Experian partners with Octopus MoneyCoach

Finances are an essential part of wellbeing. After all, engagement and work ethic are easier to instill when an employee is not worried about how they’ll keep the lights on in their home.

The need for financial wellbeing initiatives has become more prominent as inflation rises to record levels and the cost of living has reached a point that basic commodities are out of the reach of many.

In an effort to combat this growing societal problem, Experian has teamed up with Octopus MoneyCoach to provide every UK employee with their own financial coach.

Gabby Wicks, wellbeing lead at Experian, explained why she connected with the Octopus MoneyCoach ethos in a blog post: “Experian’s focus is about helping customers become financially literate, enabling them to build a better financial future.

“It’s important that we do all we can to support our employees in achieving this too. Since the beginning of our partnership with Octopus, we’ve loved the one-to-one nature of their holistic coaching, and breadth of the guidance, covering all aspects of our employees’ full financial situation.”

The results of finance coaching

Since the program was rolled out to employees, 73 (20%) of Experian’s 3,287 UK employees have booked a call with a finance coach. Currently, the feedback has been positive, and employees improved their financial situation by £9,692 on average.

This saving was made through a combination of employee pension contributions increasing by 0.6%, savings increasing by 4.5% and investments increasing by 11%.

Of course, the amount someone earns will dictate the level of savings they can make, and for lower-paid workers, a strategy to handle the difficult economic situation is to simply increase wages. This strategy has been employed by the likes of Starbucks and Apple.

Nonetheless, many workers will be pleased at the possibility of a coach helping them make the most out of their money.

Alexandra Kosylo, learning consultant and talent analyst at Experian, discussed the partnership: “These are difficult times. We know that everyone’s situation has changed in some way over the past year.

“With MoneyCoach we feel confident that every employee has access to personalized one-to-one support and guidance on precisely the right financial actions for them as the process is tailored to each employee’s situation, whether they want to plan for a rainy day, a property, enjoying life, a family, and/or retirement.

“The combination of a human coach and – for those who want it – the planning technology, perfectly addresses both the emotional and rational side of financial planning. The real magic of MoneyCoach is the peace of mind it gives – for us, and our employees.”

Evidently tackling the current economic situation can be more complex than simply rising wages. It’s time to get creative with your financial wellbeing offerings.