Ensuring The Financial Wellbeing Of Those Employed, Furloughed Or Made Redundant As A Result Of The Coronavirus Pandemic

The coronavirus pandemic has taken its toll on the employees of UK business.

Whilst many businesses have transitioned to working from home, for others, this has not been an option. Millions of people have either been furloughed under the Coronavirus Job Retention Scheme or unfortunately being made redundant.

With such heightened uncertainty, it’s understandable that people are concerned about their financial situation. This has been made harder with the closure of schools and nurseries, with many now playing a double role in managing their careers whilst home-schooling their children.

The impact that financial wellbeing has on workplace performance is well documented, causing increased absenteeism, loss in productivity and higher health care costs (ADP). With the coronavirus pandemic generating unprecedented uncertainty, new ways of working and changing financial circumstances; the need for financial wellbeing has never been greater.

To help Kent employers support their employees, Quo Money is looking to offer its innovative money manager for free during 2020.

Quo Money is the only product where consumers are guided to improve their financial skills whilst managing their money. Once connected, Quo Money can generate an accurate financial plan in seconds, prompting the consumer to adhere to it.

Using behavioural science, Quo Money generates a Financial Fitness score for each consumer and identifies three key daily actions the consumer can take to improve financial wellbeing, such as:

  • Encouraging the consumer to build savings, build financial resilience and reduce the temptation of impulse spending.
  • Reminding of important dates e.g. bill reminders, renewal dates.
  • Alerting the consumer to the possibility of going overdrawn in the future.

Quo Money is authorised and regulated by the FCA as a RAISP.

If you would like to connect to find out more, please feel free to contact james.fell@quo.money to arrange a brief demo and a detailed proposal.

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