Mercer has launched a new financial dashboard and mobile app aimed at improving employees’ financial resilience.
This digital platform — known as Mercer Money — uses open banking technology to allow clients’ employees to manage all their personal finances in one place.
This includes a real-time view of current accounts, debts, savings, pensions, investments, mortgage and any other property values. The platform also has budgeting and full transaction functionalities.
Mercer says the platform is designed to help users make better financial decisions through reminders and personalised nudges and by utilising educational options.
The platform allows individuals to make decisions and act on them immediately, withusers having the option of focusing on both short-term and longer-term financial goals.
For employers Mercer says this new service provides a way of bringing together financial wellness programmes with pension engagement strategies.
Mercer’s UK wealth leader Benoit Hudon says: “Many employees struggle to understand their pensions and get a comprehensive view of their finances.
“They have to juggle multiple conflicting financial demands daily, resulting in increased stress and difficulty when making decisions.Mercer Money has been designed to support better financial decision making and help improve people’s lives today while giving them peace of mind that their future needs are met.”
He added that the company’s recent Mental Health at Work report showed one in four (24 per cent) of employees who experienced poor mental health symptoms cited financial difficulties as a cause.
Hudon adds: “Employees with better control of their finances are often less stressed and more productive. This has an immediate and beneficial effect that can be seen in any business.
“Amongst other advantages, employers will have access to valuable aggregated analytics showing how their employees financial wellbeing is developing. This allows companies to respond with adjustments to benefits structures to suit their workforce.”