Longlisted for a Business in the Community Responsible Business Award 2018
With a quarter of working people ‘financially insecure’ Salary Finance relieves the burden
Action and Impact
A quarter of people working in the UK right now are experiencing financial insecurity, and eight million of us have no savings at all. And these are financial burdens that weigh heavy on our shoulders; 67% of employees who find things financially difficult report at least one sign of poor mental health, compared to 41% of those who are financially comfortable.
Employee benefits company Salary Finance exists to respond to these growing social problems. It helps people avoid payday loans and high-cost credit. It supplies appropriate information and re-sponsible financial products and it encourages sustainable behaviours that give people much stronger financial capability.
“Our mission is simple: to accelerate an employee’s journey from debt to savings, improving their financial and mental wellbeing and increasing engagement at work,” says Asesh Sarkar the com-pany’s CEO and co-founder.
Since 2016, 4,508 employees have taken out loans totalling £11.8 million – and 49% are for debt consolidation. This resulted in borrowers saving almost £3 million in interest payments, with each employee customer saving an average of £600 in interest, helping them to get out of debt 6 to 12 months quicker.