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Financial Wellbeing Impact Awards 2024: boldest and brightest in financial wellbeing
Introducing the 2024 Financial Wellbeing Impact Award winners! Recognizing the boldest and brightest in financial wellbeing. The prestigious event took place at The Banking Hall, London, a fitting venue to honor the leaders making tremendous strides in financial wellbeing.
An esteemed expert judging panel deliberated over seven categories, scoring blind and in secret, with winners determined by an aggregated score. Each judge reviewed entries and scored them with a consistent point system and at the end of the judging period those scores were added up. The process is created to be simple and fair, with the overall scores determining the winners. The incredible number of entries spanned various industries and business types, showcasing a diverse and talented group of nominees.
Here are the winners and the reasons why the judges score the entry highly:
Financial Wellbeing Champion: Matthew Knight, Perennial
Matthew has conducted research on the link between financial, physical and mental health, regularly speaks at events and leads a youth group on financial habits. When Perennial started the program in 2022 there was no financial wellbeing strategy for their organization, they created the strategy and launched nudge and a campaign to a community of people who had not previously received this kind of support. 94% of the community are now dedicated learners, 100+ now take part in an annual financial wellbeing forum and 40+ internal team members from Perennial are now trained on financial wellbeing to help others.
Highly Commended: Paul Duggan, Accenture
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Biggest Impact on Benefits or Retirement Plan Uptake: Saint-Gobain
Saint-Gobain took a lot of time and effort to listen to employee needs with focus groups and got buy-in from leadership. The team implemented creative communications to engage plant-based workers, including a limerick competition, resulting in a 40% uplift in employees taking up their PMI and a further group of employees were eligible for a higher level of life assurance cover.
Highly Commended: Mondelez
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Most Inclusive Experience: AXA
AXA launched a program that supports employees at different life events and stages. For example, additional paid leave for people who have suffered domestic abuse, pregnancy loss or if they need to care for a loved one. The team ran a global campaign for women featuring financial health webinars and other campaigns targeting those nearing retirement. The entry included numerous impact stats, including a 72% increase in share plan uptake, 26% increase in bonus sacrifice and 81% of their people engaged with financial education.
Highly Commended: Phoenix
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Wider Business Impact: National Numeracy
National Numeracy’s purpose is to empower everyone in the UK to have the numeracy skills that allow them to fulfill their potential at work, home and school. The team runs two annual campaigns to build confidence in managing money through workshops and champion training. Over a million people have access to the support they provide including 32k adults with low financial literacy. The entry provided numerous impact statistics on individual’s improved attitudes to money, financial skill levels, and access to further opportunities.
Highly Commended: Baringa
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Best Financial Wellbeing Strategy: Pepsico
Pepsico has expanded their financial wellbeing support with an extensive roll-out of nudge to all their 80 markets. What stood out about their strategy was their focus on their front-line employees who make, move and sell products daily. The team focused their tactics to reach that group with some brilliant innovations - including deploying communication toolkits to local HR teams, competitions, and even a reggaeton jingle to promote nudge produced by their LATAM team.
Highly Commended: JTC
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Biggest Impact on Financial Health: The Lighthouse Club
The Lighthouse Club’s mission is to ensure their community can easily access the emotional, physical and financial wellbeing support they need and to develop healthy and sustainable futures for this generation and the next. They run several initiatives to engage their community, including site visits, in 2023 alone the team visited 390 sites, 26k workers and have supported 2,435 complex cases managed by case workers, a 23% increase on last year.
Highly Commended: Money Sweetspot
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Global Impact via Financial Education: Accenture
Accenture launched a new, inclusive and integrated global financial wellbeing strategy with nudge at the center for 742k employees across 60 countries. Phases included: onboarding nudge with their existing tech, a big bang launch with multiple communication tools and enhancing the program with local country visits. The team also innovated by extending nudge access to employees’ families and leavers – as well as building a champion community around the world. Accenture is on track to hit their first target with 27k employees engaging in education and 36 countries are over 50% of the year target already.
Highly Commended: Flutter
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Tim Perkins, nudge Co-Founder, shared his thoughts about the night: “Massive congratulations to all the winners. It truly has been a night to remember and everyone who made the shortlist should be very proud of their achievements. Well done everybody! We intend to celebrate not just the individuals and organizations who have excelled, but also the collective effort to promote financial literacy and security across the globe. These awards underscore a commitment to creating a world where financial wellbeing is valued and accessible to everyone, everywhere. Congratulations to everyone involved for setting a benchmark in excellence and see you next year for a bigger, brighter and bolder event.”
For more information on the winning projects and their impact on people and the industry at large, get in touch.