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DNA 2019 / 2020 Cover

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Financial Wellbeing

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![SF Announcement](//images.ctfassets.net/5gwys9m2e7bh/2fGqv4cBknFnv5KhoFx8Ss/3cfcc7d823b8997bbcedbe41f5176805/announcement1.gif)
# Global workplace finance platform Salary Finance has acquired Neyber in a deal completed on 9 March 2020. 


The acquisition creates the UK’s largest employee financial wellbeing platform.  Salary Finance will now serve 500 client partners and reach 3 million employees. The client combined portfolio includes 15% of the FTSE 100 and many household name employers, such as BT, Dixons Carphone, Virgin Active, Co-op, Asda and public sector organisations including NHS Trusts and Police Forces.  
 
As a result of the acquisition, 1 in 10 UK employees will now be able to access Salary Finance financial wellbeing solutions through their employer. 
 
The acquisition was structured as a pre-pack administration, with Neyber assets acquired by Salary Finance and staff transitioned under TUPE.
 
The acquisition of Neyber, which was founded in 2014, will create a larger scale operation benefitting from expertise within both organisations.
 
Salary Finance will now provide the broadest set of employee financial wellbeing products in the market, including salary-linked savings and investments, loans, on-demand access to pay, protection insurance (income and critical illness cover) and financial education. In partnership with Nest and HMRC, Salary Finance also provides a pension savings sidecar product and access to HMRC’s Help to Save product linked to payroll.
 
Police Mutual will join Salary Finance as a new investor as part of the acquisition. Goldman Sachs, another former Neyber investor, has also joined Salary Finance as an investor.
 
Existing investors Blenheim Chalcot and Legal & General continue to invest in and support the business. Salary Finance also operates across the US, where Goldman Sachs is well positioned to support business growth.
 
Asesh Sarkar, Salary Finance Co-founder and Global CEO, commented: 
> “We are delighted to welcome the Neyber team and clients to the Salary Finance community, and thank the Neyber founders Martin Ijaha and Monica Kalia for building such a strong team and helping to create a category that hundreds of employers credit with helping the lives of their staff. 
> 
> “The Salary Finance mission is to help millions of employees around the world become financially healthier and happier. The Neyber acquisition, and the additional scale that gives us, takes us several steps forward in achieving our mission. We are excited to get to know and work with our new colleagues and clients.”

The transaction marks a milestone in this high growth sector and enables Salary Finance to invest further in product innovation to expand on the existing product set – an aim central to the firm’s goal to create the best solutions for improving employee financial wellbeing.
 
Research shows employers are increasingly focused on employee wellbeing, but that 36 per cent of UK workers have money worries directly impacting their performance at work. In fact, Salary Finance research shows that those with money worries are 14 times more likely to suffer from sleepless nights and four times more likely to be suffering with depression and anxiety.

Asesh added: 
> “Salary Finance addresses a social problem, and market failure, where 40 per cent of UK employees have no savings, and over six million employees have been refused a high street loan, leaving them little option but to take high interest debt. We address this issue at scale, with products which are better value and create better financial habits, such as auto savings-linked directly from pay.”

Salary Finance loan customers typically save £600 in interest, they pay off their debts six to 12 months sooner and see a five to 10 per cent increase in their credit score.

Neyber’s existing customers should continue to make loan repayments in line with their existing agreements, if any action is required they will be contacted by a representative of Salary Finance.  

FinTech Salary Finance acquires Neyber, creating UK's largest employee financial wellbeing platform

This year, our DNA of Financial Wellbeing research went further than ever before. We surveyed over 11,000 employees, spanning the length and breadth of the country across all industries. We also heard from more than 700 employers on their views about financial wellbeing in the workplace.

In total, over the past four years that we’ve run the DNA of Financial Wellbeing Report, Neyber has heard from over 42,000 people, making DNA the largest research of its kind. 

