Colleague financial services
We have introduced a range of services and support to enable greater financial inclusion, ranging from free shares, financial education sessions and ways to plan and budget better.
Financial inclusion and wellbeing
We introduced a new Save As You Earn Scheme in 2023 alongside the Free Shares program, which we have continued in 2024. This program ensures that all our colleagues receive £500 worth of free shares, providing a tangible benefit to their financial security and future.
In partnership with HSBC, we have delivered face-to-face and online sessions educating colleagues on ‘Making the Most of Your Money’, covering understanding credit reports, budget planning, savings, protection, debt management, and fraud. We launched a new partnership with Charles Cameron, which provides independent, free mortgage advice to all colleagues, family, and friends.
Financial inclusion means that individuals can access useful and affordable financial products and services that meet their needs. In March 2024 we launched Wagestream, a platform to improve workers’ financial well-being by giving them access to fair financial services based on flexible pay.
This platform lets people track their earnings in real-time to understand how much they will get paid, helping them plan and budget better. They can access up to 40% of their earned wages to pay themselves flexibly. The platform also makes it easy for our people to put money into a Build savings pot, earning a 5% monthly boost on their balance.
The Wagestream toolkit includes Financial Coaching, Discounts, and access to debt advice.
Since being rolled out in March 2024, 1,777 people have enrolled on Wagestream, 32% of UK colleagues. 52% of the enrolled people have already set up a savings pot.
“This year, providing our colleagues with financial tools, support, and education has been at the heart of our wellbeing strategy. As the rise of basic living costs has continued, inevitably, this has the potential to create financial distress and, in turn, can greatly impact an individual’s mental health. By providing tools such as Wagestream, we aim to help colleagues improve their financial resilience by encouraging them to save more and educating them on how to be savvier with their money.“
Joanne Foster
Head of Rewards and Wellbeing
