Financial wellbeing isn’t about having lots of money or a really well-paid job; it’s about feeling secure and in control. It’s about knowing that you can pay the bills today, can deal with the unexpected, and are on track for a healthy financial future. Gympass Wellness Partner, Moneyed is here to support you with feeling more financially stable. We spoke with CEO, Sam Short to understand a little bit more about financial wellbeing and how Moneyed can support us.
Hi Sam, great to speak with you. Can you tell us a little bit more about Moneyed?
I started Moneyed because, after being enrolled in a workplace pension, I realized I had no plan to make sure I could financially achieve all my important life goals. The options available were poor; they were too short term (budgeting apps) or expensive (financial advisors) or impersonal (workplace workshops and seminars). The only option was to DIY. So I did (with the help of my Co-Founder Phil Jones!).
Why is the focus on workplace financial wellbeing?
79% of companies have a wellbeing strategy, but until recently the focus has been predominantly on mental and physical wellbeing. As financial concerns are the biggest contributor to poor mental health, and a recent study found 49% of employees want more support from their employer, we are seeing an increase in employers wanting financial wellbeing solutions. There is also a clear business case: studies have found that worrying about finances results in productivity and retention issues for companies, which cost the equivalent of 13-17% in payroll costs alone.
How can we ensure good financial wellbeing?
The key is providing access to the right tools, insights, and education so that people are empowered to take control of their finances. Moneyed takes a holistic approach to financial wellbeing and combines budgeting, setting financial foundations, and short- and long-term planning with personalized insights and jargon-free educational articles. Tech solutions, that can be accessed anywhere at any time, are especially important right now given we’re working in a more remote world and trying hard to achieve a good work-life balance.
When is a good time to start?
Right now! At Moneyed, we understand that the thought of financial planning can seem daunting, especially given how little we learn about finances at school in the UK. We host financial wellbeing workshops to introduce the concept of financial planning and to show how easy it can be to get on top of your finances.
Gympass is a wellness platform that gives you access to a range of live-streamed workouts and wellness apps such as Moneyed, fitness facilities, gyms and wellness apps. If your company offers you access to Gympass , sign up now for free.