Financial Freedom: As it should be

The Why

Half of UK population lives with less

than £8/day in disposable income

and must rely on expensive financing to make ends meet.

In the UK 20M employees struggle financially

Over 46% of UK workers struggle

with their finances, 70% have no savings.

UK adults owe an average of

£3,737 (Loans and Credit Cards ONLY)

The Why from your side of the coin

5% of employees have been

absent from work, more than 4 days a year, due to illness caused by financial worries

a financially stressed employee will spend

20 hours per month dealing with financial issues at work

‘Present-eeism’ steals 6 hours of productivity per month per stressed employee

Staff turnover is high amongst financially stressed workers as they are willing to switch for an even small increase in wages

The solution

FairQuid partners with Companies and local Community Credit Unions to provide savings options and ethical debt consolidation to employees.

Areas of ImpactFinancial Wellbeing – fastest growing area of employee benefits. But payday lenders and credit card companies make it very hard for you to achieve this by education alone. You have to be part of the alternative.

Financial Distress – Staff don't leave their money worries at the door when they enter the workplace. It leads to missed days at work, low productivity and eventually resignations for even a small increase in salary offered by another company.

Corporate Social Responsibility – Our Credit Union partners are local member run, not-for-profit financial institutions. By making them stronger you bring about real change in your local community.

Increase Engagement – "good to know you have support from your employer", "in an emergency it's reassuring to know this is available", "savings element is a great idea as very few of us have savings"

How it works

Step 1Company signs up and verifies employment information online.

Step 2Interested Employees log in and apply directly with the Credit Union. Simple online process flow

Step 3Company sets up regular payroll deductions for live employees

EBL product highlights

● Eligibility: min. 1 year of service required

● Affordability: upto a max. 20% of Annual Gross Pay based on length of service

● Repayment Period: fixed repayment periods of 6/12/18/24 months

● Repayments: deducted straight from salary (no min balance or roll overs)

● Admin Fee: fixed 10% pa on loan amount instead of cumulative interest charges

● Repayment Eligibility: full balance repayable if leaving the company

● Saving Habit: obligatory min. £10 pm saving deduction along with loan repayment, to help

change long term behaviour (nudge theory).

● Company Liability: None

No Liability? What's the catch?

Yes, as a company you have no liability only some simple obligations:

1. Electronically verify the employee data around Identity and income for

better KYC and affordability checks for the Credit Union.

2. Make salary deductions for loan repayment and saving contributions, on

behalf of the employees and remit funds directly to the Credit Union on

pay day.

3. Notify, through the FairQuid platform, of an employee’s resignation.

Win-Win-Win

Company● Retention● Engagement● Productivity Gain● Reduced Costs

Credit Union / FQ● Electronic KYC● Affordability check ● Safe & easy collection● New members

Employees● Restructure high interest debt● No financial distress● Inculcate saving habit● Build credit score

WEC GroupEstablished over 35 years and still family-owned, WEC Group has experienced rapid growth over the past 10 years. 800 staff spanning 9 sites and £75M in turnover today.

1. Staff Turnover down from 20% to 2%2. Bottomline Savings Impact -

£100,000 pa

3. Penetration - 1 in 4 employees

4. Restructured debt - £175,000 +

5. Cost to WEC - £0.00

In the press

Recognition

What if you could: Achieve Staff Wellbeing, Increase Engagement and contribute towards Corporate Social Responsibility - all without spending a penny?

Questions?

Contact Us:ashley.mills@fairquid.co.uk 07798 618655