### [ Click here to watch the webinar which runs through the key findings from this year's report](https://www.gotostage.com/channel/4523caedb4f3484680079459388443db/recording/992659cccbba49f3920d55d7c6f87d86/watch "DNA of Financial Wellbeing 2019 / 2020 Webinar")

It’s fair to say that when this journey began, and when Neyber began in 2014, financial wellbeing wasn’t a term that many employers would have recognised. But fast-forward to 2019, and we have moved from "What is financial wellbeing and should we be doing it?" to "What's the best way of doing it?"

# State of the Nation
- Most employees struggle to reach payday
- Higher paid employees impacted too
- Financial worries impact stress, anxiety, sleep and depression

Financial worries are once again the top concern of UK employees, with three in five individuals feeling the strain this year. What’s more, they’re worrying about their later life and retirement too – this is their second biggest concern. 

Not surprisingly, financial worries are taking a toll on people. One in three employees have felt stressed, one in three have felt anxious, one in four have lost sleep and one in five have felt depressed.

Those impacted are not just lower-paid, as people with the highest salaries are worrying too. Monica Kalia, our Chief Strategy Officer and Co-Founder, said:

> Across the UK, an estimated 20.3 million workers are affected by money worries. And these worries are not just confined to the young or lower paid in the workforce. Although money worries do decrease with income, almost half (46%) of employees earning over £70,000 per year are affected too. Nearly half of those aged up to 64 are saying they are affected by money worries.

## Money worries are not just a low-income problem; this graph shows people in each income group who say they are affected by money worries.

![unnamed](//images.ctfassets.net/5gwys9m2e7bh/1GRLGCVvUAnGdJdk9ULcPb/ec0898820634dc28d916677d22ea3ee1/unnamed.png)

Just over half (52% vs 50% last year) of those researched have to borrow money to meet basic financial needs. Twenty-seven per cent use credit cards to get by, building on the issue regularly. Just 2% borrow from their employer, perhaps through a loan or payroll lending.

On top of this, many employees can’t save because they don’t have the spare income. This can cause issues if something unexpected happens and can lead to more debt. Of those with no savings, 80% have debt to repay.

Our report also shows that:

- For those who have debt, the average amount is £7,555, around a third of their annual salary.
- 36% say they sometimes or often struggle to pay off credit cards.
- 45% run out of money between pay cheques.
- One in three people have £1,000 or less in savings.
- One in four people don’t save regularly and of those that do, the most common amount saved is less than £50 each month.
- One in four people would be able to cover their regular expenses for less than a month if they lost their income.

## Later life is a big worry too

The DNA of Financial Wellbeing 2019/2020 shows that employees aren’t just worrying about today. Later life and retirement plans have risen in importance from third to second place in the biggest concerns of employees, taking over from physical health which was last year’s second biggest concern. Just one in three employees believe they can look forward to a good lifestyle in retirement and nearly a third (29%) aren’t aiming to save for retirement.

# Employers are starting to get it
Employers have started to recognise how important financial wellbeing truly is. Nearly three-quarters now have a financial wellbeing strategy in place - although only around half are confident that it is well-developed. 

More concerningly - employers seem to be doing this as a 'nice to have', or something that benefits only employees. This year's research showed the cost that poor financial wellbeing has on the UK economy:

- 1.6 million employees taking time off work; costing £478 million
- Nearly 3 million employees struggling to focus at work; costing £516 million
- 3.6 million employees looking for a new job because of money worries; a potential cost of £14.2 billion in turnover.

Ultimately, not prioritising employee financial wellbeing could be costing UK employers a grand total of £15.2 billion each year.

# Fixing the problem requires deeper understanding

To understand employee financial needs, we have developed five financial wellbeing stages for every individual, regardless of age, income or gender. Almost half of British workers are in groups one to three. The groups are:

1. Getting started – where employees tend to run out of money before pay day.
2. Taking control – where employees may need to borrow, and struggle to pay off credit cards.
3. Finding balance – employees aren’t borrowing to meet financial commitments, but they are still paying off credit cards and don’t have enough of an emergency savings buffer
4. Building resilience – employees are in control of debt they have and feel they have enough for things they enjoy; they have an emergency fund to cover at least three months’ wages.
5. Planning ahead – employees are financially comfortable, with savings and retirement plans in place. They may be investing and can spend money without causing a financial strain.

