Mercer has announced the launch of Mercer Money, an innovative digital financial wellness platform and mobile app that allows employees to manage all aspects of their personal finances in one place. Using open banking and the latest technology, Mercer Money provides a real-time view of current accounts, debt, savings, pensions, investments, mortgages and property values. With budgeting and full transaction functionalities embedded, individuals can make decisions and act on them immediately.
Through education, reminders and personalised nudges that can be acted upon there and then, Mercer Money empowers individuals to make better financial decisions for the short, medium and long term. For employers, it provides a way of bringing together financial wellness programmes and pension engagement strategies. With this personal financial dashboard, employees can keep on top of their financial commitments and investments, with the goal of alleviating stress and anxiety around money issues.
Commenting on the launch, Benoit Hudon, UK Wealth Leader for Mercer said:
“Many employees struggle to understand their pensions and get a comprehensive view of their finances. They have to juggle multiple conflicting financial demands daily resulting in increased stress and difficulty when making decisions. Mercer Money has been designed to support better financial decision making and help improve people’s lives today while giving them peace of mind that their future needs are met.
“Our Mental Health at Work report recently revealed that 24% of employees who experienced poor mental health symptoms cited financial difficulties as a cause.” said Benoit Hudon. “Employees with better control of their finances are often less stressed and more productive. This has an immediate and beneficial effect that can be seen in any business. Amongst other advantages, employers will have access to valuable aggregated analytics showing how their employees financial wellbeing is developing. This allows companies to respond with adjustments to benefits structures to suit their workforce.”
Mercer Money will offer a broad range of benefits including:
- Improved employee financial wellness, understanding and appreciation of pension schemes
- Instant access – all financial information at the users’ fingertips
- Truly personalised platform – guidance, nudges, real-time updates and education
- Better support with financial decision-making with all needs addressed via one application
Mercer Money also forms part of the Mercer Master Trust and will be the window through which members access the master trust. Employees that leave their employment will continue to have access to the services it offers, as long as they keep their deferred membership in Mercer Master Trust.