With the continued pressures around the rising cost of living, money is on many people’s minds right now, and having access to benefits and support that could make a real difference has never been more important.
Recently, we launched our #GHMoneyMatters Guide to Financial Wellbeing, collating all of the financial wellbeing support available to colleagues at #TeamGateshead.
Featured within the guide is information about some of the benefits available to all Gateshead Health colleagues from our financial wellbeing partners at Salary Finance. Through Salary Finance, staff (with the exception of our QE Facilities colleagues) can access:
- Affordable loans repaid through salary: which could be used to pay off expensive debts and avoid payday loans or credit cards – Representative Rate 9.9% APR (fixed).
- Advance earned pay: your pay, your way – the ability to access some of your earned pay ahead of your regular payday. Make payday when you need it and avoid relying on overdrafts and credit cards.
- Simple savings: savings accounts with Yorkshire Building Society with contributions transferred directly from salary, helping you to save without the hassle.
- Help to Save: With this government-backed scheme, anyone receiving Working Tax Credit, Universal Credit or Child Tax Credit could earn bonus payments on their savings. Earn up to 50p for every £1 saved.
- Money insights: an online financial education hub available 24/7 giving you access to box set videos, webinars, life guides, tools, and calculators to help you better understand your money.
Since the launch of our partnership with Salary Finance back in February 2020:
- Our employees have saved an average of £767 in unpaid interest each when taking out a Salary Finance loan. Representative Rate 9.9% APR (fixed)
- Employees who have a simple savings account have saved £17,170 in total
- 143 employees have registered for the Advance service, and 2,114 advances have been provided
To find out more about Salary Finance and the financial support available to you, just visit gatesheadhealth.salaryfinance.com
Important: The “Advance” product is not a regulated lending product. This is an option, not a recommendation. Gateshead Health NHS Foundation Trust does not benefit from offering this service and all your communications will be with Salary Finance. Loan applications will be assessed to ensure the loan is appropriate and affordable for you. “Learn” content is for guidance and educational purposes only and is generic in nature. Salary Finance does not offer regulated financial advice. Please seek independent financial advice