An ASX-listed fintech partnered with an online financial literacy hub to expand its distribution strategy and launched a new financial wellness program.
Marketplace lender Wisr has partnered with Your Wealth Hub, a digital financial literacy and employee benefits offering co-founded by Association of Financial Advisers national president Marc Bineham and Noall & Co group general manager Gavin Glozier.
Via a pilot program of Wisr's new financial wellness program Wisr @ Work, Your Wealth Hub customers will be able to access Wisr's debt consolidation services with a view to add more Wisr products to the program over time.
"The partnership with Wisr helps to expand our product and service offerings to our members. Wisr has helped us to ensure every member gains as much understanding and advice options to make the best financial decisions," Glozier said.
"Our initial launch focused on debt consolidation and we will continue to introduce Wisr products to our members."
Wisr @ Work equips employees with digital tools, education materials and practical applications to reduce debt so that employees better understand their financial position and creditworthiness.
It also provides customisable debt reduction smartphone apps to automatically pay-down credit card and loan debt.
A survey conducted by Wisr found 48% of employees had experienced stress in the workplace because of their personal financial situation.
About 65% have experienced feelings of anxiety or panic while at work due to monetary issues, with 43% saying it impacted their productivity and 35% being unable to work as a result.
Wisr head of partnerships Karen Taylor said: "Many employees are unable to properly perform at work because of financial stress. Monetary issues such as mounting credit card debt, inability to meet savings goals or failing to pay bills on time can all contribute to workplace strain."
Employee financial stress is estimated to cost Australian businesses about $40 billion in lost productivity each year.
A finalist in this year's Financial Standard MAX Awards, Your Wealth Hub is nominated for Financial Literacy Campaign of the Year. The 2018 MAX Awards will be held on 14 June in Sydney.
As managing director and group general manager of Noall & Co, Bineham and Glozier were profiled by Financial Standard sister publication FS Advice in 2017, discussing the business' transformation and how Your Wealth Hub came to be.