Peter Briffett is the CEO and founder of Wagestream and is on a mission to reduce financial stress and increase staff wellness worldwide with his app.
55% of families in the UK do not have savings of any form and £42 billion is held up in payroll systems. With financial stress being consistently recorded as the biggest stressor for employees on monthly pay set-ups, Peter is determined that his app will abolish pay-day loans and give people long-term savings.
His app gives users access to their earnings in real time.
Financial wellness is consistently listed as one of the most stressful parts of working, as employee cash flow often becomes tight before payday, causing individuals to take out loans and credit.
Peter explains how Wagestream is most used during the week before payday confirming that employees begin to feel financial stress close to payday and use the app to relieve their stressors as opposed to put them under fresh stress by getting into debt.
The app has also shown that by making wages more visible to employees, it leads to positive behavioural change. People using Wagestream work 22 hours more a month than people who don’t. By giving financial control back to the employee, it creates incentives and a strong link is made between work and financial reward without the management team having to do a thing.
When your staff are happier and feel secure in their work, they are more likely to stay. By helping them save and not get into financial difficulty, companies are more appealing to work for and staff retention is reportedly higher.