LONDON, UK., 27th April 2021: Hastee, the award-winning, financial health platform, has today announced an exclusive new partnership within the Earned Wage Access space , with global financial wellbeing platform nudge, which will allow Hastee users access to its financial education and money management tools within the Hastee app.
Hastee nurtures employee financial health by allowing staff to take greater control of their personal finances. The app offers workers the ability to take a portion of their earned pay on-demand when they need it and also provides access to savings, rewards & cashbacks, financial education and management tools to help them better understand and manage their money.
Nudge, which works with the likes of Heineken, Virgin and Johnson and Johnson, will bolster Hastee’s existing offering by providing access to personalised education and money management content. The content focuses on 25 different areas of personal finance and aims to enhance people’s overall financial skills and knowledge. On becoming a user of nudge, an individual enters their demographical data and interests which then determines the nudges they receive and the content they see. The solution then uses nudge theory to prompt people to take positive actions around their money so they can take control of their finances and their life.
Recent research from Hastee’s Annual Workplace Wellbeing Study has shown two-thirds (66%) of UK workers are struggling to manage their financial health and are affected by personal finance-related stress. Additionally, according to global accounting firm, PWC, 54% of employees say that money matters are the #1 stress in their lives, In tandem, a similar report from nudge found that just 24 per cent of people are completely confident about their money management skills, while 85 per cent believe having those skills and knowledge is important for their financial wellbeing.
James Herbert, CEO at Hastee, commented: “At Hastee we are always looking to build upon the tools we offer users so we can support their financial health. nudge does great work that is grounded in behavioural science and so it felt like a natural next step for us to start working together. Partnerships like ours are critical to ensuring that the fintech industry can continue to affect positive change and reduce the number of workers who are reliant on high-cost credit. This reliance has huge adverse effects for not only employees, but also the companies they work for.
“We believe that, in 2021, no-one should have to resort to such options to make ends meet. Therefore our goal is to help employers provide better financial flexibility and options to their workforce so they can make positive choices that benefit their financial health.”
Tim Perkins, Co-Founder at nudge, said: “Financial skills and knowledge delivered through premium, personalised education is vital to ensure employees can make positive decisions when it comes to their financial wellbeing. We love that Hastee shares this ethos and we’re so pleased to be able to support its users in navigating an area of their lives that can otherwise be complicated. It’s so important that both employees and employers understand the impact that financial wellbeing has on how we show up at work. Our research consistently demonstrates that if we can reduce the stress involved in managing money, the most controllable area of mental health, it can have a significant positive impact on people’s overall wellbeing and happiness.”