A new approach to financial wellbeing, based on behavioural economics, has been launched by employee communication specialists, like minds.
- New-style portal sets new standard for the industry - based on behavioural economics
- Focus is on helping employees understand and improve their personal relationship with money
- Independence from providers removes risk of commercial biases
- Data confidentiality maintained – system is managed independently of employers
- Portal combines a behavioural questionnaire and analysis with personalised guidance notes, checklists and practical tips
Following research into people’s attitudes and behaviours around saving, the firm has developed a financial wellbeing portal for employers which helps their employees understand the relationship they have with money, and then take steps to manage it more effectively.
Employees are asked about their spending habits and feelings towards money – including how well they budget, how much they feel in control, and how mood affects the way they spend. Their relationship with money is then analysed and categorised into different personas depending on the strength of relationship. This also helps to tailor targeted content for individual employees suited to their particular persona.
Interactive quizzes, practical tips and guidance notes on all aspects of money management make the site user-friendly, with an imaginative, fun element to appeal to younger generational employees. In addition, a personal finance news section looks at the latest developments on tax, savings and interest rates that have an impact on the money in our pockets.
The “Money Minded” portal takes account of behavioural studies with the School of Life. The research showed that many people struggle to imagine and plan for their long-term future, and that financial education alone has limited ability to engage them in parting with their money. It concluded that a more emotional connection with people in a trusting “financial wellness” relationship is likely to have greater impact, especially when short-term saving can be established as a regular habit.
“Our aim in developing this portal is to help people feel good about their money. We believe that, if people can make decisions that are not just informed but self-aware, we can help them address the root cause of their anxiety about money, which is often psychological,” said Judith Groves, managing director at like minds.
The facility is designed to complement employers’ benefit and broader wellness programmes, providing a personalised source of insights into people’s relationship with money and guidance on how to improve it. It is managed independently of employer organisations to maintain employee data confidentiality and a trusting employer/employee relationship.
“It’s also important that wellness programmes are seen to be independent of commercial pressures and biases; many of the programmes on the market today are linked to suppliers who are promoting their own products,” Ms Groves added.?
Contact us today to see how financial wellbeing can help your people think and feel differently about their money: hello@likeminds.uk.com.
