Transformational financial tools available to every single one of your employees, powered by Payroll.
Make a tangible difference to your employees lives with SmartPay.
If you would be interested in giving your employees access to SmartPay, please register your interest
By combining the latest technologies and behavioural insights SmartPay nudges employees with in-context, personalised suggestions to help increase their overall financial resilience.
"7 in 10 surveyed employees said they would want access to SmartPay and felt they would benefit from using it"Read the full report
‘Using Behavioural Insights to Improve Employee Financial Resilience', Report - Behavioural Insights Team, 2023
Powered by payroll, SmartPay is able to offer highly personalised recommendations to employees of ways to optimise their income.
SmartPay seeks to create a more financially resilient, happier, more productive workforce.
Make the most of a pay rise
Getting a pay rise is a moment to celebrate, however come payday a lot of the income will be eroded by tax and NI deductions.
Providing a SmartPay alert with the information on how 100% of that pay rise can be retained offers employees a route to make an easy positive financial decision.
Enabling them to pay the pay rise amount directly into their pension at the touch of a button makes it really to do.
Employees earning over £50k could lose around 50% of their pay rise, or they can choose to keep it all (at no extra cost to their employer) and let it grow in their retirement fund.
More opportunities to save
People in the UK do not have enough savings, providing opportunities for them to save when the feeling of loss can be minimised is crucial.
A SmartPay alert that celebrates the end of their student loan repayment deductions and easily enables them to divert the same amount into savings provides a highly impactful opportunity to grow much needed savings.
70% of employees said they would like to set up automated savings with SmartPay
More chances to opt into pensions
Prompting employees more frequently around joining their workplace pension, and being clear about the benefits of doing so, will help employees make better retirement saving decisions.
There is a need for more employee friendly, frictionless approaches to help employees build desired levels of retirement savings with many currently forecasted to enter retirement barely above the poverty line.
Why has PayCaptain built SmartPay?
People need access to easy to use tools to help them build financial resilience and improve their overall wellbeing.
- Many people are not saving enough for the retirement they are expecting to have. Auto-enrolment pension policies are not enough to save for a comfortable retirement.
- 11.5 million people in the UK have less than £100 in savings, severely hindering their ability to respond to unexpected expenditures, potentially leading them into high cost debt (MaPS)
- 78% of UK adults maths skills are below a GCSE grade C. Low numeracy and maths anxiety make it difficult for people to know the best things to do with their money (Plain Numbers)
- Learned behaviours and natural biases can prevent people from making the best decisions about what to do with their money especially when they are financially stressed (The BIT)
We have a collective social responsibility to ensure that everyone has access to tools that will help them build financial resilience and ensure their long term financial wellbeing is protected.
The best employers understand that they are in the perfect position to do this. Using the power of payroll- an existing business process that touches 100% of employees giving them all access to this transformational set of tools and boosting workforce productivity.
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Find out how PayCaptain can add value to your company and help your employees. Why not arrange a free, no-obligation demo and see our system in action?
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