Asda has offered 140,000 employees an advance on their pay to help with the pressures of the cost-of-living crisis.
Having teamed up with financial wellbeing app, Wagestream, the Big 4 grocer’s colleagues will be able to access up to 50% of their earned contracted pay when they choose.
The app will show staff how much they have earned throughout the pay period and can be connected to their bank account to access their real-time bank balance and outgoings.
The new initiative encourages colleagues to save by allowing money to be set aside automatically as a rainy day pot, and each month, employees will be entered into a prize draw with a chance of doubling their pot.
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There are also tools to help improve financial education, such as a benefits entitlement calculator and a financial wellbeing quiz to benchmark progress and assess areas to improve.
“We understand that from time to time our colleagues may need a bit more financial help, something which would be made worse by the current cost-of-living crisis,” Asda chief people and corporate affairs officer, Hayley Tatum said.
“We are always looking at ways we can help and giving our colleagues flexible access to their pay, alongside a range of support and guidance through the Wagestream app could prove vital in giving them financial peace of mind as well as their mental wellbeing.”
Wagestream head of impact and inclusion, Emily Trant added: “The most recent State of Financial Wellbeing index found that record numbers of workers are willing to move jobs if offered better financial support.
“As one of the UK’s biggest flexible pay employers, with a whole range of tools and services to support financial wellbeing, Asda will improve the lives of existing team members and strengthens its position as a retail employer of choice.”
