Budgeting
Our budgeting and tracking tool offers employees total transparency over their incoming earnings and outgoing expenditure (via open banking) for easier budgeting. Visibility of earnings are available in the app in real-time as shifts are worked and logged and upcoming/previously worked shifts are also visible.
45% of UK workers don’t feel confident in managing their money
- - 72% of Wagestream members say they now feel more in control of their money
- Payday transparency for easier budgeting
- Real-time earnings as shifts are worked and logged
- Shift visibility of worked and upcoming shifts
- Stream totals showing how much pay has been accessed
Flexible Pay
Flexible pay gives people the ability to choose when to get paid allowing them to access a portion of wages earned at any point of the month, instead of waiting until payday. It’s an alternative to the fixed pay cycle in which employees can only access their pay once a month, regardless of what they’ve earned and it plays a positive role in improving financial wellbeing by enabling people to shape their pay around their lives. Many choose to use the service to budget, pay for bills, cover unexpected costs or take advantage of time-limited sales or discounts. All transfers are instant and processed via faster payments.
1 in 7 UK adults are financially excluded, with no access to useful or affordable financial products
- - 78% of Wagestream members say they can now pay an unexpected bill
- Accrued earnings in real time as shifts are worked
- Access to wages as they’re earned, when needed
- Transfers instantly – no waiting for payments to clear
- No impact to credit score or access to other financial products – transfers appear like regular salary payments
Build
Employees can use Build to set aside money automatically and directly from their earnings into a rainy day pot, with an aim to work towards financial resilience against unexpected expenses. Available in-app and instantly accessible anytime for free.
50% of UK households don't have £300 in savings
- - £1.2m set aside every month in 2022 by Wagestream members
- - 67% of our members only use Wagestream and have no other savings set aside elsewhere
- - 36% save for the very first time with Wagestream
- Instant access to a rainy day pot which can be transferred anytime, for free
- Round up pennies from worked shifts and streams
- Auto-build from pay designed to “set and forget” and build a rainy day pot over time
- Monthly prize draw to incentivise good money management
Coach
Personal, certified money coaches available in real-time via chat. Each employee conversation is 100% confidential and employees can ask any questions they might have about their money. There is also a financial wellbeing quiz to benchmark individual progress and assess areas in which to improve. Multiple solutions and resources are additionally available in-app to ensure that taking action is frictionless.
26% of UK companies offer proper financial education support to their employees despite 61% of them asking for it
- - 55% of Wagestream members reported improvements to their ability to plan their finances
- Certified financial coaches available in real-time chat
- 100% confidential and judgement free – ask any question about money
- Financial wellbeing quiz to benchmark progress and assess areas to improve
- Solutions and resources available in-app, so taking action is frictionless
Feature Hub
As a holistic financial wellbeing solution, Wagestream has a huge amount of additional features and tools for employees to use as part of the Feature Hub. These features are constantly being refreshed in order to provide fairer access to financial services for the frontline worker.
- Benefits Checker - One-stop calculator that looks at hundreds of benefits, grants, and social tariffs in partnership with InBest
- Vouchers - Discounts at major retailers and supermarkets empowering users to do more with their money
- Broadband Switching - Fair and unbiased tool which compares tariffs and makes it easy to switch to a cheaper supplier
- Overseas Remittances - cheaper rates sending money abroad provided through our partnership with Wise
- Payment Reminders - Increased transparency and notifications of upcoming payments