Learning Financial Wellness is a skill most people never learn. This lack of knowledge leads to a cycle of debt, poverty, bankruptcy and stress.
There is almost no pressure like financial pressure.
Payday loans are an extraordinarily large business globally, that feeds into a cycle of debt and interest for people.
Flexiwage sets out to solve this, by a combination of flexible payment cycle for employees, smart tech to teach you about your spending, and to learn new spending habits, budgeting and saving.
Not only that, but Flexiwage sends it's clients money and advice from the Money and Advice Bureau. The cycle of education, implementation and management are the trifecta needed to change the dial and improve financial wellbeing.
Ann earns 30k and is paid monthly. Depending on when her bills are due in the month, she needs money available - Flexiwage allows her to schedule her income in a way that suits her needs. So for example, if her bills are all due in the first week she may take 60% of her monthly income and then spread the rest over the next 3 weeks making sure she isn’t ever more than a week away from pay day, rather than having to wait a month and live in her overdraft for the last week or wind up using credit.
Ann can then review what is left, and set up a budget, using the budgeting tool. From there, with open banking, she can track her spending against her budget, using the in built Budget and Spending tracker.
Ann can then set her savings goals for holidays, Christmas etc. and set those transfers to happen at the point of pay, to whatever account she wants, e.g. her Credit Union account.
Over time, Ann can train herself to build healthier spending habits, limiting her coffee on the go budget to €15 per week and limiting her lunchtime spending to €20 a week. By tracking and reporting on her progress against her goals, over time, Ann can build healthy habits for life.
Continued education and support around budgeting best practice supports Ann's journey, with regular advice from MABs (Money Advice Bureau).