Providing support that is relevant to the differing needs of employees is an important part of an employer’s support. Financial wellbeing is not just about paying off debt, but about ensuring employees feel in control and confident about their future as well.

[To find out more, click here to download your copy of the report.](https://cloud.e.neyber.co.uk/DNA-2019 "DNA of Financial Wellbeing download page")

Our latest research: The DNA of Financial Wellbeing 2019 / 2020

Shaun Davis - Global Direction of Safety, Health, Wellbeing & Sustainability at Royal Mail Group – and his team were recently recognised and rewarded for their award-winning mental wellbeing strategy at the Employee Benefits Awards. Neyber and Business in the Community (BITC) discuss an employer’s duty of care and responsibility when it comes to the wellbeing of their people, as well as Royal Mail Group’s road to success. 

## Q: A huge congratulations on the recent award win at Employee Benefits Award! How are you feeling? Why do you think Royal Mail took the top spot for Best Mental Wellbeing Strategy?

We’re delighted! I’m very proud that such a prestigious judging panel have recognised our work on mental health and our commitment to the wellbeing of our people.

## Q: Financial wellbeing was a key pillar of Royal Mail Group’s overall wellbeing strategy. Why do you feel it’s important to tackle this area specifically?

For various reasons, such as; relationship breakdowns, supporting further education, being a carer, or simply lack of financial education - we are aware of the financial difficulties that some employees may experience and recognise the impact that could be having on their health, often their mental health.
It’s important to understand that an individual’s financial wellbeing forms a key part of their overarching health and wellbeing. That’s why the Royal Mail Group programme, Feeling First Class, aims to actively encourage employees to take ownership of their own health and wellbeing and focuses on a range of tools and signposting to support for both mental and physical wellbeing. 

## Q:  We speak to a lot of organisations that are keen to do something to support employee financial wellbeing – but aren’t sure how to go about it. What advice would you give them in terms of getting started? What do you think are the most important first steps?

Start with listening to your employees and stakeholders, look at the feedback from engagement surveys or employee forums or similar. Review data, from your Employee Assistance Programme for example, and understand the demographics of your organisations. Ensure you link in with external organisations like BITC or Neyber and utilise their expertise to shape your financial wellbeing strategy and activity.

## Q: Lots of companies struggle between the conflict of implementing wellbeing strategies simply because it’s the right thing to do to look after their employees, and wanting to measure tangible ROI for their business? Where do you stand? 
At Royal Mail Group we are committed to further improving our employee’s physical and mental health. We aspire to develop a culture where individuals feel supported and informed so that they can bring the best version of themselves to work, every-day. It’s more than duty of care. 

Whilst we review key indicators like; attendance levels, engagement results, feedback from listening forums, and pulse surveys - we believe that by investing in all aspects of wellbeing we will all feel better, perform better, and create a positive working environment that we can all benefit from.

## Q: Business processes often mean waiting for approvals and buy-in from Board level. What’s the key to ensuring they are behind initiatives like yours?
Every organisation will face different challenges, we have been fortunate at Royal Mail with both our existing and previous Chief Executive Officer being advocates for keeping our people safe and well at work. Receiving that buy in from senior leaders in the business is vital to demonstrating to employees that there is a commitment right from the top of the business and that the business cares about its employees.

Senior leadership buy in then makes it easier to access the resources and ‘air time’ required amongst competing business priorities to deliver a successful wellbeing programme which can really make a difference to individuals.


Royal Mail Group on financial wellbeing: 'Receiving that buy-in from senior leaders in the business is vital'

We spoke to Peter Simpson (pictured), CEO of Anglian Water Group, about how the company supports financial wellbeing.

## Q: How are you feeling about the recent award win at the Employee Benefits Awards 2019? Why do you think Anglian Water took the top spot for best financial wellbeing strategy – large employer?

