Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, has released data showing that employees can save an average of £850 per year1 by using its financial wellbeing app, Well One Money. Well One Money gives UK employees a complete view of their finances, including bank accounts, pensions, savings, investments, loans, mortgages and credit cards. The app works with Aon’s retail discount programme, which understands employees’ spending patterns and identifies potential savings that can be made instantly.
Employees using Well One Money gain a better understanding of their financial situation because the app uses Open Banking, which gives individuals a real-time view across all their online transactions such as banking, credit cards, loans and pensions. The app also provides each user with a forecast for any finance, savings or retirement goals they have. This means individuals not only understand their current situation but can plan ahead and change their behaviours in line with their needs.
Aon has developed Well One Money in collaboration with Moneyhub Financial Technology, providing employers with a way to support employee financial wellbeing.
While the employer is never able to access any one employee’s personal data, they can access an aggregate overview of their employees’ financial habits, needs, behaviour and aspirations. This anonymous insight helps employers to identify general employee financial concerns in order to trigger automated nudges and campaigns. For instance, an employer would be able to differentiate, in general terms, if employees need support managing debt, pension provision or savings. In this way, Well One Money supports employers’ benefits communication, culture and employer value proposition. In the app’s first month, each employee made an average of 30 new transactions every day. Transactions include checking or acting upon income, payments, bills, transfers, fees, shopping, direct debits or standing orders.
Well One Money users also have access to a retail discounts programme with hundreds of promotional offers from various retailers and restaurants, including Tesco, Sainsburys, ASOS, Currys PC World and B&Q. The app works differently from any other comparable programme, as it actively informs people of discounts that align to their needs and spending habits and gives an instant link to the savings. As a result, employees are more likely to engage with the discounts and their potential savings, as they do not have to search for them.
Dominic Manley, UK technology product manager, Aon, said:
“Financial education has long been discussed by employers, and rightly so. But a key factor has been the need for individuals to understand exactly what they have and what they spend, along with the ability to make adjustments that can support their financial wellbeing – and in so doing, increase their peace of mind.
“This app not only enables people to manage their money in a better way, but also to understand fully the benefits offered by their employer and to make the most of them – including how to save money on items they would normally purchase. A simple nudge helps them instantly and sensibly save £850 per year – with the potential to save more. It’s intuitive because it’s based on real data and real banking insights into where people spend their money.
“We know employers are looking for ways to help their people – now more than ever. Well One Money offers employees the ability to clearly understand their finances, every day, and with every online expenditure. This means individuals can see their patterns and behaviours, as well as, for instance, seeing direct debits they didn’t know they still had functioning. Having sight of all their finances empowers people to change what isn’t working into positive choices that impact their financial goals.”
Samantha Seaton, CEO at Moneyhub, added:
“Open Finance is already transforming the way people use their financial data and it’s great to see such an innovative project have such an immediate impact.
“With Moneyhub’s combination of insight, tools and technology integrating with Aon’s retail discount programme, employees have a holistic, real-time view of their finances – not just their bank accounts. Smart, actionable nudges help people make small financial changes that can make a big difference in the short, medium and longer term. It’s this full sight of their money and savings that supports behaviour change and the ability to make real savings on items that matter. It’s a quick win that employees can truly appreciate.”
For more information, visit the Aon Benefits website.
1Source analysis conducted by Moneyhub on 3rd June 2020 reviewing eligible spending by Well One Money users.