Financial freedom made simpleBy Squirrel Financial Wellbeing Ltd
With half the UK population living on £8 a day, the struggle to pay bills and stretch income from one pay packet to the next is real. All too often, payday loans and credit cards are used to bridge the gaps, and people’s lives suffer. The stress we’re under hurts both us and our work life, with one estimate putting the stress cost to employers at 4% of their bottom line.
We need all the help we can get to gain financial independence, and a start-up called Squirrel is providing an answer. They’re using that 4% figure above – the cost to companies – to get them to sign up to a service that manages payroll and empowers employees to best use the money they’re earning.
Squirrel has powerful tools to help you budget, save and push towards financial freedom. Linking up to payroll allows you to choose to pay bills directly from your pay packet before the money even shows up at the ATM. Other payroll-linked services include the ability to choose when you receive wages accrued (weekly instead of monthly, for example, or slightly earlier in case of financial emergency), or set saving goals and have these amounts set aside as well.
Once your income hits your account, Squirrel doesn’t stop working. The service provides management tools to help you track your spending and other outgoings. All of this is provided to an employee for free, while employers are charged from £10 per employee per year to use the service.
Squirrel aims to stop the debt cycle. The company is registered with the FCA, has won multiple awards, and is looking for more companies to join the service and help the half of the UK population that really needs it. Check out the Squirrel website for more information.
Last updated: 14th of September, 2015