Halfords supports staff financial wellbeing with savings and budgeting app

HalfordsHalfords is a provider of motoring and cycling services and products, with more than 10,000 member of staff working in 404 stores, three performance cycling stores and 604 garages across the UK.

Every Halfords employee has access to a financial planning app, which was introduced last September in partnership with fintech Wagestream. It allows them to save, access and control their wages, offering financial budgeting, savings and education that is built around a flexible pay cycle, also known as earned wage access. This allows staff flexible access to wages already earned and owed throughout the month.

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Andy McBride, group head of resourcing and reward at Halfords, explains that in addition to this, every month up to 10 Halfords employees also get the chance of having their monthly savings in the app doubled as part of an incentive to keep saving. “We also offer colleagues access to financial support and education on our intranet Wheels, part of our dedicated wellbeing hub. The content includes topics such as budgeting, tax, credit and borrowing as well as financial protection,” he says.

Back in 2020, the organisation launched more than £4 million worth of initiatives to support its frontline staff who worked in stores throughout the Covid-19 (Coronavirus) pandemic. These included a Frontline Colleague Support fund and a Here to Help Fund, which employees struggling with monetary stress and in need of emergency financial support as a result of the lockdowns could apply for to help them get back on track.