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Virgin Money Introduce Wellbeing Portal

Category: Employer Focus

Image of the word wellbeing on a red background

A new portal for financial wellbeing has been introduced by Virgin Money for enabling employees to reevaluate their own relationships with their retirement savings and other finances.

A report workplace financial wellbeing on was published by the Financial Advice Working Group in 2017’s March for the Financial Conduct Authority and the HM Treasury.

Kate Smith, Aegon, acknowledged the vital role of an employer in helping employees achieve fundamental financial wellbeing. She stated that employers can gain benefits for such responsibilities.

According to her, the report mentions the financial struggles of numerous employees. The factors responsible were - limited capacity for future savings, challenging financial responsibilities, and debt.

Supporting employees with behavioural science applications

Virgin Money Minded, the new portal by Virgin Money, caters personalised insights into money management psychology.

It has advice regarding commonly faced money problems, including credit score improvisation, and debt handling. On the website, one can find advise and tips related to the benefits offered by the company.

The content of the portal is devised to assist the company’s 3250-strong UK employee base gain knowledge regarding their own saving and expenditure behaviours. It is achieved through an interactive quiz with the objective of making finance more intriguing, thus lightening a topic usually considered emotional and convoluted. 

Glen Rudd, pensions manager, Virgin Money, stated that the latest facility was launched for being a financial well-being resource for employees.
He stated that the new portal had to be appropriate for the culture of Virgin, independent of any wealth control service or products, and adhere to the data confidentiality needs of the company’s employees.

Rudd explained the company’s intention to assist workers with the aid of specific information. The focus would be on their age groups, current circumstances, and their individual identities.

He added that in accordance to the values of the company, there was an intention of breathing life into the well-being programme with something imaginative and fun. Hence, the quiz and the elements of personality which have definitely got more people talking, are innovative and engaging. 

Personality tests and conversations

Employees are asked regarding their consumption habits and general attitudes in regards to finances. It is inclusive of factors like - the level of control individuals feel, to the impact of mood on spending, and their  budgeting acumen.

Relationships between employees and their money are analysed and put into categories based on strength. The categories are ‘just good friends’, ‘love me and leave me’, ‘soul mates’ and ‘going steady’.

Employees receive updated information regarding savings, taxes and interest rates, through a news section on personal finances.

The portal was devised by Like Minds; specialists in employee communications. It will receive regular external and internal news, from Like Minds and Virgin Money. A consistent e-mail campaign will support the portal, with the objective of raising the site’s current employee engagement.

The addition of fresh content will be on the basis of site analytics and conversations will reach out to suitable groups based on their respective financial approaches.

The crucial role played by employers in improving financial wellbeing

Judith Groves, managing director, Like Minds stated that, by providing people more clarity regarding the ups and downs of their money management skills, it is possible to make them more open to various financial choices and readily available help. 
She praised the efforts of Virgin Money for reconsidering financial well-being in an inspiring and unconventional manner. She is of the view that the company’s engagement tool will create a new industry standard.

The financial well-being report of the FAWG stated that the workplace is one of many opportunities to engage employees and guide them towards better financial management. It is evident as the workplace is a setting where everyone deals with money in regards to paychecks and pensions.

Stress was laid on the fact that employers carry a fixed interest of support employees for financial well-being, as diminishing financial woes among employees can positively impact employee performances and morale.

Kate Smith, head of pensions, Aegon, stated that employees are considered to be trusted parties, and hence employees will pay attention to them.

She explained that employers gained something in return, with diminished financial stress and raised productivity.

Jonathan Watts-Lay, director of Wealth at Work, a service provider for workplace financial education, advice and guidance, expressed his views. He stated that more could be done on the part of numerous employers to increase awareness about offered financial benefits. One of these aspects can be promoting the idea of ‘free money’, as in the pension contributions of employers.

He added that although employers are in convenient positions to help employees realise the offer benefits, they choose not to do so.  

Jinesh Patel, senior VP, DC, Redington stated that currently there are quite many tools available to employers for attempting engagement with employees and getting past indifference.

He acknowledged that the tools included commonplace personalised conversations, to robotic advice, and AI platforms for wellness.

Patel added that although engagement might not necessarily be on the priority list for employers, providing guidance to employees for receiving necessary help should at least be on the agenda.

Are you interested in a career with Virgin Money? Please click here.

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