We are delighted to be recognised by the Employee Benefits Awards for our financial wellbeing strategy. We have worked hard to ensure that our financial wellbeing programme meets the needs of our multi-generational workforce, and this award is recognition of the team at Anglian Water, but also our financial wellbeing partners, Neyber. 

## Q: Can you tell us a bit about why Anglian Water have decided to focus on financial wellbeing as part of its overall wellbeing strategy? What has the response has been like from your employees?

We recognise the stress and anxiety that can be caused by financial worries, so our mental health programme has included a focus on this issue. Our wellbeing team has worked hard with Neyber to ensure we have a fully integrated plan. We have introduced education to help colleagues better manage money, offer low-cost loans, and a loyalty savings scheme to help employees make regular savings. Almost 30 per cent of our employees are in one or more of the schemes, with a total saving amount of £3.2m per annum. Since we launched these schemes over 300 applications have been made for loans, of which 60 per cent – more than 180 employees – were consolidating debt, helping them create better financial security. About 1,200 – more than 30 per cent of employees – visited the Neyber site for education, with 876 downloading podcasts and videos. We also launched a new employee benefits portal in early 2018 to allow employees more flexibility when it comes to their benefits, so they could make choices that better reflect their wellbeing needs.

Offering such support means that employees can take practical steps to change their situation, which helps with their feelings of anxiety. Often employees can make a big difference to their finances, and this can be a big relief.

## Q: We speak to a lot of organisations that are keen to do something to support employee financial wellbeing, but aren’t sure how to go about it. What advice would you give in terms of getting started? What do you think are the most important first steps?

No employee is the same and neither is their financial situation. A range of financial wellbeing benefits will be needed to be relevant to all of your employees. In doing so, you can increase productivity, job satisfaction, and significantly decrease stress.

Working with BITC we started to work on our wellbeing strategy as one whole proposition. We learned from other companies sitting around the table with BITC and began embedding really great ideas that have worked at other organisations into what we do as a business. We now take an approach that involves our entire organisation and include the mental, physical, social and financial aspects of our employees' wellbeing. We also engaged with our unions in our approach.

At Anglian Water, financial wellbeing isn’t a one-size-fits-all programme. We recognise that our employees have differing needs and our programme is tailored to offer a spectrum of financial support, from loans to pension workshops. Our workforce is so diverse we ensure that we use different communication vehicles to ensure we reach everyone.

Working with a financial wellbeing partner adds many benefits. We work alongside Neyber to ensure our financial wellbeing programme offers the support needed for a wide range of employee needs, and dealing with an external partner means that our people are less worried that we will know their financial issues. Many employees wouldn’t think of turning to their employer for financial advice – you need a clear and positive message to cut through the assumptions out there.

And, lastly, be bold. 

## Q: Lots of companies struggle between the conflict of implementing wellbeing strategies simply because it’s the right thing to do to look after their employees, and wanting to measure a tangible return of investment for their business? Where do you stand? 

We have a fundamental belief that looking after our people is the right thing to do, but also from a business point of view if our colleagues are fit, well and safe they are likely to be more productive and deliver a better service to our customers.

Wellbeing is absolutely fundamental to how well Anglian Water is performing. It is about creating the right environment to set our employees up for success. 

## Q: What steps do you think are needed to ensure Board-level buy-in for wellbeing initiatives? How important do you think their buy-in is to overall success?

Our senior leadership team drive our wellbeing strategy, having received independent training through our award-winning Transforming our Leadership programme, which includes a module focused on personal resilience and supporting teams. Leaders build health, wellbeing and safety into reviews during site visits and track findings on our Active Management app. Health, safety and wellbeing – known as Happier, Healthier and Safer – is the first item on every team meeting agenda.

## Q: What are you planning to do next in terms of your financial wellbeing strategy and wellbeing more broadly?

We have regular reviews with Neyber to evaluate the support and programmes we have in place to support the financial wellbeing of our employees. This offers us valuable insight into the needs of our employees and allows us to better target initiatives base don employee need.

