Financial wellness matters

Snippet enables companies to help

A survey showed that 1-in-5 workers worry about their current financial situation and 70% of that group suffer from an above average level of stress.
Aside from the often detrimental health effects a financially stressed employee is disengaged from work for up to a whole month per year. The resulting loss in wages is estimated to cost US employers $250bn per annum.
12 million Americans turn to payday loans paying an average of 400% APR for such debt.
Workers that struggle financially are more incentivised to switch jobs for a small pay rise. The cost of replacing a departing worker can be over 2x their salary.

Those who struggle want their employer to help

Employees that struggle financially most want their employer to provide:

1. Tools and education to help them budget 2. Access to affordable financing such as debt consolidation options

Only 35% of employees surveyed say their employer provides assistance with personal finances, however, for those that do have access to such a benefit, 65% have used it and one third said it helped them to pay off debt.

How Snippet helps

Snippet is delivered as an employee benefit using specialized software and attentive servicing.We enable companies to help their workforce, outsourcing the work involved to us. Snippet’s team of professionals are skilled at delivering enterprise level solutions to address the complexities of financial wellbeing and truly care about maximising benefits for the company and its employees.

Access to finance that is affordable, quick and simple can help employees in their times of need. Reducing the stress associated with a person’s financial circumstances increases wellness across the workforce.

Replacing and retraining team members is expensive, sometimes costing twice the salary of the departing colleague. Salary loans can reduce employee attrition as this workplace benefit creates better engagement and less need to switch jobs simply for that little extra pay.

Financially stressed employees are shown to be distracted from work for up to 1 month per year. Improving financial wellness can contribute to raising productivity.

Access our company brochure here

137m

Americans struggle with medical bills

Important Numbers

400%

Average payday loan APR for 12m Americans

$250bn

Wages lost due to employee financial stress

Any Questions?

How is Snippet able to offer a competitive loan rate? ▼
Because loan repayment is deducted directly from the borrower’s paycheck, the cost of collections and default rates are lower. This enables Snippet to offer an affordable and responsible financing solution.
What happens if the borrower ceases to work at the company? ▼
A borrower is still required to make the scheduled repayments directly to Snippet.
Who can qualify for the loan? ▼
Snippet will consider employees who have been working with the company for at least [1] year, are over [20] years old, are not working their notice or probationary period.
Does the employer have any liability under the loan if the borrower defaults or leaves employment? ▼
No. The loan is contracted between the employee and lender directly.
Does this encourage employees to take on debts they can’t afford? ▼
No. Experience of salary loans has shown it to be a responsible lending product with the majority of borrowers using it to consolidate their more expensive outstanding debts. For borrowers that require additional financial means this salary loan solution is generally a more affordable option than other alternatives.
Towers Willis Watson Global Benefits Attitudes Survey 2017/2018

PWC: Employee Financial Wellness Survey Results 2018

Prevalence and Correlates of Medical Financial Hardship in the USA Yabroff, Zhao, Han, Zheng May 2019, Journal of General Internal Medicine

https://www.thinkadvisor.com/2017/08/24/financial-stress-could-cost-employers-up-to-250b-i/?slreturn=20190307064010

https://www.linkedin.com/pulse/20130816200159-131079-employee-retention-now-a-big-issue-why-the-tide-has-turned/?irgwc=1

https://www.finder.com/payday-loans-statistics