financial wellbeing for your employees, from a partner you ... · of day-to-day finances …have a...
TRANSCRIPT
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Financial wellbeing for your employees, from a partner you can trust.
#1 in Forbes list of socially-responsible British start-ups
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www.salaryfinance.com
Contents
The financial needs of employees are changing 1
Employers are responding2
Our credentials provide an unparalleled level of comfort for employers 4
THE FINANCIAL WELLBEING
CONTEXT
SalaryFinance supports financial wellbeing through a simple solution3WHAT WE DO
WHY YOU CAN TRUST US
Why employers choose us5
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The financial needs of employees are changing
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What do we mean by financial wellbeing
…are in control of day-to-day
finances
…have a buffer for unplanned
spend
…are moving towards financial
goals
An employee if financially healthy if they…
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UK employees are stressed about their finances
Source: Money Advice Service
17 million work-age Brits have <£100 in
savings Source: The Money Charity, Money Statistics, Sept 2016
Up 50% since 2013, to £3,600
per UK adult
Source: TUC
Down 10% in real terms in 10
years
INCOME SAVINGS DEBT
DOWN DOWN UP
Source: Institute for Fiscal Studies
Millennials have 50% the wealth of Gen X at the
same age
WEALTH
DOWN
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Millions of employees are moments away from financial difficulties
71% of people experience at least one major unexpected cost a year
Types of unexpected costs experienced in last 12 months
Source: Money Advice Service
TAKEAWAY 1
TAKEAWAY 2
Millions of employees rely on debt just to get by
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Our analysis of 200,000 credit files shows that debt is expensive for the majority of UK employees
75% of
employees
do not have a
good credit score
Credit score distribution
33.5%
24.8%
17.2%
11.6%
7.7%
5%
0% 10% 20% 30% 40%
10%
20%
30%-100%
101%-200%
201%-501%
>500%
% of Population
Interest Rate (APR) distribution
67% of
employees
Pay an interest rate of
>20%
23% of
employees
Pay an interest rate of
>100%
5% of
employees
Pay an interest rate of
>500%
Data Sample: 200,000 UK borrowers between the age of 18-59 who have taken a personal loan, credit card or payday loan since 2013 and paid more than 8% APR.
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Employers are responding
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Benefits have focused on employees’ assets, not their liabilities
Insurance
Savings
Pension
Personal loans
Credit cards
Payday loans
ASSETS
LIABILITIES
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But debt is one of the primary worries of the workforce today
50% of employees
Worry about their finances
33% of employees
Say debt worries impact their work
20%of employees
Lose sleep worrying about
their debts
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And worrying about finances puts mental health at risk
Poor financial health Poor mental health
Source: The Money and Mental Health Policy Institute, Money on your mind
72%said mental health
problems made financial situation
worse
86%said financial
situation made their mental health worse
People with debt problems are twice as likely to develop major depression
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SalaryFinance supports employees’ financial wellbeing through a simple
solution
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We help employees become debt-free and move onto the path to savings
We lend between
£1,000 - £25,000
over 6 – 36 months
Consolidate high-cost debt
Repayments are deducted
directly from payroll
Stop worrying about repayments
We save employees £500+
on average and help them
improve their credit score
Save money & build credit score
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EMPLOYEE PROPOSITION
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We deliver transformative impact for employers, all at no risk or cost
The employer is never liable
to repay any employee loan
Zero cost & zero liability
Our product delivers a
5-10% effective pay-rise
Transform employees’ lives
Our clients’ employees
absolutely love our service
Build loyalty & boost productivity
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EMPLOYER PROPOSITION
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Our product, eligibility and pricing are the most inclusive in the market
Loan size
From £1,000 to £25,000
Loan length
From 6 to 36 months
Product
Age
18+
Salary
£9,000+ household income
Tenure
1 year+
Eligibility
Option 1
7.9% for all approved loans
Option 2
From 3.9%, with a price
promise
Pricing
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BudgetingOnline tool via a partner which links to employees bank accounts, providing visibility on spending, and helping to set / manage budgets.
Money Dashboard | Available now
We are building a comprehensive suite of products
Credit ReportThrough our sister company, employees can access their credit report for free, forever. This includes education on credit scores.
ClearScore | Available now
EducationTogether with the Money Advice Service, we provide content / education to employees on budgeting, saving and managing debt.
Learn| Available now
SavingsWe are working on a product which will allow employees to save a percentage of their income directly from their pay each month.
SalarySaver | Coming in 2017
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Financial education portal with the Money Advice Service
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Our credentials provide an unparalleled level of comfort for employers
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We have a wide range of reputable clients across sectors
Panalpina[Logistics]
Agilisys[Gov’t Services]
Addaction[Charity]
Bath ASU[Manufacturing]
Click here for reference video Click here for reference video
Dunelm[FTSE Retailer]
Hays[FTSE Recruiter]
Saga[FTSE Finance]
Ageas[Insurance]
Anchor[Housing Association]
Hackney Council[Public Sector]
Northern Gas Network[Utilities]
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We have universally positive press coverage
SalaryFinance first in list of socially responsible British start-ups
SalaryFinance included as one of the twenty most innovative digital companies in the UK
SalaryFinance singled out as a valuable employee benefit by columnist Mrs Moneypenny
SalaryFinance included in KPMG’s leading 100 FinTech firms globally
SalaryFinance featured by the IoD as a “FinTech firm with social purpose”
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We are highly-regarded by people with deep sector expertise
Sir Danny Alexander
Former Treasury Chief Secretary
“SalaryFinance is a great example of a FinTech
company with a social purpose, which has the
potential to make millions of our citizens better
off.”
Victoria Raffe
Former FCA Executive Director
"…I'm really delighted to be involved with the
SalaryFinance proposition that is clearly a
fantastic service for employers and their
employees.”
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Why employers choose us
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3 easy steps to launch
1 hour set up &
15 mins / month to manage
Payroll
1 hour to review our simple
services agreement
Legal
We tailor our collateral for
each client launch
Communications
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