How we’re improving financial wellbeing with the help of nudge
Here at DSG, we have provided financial solutions for dealer groups for the last three decades. That’s why we’re confident in saying we’re well-informed when it comes to the financial world.
We recognise that the financial services industry can be a confusing place at first-glance for many people. Finding the time to decode the jargon and learning how to manage money can be an overwhelming task.
That’s why we started offering our services in the first place, because we saw an opportunity to make our dealers’ lives easier. However, we recently had a thought – what about our own people over here at DSG?
Although they understand the car finance business inside-out, how do they feel when it comes to their own personal finances?
After discovering that one of the leading causes of stress is financial wellbeing, we delved deeper into this topic. A 2019 study by Perkbox revealed that 61% of employed adults find money is what causes them the most stress.
Some of their other findings are just as frightening. Over a quarter of adults feel stressed or worried about their finances daily. What’s more concerning is feeling worried can cause our general wellbeing to decline and productivity to drop.
The same report shows that almost one in five employed adults would describe their financial wellbeing as poor. That would mean on average around 30 members of our team are struggling with their financial wellbeing.
Considering what we know about poor financial wellbeing and how it can often lead to stress, we wanted to prevent our people from ever having to face these feelings alone.
We’ve previously touched on how wellbeing came to be a core company value at DSG. For us, that means all forms of wellbeing, including financial.
For that reason and many more, we partnered with nudge last year. nudge is a global financial wellbeing platform that aims to keep people in control of their money, and therefore, in control of their lives.
nudges goal is to make everyones wage go further. They do this by equipping people with the knowledge and skills to better understand and manage their money. Like us, they believe using a combination of education and technology, can improve peoples financial, and overall wellbeing.
The process of this is simple! When people see the benefits of education, they understand and when they have an understanding, they act. Finally, by taking action based on the education they’ve received, they reap the rewards!
This is a very important cycle, and an exemplary one at that. Through nudge, we’re able to improve the wellbeing of our people. By doing this, we hope we can improve their daily lives, in and outside of work.
Although we partnered with nudge, we knew that there was no guarantee our entire team would utilise the platform. However, in our most recent Nudgenomics report (a data analysis nudge sends us) we were thrilled to find that 117 of our 135 people are using the platform!
We were also happy to learn that 26% are learning how to manage their money and budget better. Additionally, 24% are getting educated on saving options and exploring how to economise. We also discovered that 11% of our team are learning about investing and setting up for their future now, not tomorrow!
As a company that deals with finances daily, it’s reassuring to see so many of our people improving their knowledge by embracing nudge.
Steve Sykes, Client Success Director at nudge comments: “We’re absolutely thrilled with the engagement at DSG. Keeping people informed, reassured and empowered about their finances is more important than ever, and it’s fantastic to see DSG take the financial wellbeing of their team members seriously”.
One of the things that attracted us to nudge was the fact they don’t just provide general information, they add a personal touch. Each member of the DSG team has a personalised feed, tailored just for them.
This features an array of bite-sized financial education posts and snackable articles that relate to their circumstances and interests. In one click, they can save posts and articles to read later on or share with friends/family so they can benefit too!
nudge doesn’t just offer written forms of financial education either. They also host webinars and podcasts on a range of different money-based topics. This makes learning on the go possible for even the busiest of people. You can tune in during a commute to work, a break in the office or even some downtime at home. It’s an easy way to learn tips and tricks to financial freedom, in an easily accessible way. After all, not everyone has time to spend reading long-form posts (kind of like this one) all the time!
nudge isn’t like every other financial wellbeing platform. They view themselves more like a financial friend, who offer 100% unbiased education on how individuals can overcome financial hurdles and reach their personal goals.
Any time nudge believes there is a financial action someone needs to take, or a piece of content they need to know, nudge quite literally gives them a nudge! (a helpful and personal reminder to take that action via email, text or another preferred method). This could be a simple reminder to put a certain amount of money into your savings, or even to educate users that about money-saving offers.
That’s why nudge is the leading financial wellbeing service around the world. They educate people as opposed to simply telling them what to do. If you understand why you are doing something, you’re more likely to keep it up!
In our previous wellbeing blog, we talked about our commitment to support our entire team from top to bottom. We know that when you have a happy team, you have a winning team.
We are proud of our partnership with nudge, and even more so our team that is using the financial wellbeing platform to make moves in the right direction. If you would like to learn more about nudge, visit their website and see what they offer first-hand.
For more blogs head over to our website and find a whole plethora of interesting posts, from wellbeing, to how we are planting trees every time we sell a car through some of our brands!