Octopus Money and Benifex have teamed up to increase employee access to personalised money coaching.
Under the collaboration, Benifex will integrate Octopus Money coaching services into its platform, enabling more employers to offer the provider’s financial wellbeing services to staff.
The partnership is timely as this month brought sharp increases in energy, council tax and water bills, among others, causing it to be dubbed “awful April”.
Employers are concerned about the ongoing cost-of-living challenges and people undersaving for the future as the resulting financial stress affects employee wellbeing, engagement, and productivity.
In 2023, an Octopus Money survey of 4,000 adults found that 72 percent of employees said their employer did not appear to care about their life goals, such as buying a house, as they face difficult financial decisions. Money coaching could change this perception and help reduce financial stress.
More than 200,000 employees have already been supported by Octopus Money’s workplace services as it has worked with hundreds of employers across the UK. The service combines technology with an in-person financial coach to empower employees to tackle key life milestones, such as buying their first home, planning for retirement, and saving for their children’s future.
Octopus Money said the collaboration with Benifex is “another milestone in its mission to making high-quality financial advice available to everyone—not just the 9 percent who traditionally have access to advisers”.
Gethin Nadin, chief innovation officer at Benifex, said: “When employers are able to support their people to build bigger savings pots, the impact can reach far beyond individual wellbeing improvements. By integrating Octopus Money into our platform, we’re giving businesses an impactful way to help their employees feel more in control of their finances.”
Anasuya Iyer, chief commercial officer at Octopus Money, said: “Financial wellbeing is no longer just a nice-to-have—it’s essential to supporting employees in today’s economic climate. By partnering with Benifex, we’re able to extend our reach and provide personalised money advice to even more people. Together, we’re helping employers take a proactive approach to financial wellbeing, creating happier, healthier, and more engaged teams.”
