Salary Finance - Overview

Background

Salary Finance were the first financial wellbeing provider to launch to the UK employee benefit market. They now have over a decade experience in the EB space.

Their aim is to empower employees to become financially healthier and happier, a pivotal part of employee appreciation, linking to safety and security.

Salary Finance are backed by large and reputable organisations: Legal and General, JP Morgan, Goldman Sachs, Virgin Money, Experian.

They are a long-term partner of both Reward Gateway and Edenred, their focus is to support, educate and improve financial outcomes.

Proposition Summary

Salary Finance have 4 solutions on the market. 

• Everything they do is underpinned with education - Learn.
• Their centrepiece product, Borrow, supports employees with access to low cost loans. Loans are low interest and help ensure employees avoid payday or illegal loans. Many employees, 51%, take a Salary Finance loan to consolidate debt.
• Advance allows employees to get early access to earned wages, with safeguards in place to avoid reliance.
• Save – Make savings. Every month. Straight from salary.

Why should you consider Salary Finance?

• Absenteeism – 13M working days are estimated to be lost each year due to financial worries – Source: Centre for Economic and Business Research
• Financial Cost - £10.3bn – financial stress in the workforce costs UK businesses £10.3bn every year – Source: Centre for Economic and Business Research

Supporting Your Employees

• Illegal lenders – 3M people individuals used illegal lending in the 3 years leading up to June 2023 – Source: Fair4All Finance
• Low savings – 11.5M adults in the UK have less than £100 in savings – Source: Money and Pension Service
• Money Worries – 70% of full time employees are feeling worried about money – Source: Vitality
• Everyday costs – 42% of adults have used at least one form of borrowing to cover everyday living costs – Source: Resolution Foundation

Case Studies

See what Oxford University Hospital NHS Trust have to say about their experience of working with Salary Finance, you can watch a short 4 minute video here

Plus, hear what four employees from Mitie have to say about the support they received after Salary Finance was launched, the Borrow case studies can be viewed here and here, and the Advance case studies are available here and here

Costs 

Please speak to your account manager to understand any associated costs. 

Referral Process

Due to the regulatory nature of this proposition our clients must contract directly with Salary Finance. Ask your account manager for a referral so we can support you though the process. 

Further Information

This information provides a lot more detail on Salary Finance’s proposition, however, if you wish to speak to the experts just ask your account manager to initiate a referral.