Helping MoneySuperMarket build financial resilience for their employees

MoneySuperMarket has partnered with us since 2019 to give all their employees their own financial coach.

  • They wanted a solution that would really engage people and help them plan for both short and long-term financial goals.
  • 35% of MoneySuperMarket employees have used the financial coaching service.
  • Those who have used the full service have improved their household wealth by £3k on average within the first 12 months.

What’s great about Octopus MoneyCoach is that it helps make personal finance simple and jargon-free, meaning it’s as easy as possible for our employees to engage – which is something we really wanted

The Challenge

In 2019 Moneysupermarket Group, the price comparison website specialising in financial services, introduced financial coaching for its 750 employees, to proactively support their financial wellbeing. They wanted a solution that would really engage people and help them plan for all their goals, short-term (saving for holidays), and long-term (like retirement). 

Tracey Quiggin, Head of Reward at MoneySuperMarket said: “From a wellbeing perspective we want to help our employees be resilient in all aspects of their lives. Financial resilience is an integral part of that – because we believe it has a direct correlation to mental health and overall wellbeing. 

What’s great about Octopus MoneyCoach is that it helps make personal finance simple and jargon-free, meaning it’s as easy as possible for our employees to engage – which is something we really wanted.”

How we’ve helped

Octopus MoneyCoach offers all MoneySuperMarket employees a free session with a financial coach and then the opportunity to take advantage of the full year’s 1-to-1 coaching service and powerful planning technology via salary sacrifice if it’s right for them. During that year the coach uses a proprietary planning tool to visualise how employees’ money is forecast to grow and whether staff are on track with their financial goals. The coach will then help employees create a tailored action plan to optimise spending, savings, investments, pensions, mortgages and life insurance arrangements. 

Tracey says, “Our brand goes a long way towards helping people make the most of their money, so we wanted to reflect that and focus our energy in helping our colleagues to do the right things too.  Especially in more complex areas such as pensions, protection and investments. Giving our teams access to a financial coach – a real, human expert – really helps them take action to improve their financial health.  Offering a free session with a ‘try before you buy’ approach to every employee is a real plus”.

I started my journey this year with my financial coach. It’s early days but I can already see how I can make small changes that will make a big impact!  I particularly like the digital planning tool as it’s now so much easier to track my income and potential investments.

“Giving our teams access to a financial coach -a real, human expert – really helps them take action to improve their financial health.”

The impact for MoneySuperMarket

  • 267 employees have booked their first coaching session.
  • On average, household wealth has improved by £3k within the first 12 months and is projected to improve by £50k over 10 years.
  • MoneySuperMarket employees have rated their financial coaching experience 4.8/5.

Tracey says, “We want all our benefits and wellbeing efforts to reflect our overall purpose and brand, which is ‘helping households save money’. Octopus MoneyCoach encapsulates that ethos and allows us to make sure our employees are able to save money in ways that are most relevant to them.

About MoneySuperMarket

Moneysupermarket.com Group PLC is an established member of the FTSE 250 index. The Group operates leading UK price comparison sites for Insurance, Money, Home Services and other products. Our purpose is to help households save money on bills by giving them access to free online tools that enable them to switch and buy products.

We operate a marketplace business model, matching consumers to providers in an efficient way for both sides. Consumers can come to a single site, answer a simple questions set and let us do the work of providing them with a wide choice of deals to compare and switch to. For providers, it is a cost-efficient and flexible way to access millions of customers. With the recent acquisition of Quidco, the Group now helps users earn cashback on online spending whilst also providing an attractive customer acquisition channel to merchants.

In 2021, we helped our users to save an estimated £1.6bn on their household bills.

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