In the news Archive - Hastee Pay

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The Split Just Got Real

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 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.

Financial wellbeing and freedom is becoming reality

Hastee Pay recognises that traditional pay cycles no longer fit with modern financial demands. 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.
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

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

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.

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, financial health.

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….

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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

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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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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

Hastee Pay