k a year, but spend £25k, there is always going to be a deficit. However, good financial education coupled with help and advice from bodies like the NHS and fantastic charities like MIND on how to manage your money, all contribute to a solution that reduces financial stress.

 

We believe Hastee Pay is part of this solution to help workers have a better relationship with their finances and smooth their income across the month.

 

Words by Jamie – Marketing Director

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

Employee Benefits Live

The Hastee Pay tech, sales and leadership team were out in force at EB Live last week. We had some fun.

For me, it felt like the lights are really starting to turn on for prospects and partners alike. I’m paraphrasing, but I heard words to the effect of: “I get it. This whole disrupting payday thing seems to be here to stay” a lot.

 

 

What I found most refreshing, though, was the extent to which exchanges were thoughtful, open-minded and guided by a healthy scepticism. It might sound obvious but the red thread was employee wellbeing and conversations rarely deviated.

And it led to some revelations about personal finance horror stories. Horrors that Hastee Pay would have helped avoid.

And then there’s the diversity. Positivity came from all backgrounds – public and private sector organisations; 2 employees to 10,000+ employees; young workforces to older; high earners and low earners. And that’s exciting – because it’s an indication of the market continuing to expand and the applicability of what we do, more relevant by the day. We’re learning with clients and prospects. And that’s cool.

Final thought: the ExCel is a bloody mile away. I never cease to be amazed by people’s willingness to schlep it across to the docklands!!

We’re based in London but we’re not London-centric so we’ll be at similar events to EB Live up and down the country over the coming weeks and months.

We looking forward to more debates, laughs and learning! Till next time

Words by Johnny – Business Development Director

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

James on Nick Ferrari @LBC Radio

With Wonga going in to administration, LBC’s Nick Ferrari spoke to James on life after Pay Day loans.

To listen to the full interview click below:

Workplace Wellbeing Study 2018

Financial wellbeing – a real insight.

We recently conducted our own unique research into workers’ dependence on high-cost credit options. The study exposed amongst many things, that those in steady employment are struggling to balance their incomings and outgoings, which paints a worrying picture.

Some of the highlights were:

 

  • Of the 1,000+ workers interviewed, financial stress impacts their sleep (38%), social life (29%), relationships (29%) and importantly their health (23%)
  • Nearly three-quarters of 18 to 34-year-olds have experienced mental health or well-being issues linked to money
  • 52% of managers see value in providing employees with an on-demand payment app
  • 32% of people have not been able to make it into work as a result of not having enough funds to pay for their commute due to an unexpected cost
  • Financial stress has impacted 21% of the workforce – this rises to 30% for people in higher level roles
  • 25% of workers state that they have suffered from a lack of concentration at work due to their finances
  • 54% of earners say frequency of pay has an impact on their lifestyle choices

 

To read the full details on financial wellbeing in the workplace please click below.

Workplace Wellbeing Study 2018

Hastee Pay