Supermarket chain Asda has launched financial wellbeing support for its more than 140,000 members of staff through a partnership with financial wellbeing app Wagestream.
Through the app, which was created with financial charities and impact organisations, Asda staff can switch to a flexible pay cycle, or earned wage access. They can access a portion of their earned pay in real-time, providing the opportunity to choose when they get paid throughout the month, with the aim of reducing reliance on credit, debt, loans and high-interest borrowing.
Other features of the app include financial wellbeing management, where staff can match their spending with their income to eliminate cashflow issues, smart budgeting tools, and spending tracking through a full breakdown of earnings from worked and future shifts, with a real-time countdown until their next expected payday.
Asda employees can also access interactive money coaching, with personal coaches to help with 24/7 confidential guidance and goal setting. They can also get discounts on bills, and set savings aside automatically each month, with a chance of doubling their savings each month through a prize draw.
Hayley Tatum, chief people and corporate affairs officer at Asda, said: “We understand that from time to time our staff may need a bit more financial help, something which would be made worse by the current cost-of-living crisis.
“We are always looking at ways we can help and giving our employees flexible access to their pay, alongside a range of support and guidance through the Wagestream app could prove vital in giving them financial peace of mind as well as their mental wellbeing.”
Earlier this year, Asda announced that it had invested £141 million to increase hourly pay for its retail staff by 10% this year, with rates rising to £11 as of this month and £11.11 in July.