We have also undertaken a review of our in-house flexible benefits programme to look at the take up of flexible benefits since the programmes inception in early 2018, and to determine what additional benefits we can offer our employees to better suit their wellbeing needs.

Anglian Water on financial wellbeing: 'Offering support means that employees can take practical steps to change their situation'

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The importance of supporting employees’ mental wellbeing at work has never been greater. How can employers turn awareness into action and create a mentally health company? Here are 10 key tips: 

## Embed mental wellbeing in your culture 

According to research quoted by the World Health Organisation, 49% of workers do not feel they have a workplace culture that enables people to open up about mental wellbeing. But that doesn’t mean mental health challenges don’t exist.  

For example, recent research from the Law Society found that 93% of junior lawyers said they felt stressed in the role in the month before the survey. And while benefits such as private medical insurance or employee assistance programmes can help, building a company culture that makes supporting mental wellbeing part of everyday life requires business-wide commitment and often a change of mindset within a business. 

## Share experiences and build a community

From board members speaking publicly about their personal experiences, through to online forums where staff can swap tips on coping strategies, sharing experiences can be a powerful means of support. 

For example, António Horta-Osório, former CEO of Lloyds Banking Group has spoken in the national press about his own experiences with mental ill-health and has been a personal advocate of creating a culture of openness across the banking group. 

## Help employees to look after their own mental wellbeing

Incorporating mental wellbeing into workplace learning and development programmes is just one way of helping all employees become more aware of the importance of looking after their own mental health. There are also many apps and other digital tools which can help employees as part of a wider strategy to support their own wellbeing. 

## Be accountable

According to Hidden Talent 2, recent research from the PLSA and the High Pay Centre, only 4% of FTSE 100 companies report on employees’ mental wellbeing in their annual reports.  But this is an important factor in demonstrating that employees are being treated well – which in turn can lead to better productivity and offers evidence of a well-run company. 

## Link mental health with physical and financial wellbeing

Lack of sleep, poor nutrition, insufficient exercise, and other factors such as alcohol abuse can all affect employees’ mental wellbeing. Similarly, financial worries, such as debt, are a major factor in poor mental health. A joined-up wellbeing strategy that ties all these elements together will deliver the greatest benefit. 

## Plan in recovery time

Many jobs occasionally require intense periods of challenging or long-hours work. But continually requiring employees to work excessive hours or under pressure will affect their wellbeing over time. Make sure that there is support to help employees through periods of intense work, that it has a clear end-point – and that they get proper recovery time afterwards. 

## Look outside the workplace

Mental wellbeing has had a much higher public profile in recent years and employers can take inspiration from many sources including government initiatives, such as Thriving at Work, the government-sponsored action plan for mental health at work and charities like Heads Together that to support mental wellbeing more generally. 

External validation such as signing the [Time to Change Pledge](https://www.time-to-change.org.uk/get-involved/get-your-workplace-involved/employer-pledge) can also help to show that employers are really committed to staff wellbeing. 

## Know your workforce and the mental health challenges they face 

Knowing more about what is affecting different sections of the workforce is an important precursor to being able to help them.  Carrying out a ‘wellbeing audit’, combining anonymous questionnaire data with face-to-face feedback from staff is a crucial first step to understanding where the problems lie and where to focus effort in helping. 

Bodies such as the City Mental Health Alliance also offer help and support for organisations in specific industry sectors where businesses and employees face similar challenges. 

## Promote good line management practices

According to recent research from the CIPD, heavy workloads and management style are the two biggest drivers of stress at work. Line managers are often under pressure themselves and that, combined with insufficient training and poor management practice, is a toxic mix that will ultimate affect team members’ mental health. Simple rules, such as not emailing staff outside office hours, and training managers in spotting when staff are struggling can make a vital difference. 

## Get everyone involved 

Successful wellbeing strategies need support across all levels. That includes the commitment of the board, staff who can champion mental health in different areas of the business, line managers, mental health first aiders and every single employee. This also applies to making sure that support is on offer to everyone in the organisation – a large salary and a board-level job title offer no protection against mental ill-health. 
