Employee financial wellness is at the core of what we do... so forgive me for the long newsletter, I did try and write a brief one.
MetLife Inclusion Plus Finalist
Metlife Inclusion Plus identified 50 innovative businesses working to improve access to quality, sustainable financial services in Australia.
Roll-it Super was privileged to have been selected as a finalist and receive grant support from MetLife as an organisation helping to advance financial wellbeing across the world.
As a finalist, we join a social innovation ecosystem that includes competition winner Follo, and financial inclusion entrepreneurs from Good Shepard, Hip Pocket and Moneyplace.
... oh, and I can tick off 'win novelty cheque' from my bucket list.
Study Melbourne Live Projects
In July Roll-it Super was selected as a corporate client in the Study Melbourne Live Projects Program.
The project resulted in International students form across 3 Melbourne universities providing insights into student and migrant financial literacy.
The students gained real world experience, increased their employ-ability and expanded their professional network in Melbourne. Roll-it Super had sharp minds working out how to improve financial and superannuation literacy in youth and migrant workers.
As a result of the program we are now considering the viability of a free version of the Roll-it Super platform to be provided to new workforce entrants before they begin their first job.
What an incredible social achievement it would be to ensure every new worker was invested in a high performing super fund and understood their workplace entitlements without feeling intimidated, or relying on the good judgement of their first employer.
I am pleased to announce our partnership with Moneytree.
The integration of Roll-it Super and Moneytree provides employees with secure, smart technology that automates the hard bits of money management.
Moneytree connects to your bank, credit card and superannuation accounts and provides a data feed to Roll-it Super to present a single picture of all your money.
You own your personal financial data – not your bank, super fund or card provider, and certainty not some FinTech company who treats you as the product and sells your private data for profit.
Moneytree was developed on the principle of personal financial data ownership. You own your data and should be able to control when you access that data and who you share it with, including Roll-it Super.
Employee financial wellness
It is somewhat ironic that I've founded a business that improves financial wellness. I can't stick to a budget, I don't brag about how cheap I can be, and I don't have a simple, 10 step get rich strategy.
My story goes something like... spend a decade in a well paid corporate job, flip two houses in a rising Northcote market, achieve financial security for my family, then bootstrap a start-up.
Apart from not sticking to a budget, when compared to most Australian workers, I'm an outlier - as are many of you reading this newsletter.
Here are some sobering facts on typical employee finances;
- 64% of employees feel financially insecure
- 50% of employees have less than $1,000 in savings, 25% have no savings
- 8% of employees will never pay off their credit card debt, with half of those behind in their payments
- Financial distress is the highest cause of marriage failure and you are twice as likely to be in poor physical health, three times as likely to have poor mental health.
Mark Zmarzly, founder of Hip Pocket eloquently stated in his MetLife Inclusion Plus pitch, "money struggling individuals and families almost all said they want to make better financial decisions...but they don’t want to do any work".
We're not lazy, we just don’t find money that exciting and we want other people or technology to do the work for us. Not an unreasonable request.
Our financial wellness program therefore has three simple principles;
GUIDE - Ask a money question and get a straight-forward answer
TRACK - Technology will automate the hard bits of managing money
REWARD - Buy the same stuff at a discount and save money.
Thanks again for everyone's ongoing support. The good news is the platform is nearly built, our financial services licence is in progress, and we're about to come out of stealth and raise our public profile!
M: 0451 308 170