Improve wellbeing with our Financial MOT tool

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Financial wellbeing is good for us all

It feels great to be in control of personal finance, doesn’t it?

There’s a growing appreciation that financial wellbeing across the workplace helps employers too. Employee benefits that promote financial wellbeing can improve:

  • Recruitment – Helping attract new people
  • Retention – Making people feel cared for
  • Morale – Reducing staff absence.

Our Financial MOT tool is for organisations that want to help their people feel more in control of their personal finances. Whether they’re struggling with money worries or just want to improve the way they manage money, the Financial MOT can help.

The Financial MOT is a low-cost online tool that will ask each participant simple questions about debt, budgeting and other areas of personal finance. It will then give them a personalised action plan highlighting priority areas for them to focus on.

And as you would with a car, we recommend taking an annual Financial MOT to support the fact that finances change over time. So this tool can become part of your regular financial wellbeing practice.

Watch our video to see our Financial MOT in action

How does our Financial MOT work?

This is how our Financial MOT tool provides simple financial wellbeing support:

You can choose between two versions of the tool:

  • A generic Financial MOT – Providing financial wellbeing support based on the answers they provide and publicly available tools and information.
  • A bespoke Financial MOT – Providing the same financial wellbeing support while allowing employers to include elements of the benefits package they provide.

We will then send you a link, an employer code and a user video for you to send out to your workforce, inviting them to take a Financial MOT, and explaining how it will help them carry out a mini assessment of their finances.

Each participant will be asked 12 simple questions on different areas of personal finances, such as day-to-day spending, debt and planning for the future. It should take them no more than five minutes to complete.

When they’ve finished, the tool will produce a personalised action plan for them to take away and work through.

The action plan will highlight the areas of their finances that they might like to focus on. It will include links to relevant resources and sources of support, plus tips to help them take control of their money and improve their financial wellbeing.

As part of our Financial MOT service, we’ll give you annual updates. Based on responses to the MOT questions, the updates will give you clear insights into the financial issues your people are grappling with. We can then help you to work out the best ways to support them.

Once a year we’ll review all Financial MOT responses and deliver a webinar on a relevant topic. You can share this with your people to demonstrate your sensitivity to their financial issues and to help tackle them.

It makes sense for people to put their finances through a regular MOT, just like they would with their car. After all, our finances are changing all the time, so the help they need is likely to change. For that reason, we recommend that you see the Financial MOT tool as an annual process, rather than a one-off project.

And if you feel your people would benefit from further financial support, we would be happy to help.

Why First Actuarial?

At First Actuarial, we understand that organisations want their workforce to be happy and productive. We set up our financial wellbeing team over a decade ago to deliver pioneering financial wellbeing services in the workplace.

We’ve worked with a variety of organisations, from FTSE100 businesses to housing associations and trade unions.

Our financial wellbeing consultants understand money and how to crunch numbers. And with superb communication skills, they can explain complex financial matters clearly to anyone, cutting out the jargon and stigma surrounding personal finances.

What can your organisation do next?

If your organisation would like to find out more about our Financial MOT, get in touch with our financial wellbeing team.

I’d like to explore the Financial MOT

First Actuarial consultants bring finance to life with useful information and practical tools. They’re easy to work with, and people trust them. You trust that what they’re saying is right and that makes you listen. You get the sense of being in safe hands. And there’s no pomp and ceremony with First Actuarial. They offer solid information and let people make their own decisions. And I think that’s what people like.

– Julie Cridland, Employee Experience Lead, Aster Group

Find out more about our Financial MOT tool

Download our Financial MOT flyer.

First Actuarial case studies

FTSE 100 business

With websites, webinars and one-to-ones, First Actuarial’s financial wellbeing programme received rave reviews at a global FMCG business.

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Bromford

First Actuarial partnered with Bromford housing association to improve financial wellbeing, with presentations and one-to-one sessions.

Read More...

Aster Group

First Actuarial supported Aster Group’s financial wellbeing programme with a bespoke Retirement Planner, webinars and one-to-one sessions.

Read More...
See all our case studies
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