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Lender launches financial wellness program

A marketplace lender has launched a financial wellness program for businesses aimed at reducing financial stress in the workplace.

Fintech lender Wisr (formerly known as DirectMoney Limited) has launched its “Wisr @ Work” wellness program, which provides businesses with online tools, educational materials and debt reduction applications for their employees.

The program, which aims to help employees “take control of their money and improve financial wellness”, can provide users with a better understanding of their financial position and creditworthiness. 

It also offers customisable debt reduction smartphone apps that can automatically pay down credit card and loan debt.

The unsecured finance lender launched the program after it surveyed 250 Australians and found that 48 per cent of employees experience stress in their workplace because of their personal financial situation. 

The survey showed that, of the 48 per cent, nearly two-thirds (65 per cent) said they had experienced feelings of anxiety or panic at work because of financial issues, 43 per cent said it impacted their productivity and 35 per cent said they had been unable to work because of financial stress.

“Many employees are unable to properly perform at work because of financial stress. Monetary issues such as mounting credit card debt, inability to meet savings goals or failing to pay bills on time can all contribute to workplace strain,” Wisr’s head of strategic partnerships, Karen Taylor, said. 

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The lender is now running a pilot program with financial services company Your Wealth Hub to provide debt consolidation services for its customers.

[Related: Westpac launches financial literacy program]

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