Ricoh UK has partnered with Wealth Wizards, a UK-based specialist in consumer-led and human-assisted financial wellbeing and advice platforms for UK businesses, to help its employees improve their current and future finances.
MyEva, the financial wellbeing application from Wealth Wizards, initially takes Ricoh employees through an automated, easy-to-complete financial health check, asking non-intrusive questions that help to build an overview of their current financial wellbeing.
Once complete, employees are presented with a health check score and a personalised dashboard highlighting areas of strength, as well as opportunities for improvement. Employees are then directed to financial topics relevant to them, with bite-sized tasks to complete, helping them to get more from their finances, such as increasing savings, reducing debt and saving for retirement.
A retirement lifestyle tool, based on the Pension and Lifetime Saving Association’s (PLSA) Retirement Living Standards, enables employees to explore the kind of lifestyle they’d like in retirement and suggests the monthly contributions required to meet their goals.
Employees can return to MyEva at any point to review and update their circumstances, which then automatically updates their financial wellbeing score. As well as automated financial guidance, MyEva offers FCA regulated financial advice on pension contributions and employees can adjust their workplace pension scheme contributions via the application.
There is also the option to speak to a human financial adviser for regulated financial advice, should employees require more help or support with their financial affairs.
Wealth Wizards featured on our FinTech 50 ranking last year.
“MyEva helps our employees co-ordinate their spending and work out weekly or monthly budgets to help manage their bills,” said Toni Smith, rewards & insights manager at Ricoh UK.
“While saving during the current cost of living crisis can be challenging, several of our employees are actively seeking regulated advice on areas such as mortgages, savings, and pension contributions and consolidation.
“Employees can access MyEva 24/7 which provides them with a continuous, real-time overview of their current and future financial wellbeing, which in turn helps to improve their mental and physical wellbeing.”
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