Money worries have a major impact on our mental wellbeing. Tony Byrne, managing director of Wealth & Tax Management, has discovered a new app that is designed to be the key that unlocks the gateway to happiness.
Financial worries are costing employers billions every year in absenteeism, lost productivity and turnover costs. But organisations are doing little to address the issue, a report has suggested.
Employers are losing 2.5 days per employee per year through financial stress-related absences, while ten per cent of staff struggle to focus because of money worries, according to financial wellbeing provider Neyber.
According to Neyber’s DNA of Financial Wellbeing report, three in five employees felt they were affected by money worries. More than half (52%) were borrowing to meet basic financial needs, 45% admitted they ran out of money before payday and 36% sometimes or often struggled to pay off their credit cards.
Money worries were affecting employees’ mental health: one in five said they had felt depressed, a third had felt stressed, a third anxious and a quarter had lost sleep.
Fortunately, help is at hand with a new app, Hapnav, which stands for the Happiness Navigator. Hapnav is the first end-user financial planning application with open banking inside, brought exclusively to members of the Academy of Life Planning in partnership with Envizage.
Hapnav allows users to plan their life goals simply and easily. You cannot have wellbeing without financial wellbeing in the West. This app delivers such an outcome which is why it is called the Happiness Navigator.
It is a low-cost employee benefit, priced at £6.99 per month, plus a 30-day free trial.
HapNav is offered in association with Envizage (a trading name of Lifescale Limited). A WEALTHTECH 100 company in 2020, it develops simulation-based analytic software that helps consumers to identify, understand and manage the risks to their plans.
The WEALTHTECH100 is an annual list of 100 of the world’s most innovative WealthTech companies selected by a panel of industry experts and analysts.
- The contents of this article are for information purposes only and do not constitute individual advice. You should always seek professional advice from a specialist. All information is based on our current understanding of taxation, legislation and regulations in the current tax year. Any levels and bases of relief from taxation are subject to change. This article is based on my own observations and opinions.