Using open finance technology to promote financial wellbeing

Have you considered the impact of your employees experiencing poor financial health and not being able to make the retirement choices they would like?

People who feel in control of their finances are happier, more productive and appreciate the benefits you provide as an employer. And if employees are able to retire when they choose that supports your HR planning and ability to bring on new talent.

Our Mercer Money app helps you achieve these goals. Its open banking capabilities enable your employees to build a full view of their finances including earnings, savings, pensions, borrowing and assets.

Here are three ways Mercer Money keeps people interested and encouraged to understand their finances and plan for the future.

Mercer Money is one of only a few money-management apps that allow users to see all their finances in one place using open banking technology. No matter where your employee holds a financial account, they can connect it to Mercer Money as long as the account provider supports open banking.

From keeping on top of day-to-day personal finances through to planning for retirement, Mercer Money can help your people feel in control of their money. The app’s features include insights and tools for setting a budget, and net worth and retirement calculators.

Mercer Money is a money-management app that:

• helps your employees categorise income and spending and understand their money habits.
• tracks employees’ retirement savings by allowing them to bring details of all their pension pots together and put pension savings in the context of their wider finances.
• sends alerts and calls to action to keep your employees on track to meet the goals they set.
• uses videos and other engaging content to maintain members' interest and inspire ideas.
• updates connected financial information every four hours, allowing users to view their finances in close to real time.
• offers peace of mind with bank-level security and complete confidentiality.
• is fully integrated with the Mercer DC Master Trust.

Financial wellbeing has risen up the agenda for UK employers. Here are some points to think about when considering whether Mercer Money can help your employees with their finances.

• Have you thought about the impact on your company if your employees are worried about money and unable to retire when they choose?
• What financial wellbeing programmes do you provide for your employees now?
• How does your employee financial education compare with that of your competitors and peers?
• Can your employees get a full view of their finances and how easy is it to access and use?
• Would your employees benefit from more support in saving for retirement?

If these questions raise concerns about your employees’ financial wellbeing, Mercer Money could put you and them in a better position.