Funding and power supplier Octopus Group has launched a workplace-channel monetary steerage model.
Octopus Cash will provide clients their very own cash coach or monetary adviser and can provide recommendation on areas corresponding to funding and pensions.
It can additionally provide a one-to-one budgeting help service.
Octopus mentioned Octopus Cash goals to assist employers enhance their workers’s monetary wellbeing.
In keeping with Octopus, 66% of workers don’t assume their employer cares about their private funds and solely 1 / 4 of workers (27%) say cash conversations at work finish with a constructive final result.
The brand new enterprise can be led by former Octopus Investments CEO Ruth Handcock.
Ms Handcock mentioned: “Over the past decade, the trade has ‘innovated’ the humanity out of most monetary companies companies. We’ve by no means had entry to extra apps and extra data, and but thousands and thousands of persons are nonetheless confused about what to do with their cash. That’s why every thing we’re constructing at Octopus Cash begins with the idea that on the subject of cash, individuals need to interact with a human, not simply an app.
“We’re partnering with UK workplaces, as a result of we imagine employers are the nation’s greatest hope for enhancing monetary wellbeing. Too usually, significant cash conversations are rushed, fumbled or altogether absent inside companies. This leaves workers feeling confused, annoyed and undervalued. For a lot of UK employers, ‘individuals’ are the only greatest funding and but there’s usually nobody serving to workers to take advantage of their pay. Octopus Cash goals to assist firms fill this hole.”
Octopus Cash is just not the primary workplace-channel providing launched by the Octopus Group.
In 2021 Octopus acquired Hatch Monetary Teaching which it rebranded as Octopus Moneycoach.
Octopus Moneycoach works primarily with employers, who provide its companies as a part of their office advantages, but additionally pairs with monetary recommendation companies.
Octopus Group additionally owns Octopus Investments, which manages £12.9bn of belongings on behalf of retail and institutional buyers.
