DWP unclaimed benefits, Employee Benefits and Financial Wellbeing

The MyEva team brings you insightful content on workplace financial wellbeing

DWP unclaimed benefits, Employee Benefits  and Financial Wellbeing
How MyEva clients are helping their employees determine eligibility for £19bn of UK government unclaimed benefits

Empowering Employees - breaking the chains of complexity

Amidst the struggles of rising living costs, millions of UK households are missing out on an estimated £19 billion* in unclaimed welfare benefits annually. During this cost-of-living crisis, when many individuals are resorting to food banks or accumulating debt to make ends meet, there is a great need to encourage those in need to explore eligibility for government support.

The Guardian, upon quoting a recent ‘Policy in Practice’ study, explained that ‘…the social security system has become hugely complex, requiring multiple application mechanisms across different organisations, national and local. Households could easily be required to make six or seven different applications to receive the benefits and cash support they may be eligible.’

This puts immense pressure on individuals who are already facing financial challenges.

At MyEva, we believe in eliminating unnecessary complexity, providing reassurance, and making financial education an enjoyable, empowering experience.

Debunking the Myth - a hidden lifeline for UK households struggling with the cost of living

In the face of these hardships, there's a myth that needs to be debunked – the belief that full-time employees are not entitled to government financial support. This misconception is nothing more than a barrier that prevents individuals from accessing the assistance available to them. In the hope of providing those in need with an immediate, tangible solution during the cost-of-living crisis MyEva launched its own benefits calculator, and we’re delighted with the recent results.

“There is a misconception that if you are in full-time employment, you are not entitled to government support. The MyEva Benefits Calculator shows workers that isn’t true and exactly what they are entitled to claim. In the current economic environment, that can make a big difference to people’s lives and financial well-being.We are very excited by this prospect and what it can do for employees and employers using the MyEva platform.”

Zoe Semmens, Business Development Manager for MyEva

Unveiling the Solution - bridging the gap between unclaimed benefits and employee financial wellbeing

Since our recent launch:

* A staggering 53% of MyEva users discovered that they are entitled to DWP benefits, providing a much-needed lifeline to those in need.

* In just two weeks, our new benefits calculator identified an impressive £1.9 million per year

* The benefits identified through the calculator amounted to an average monthly value of £277 per user, representing a significant monthly boost to their finances.

* The engagement levels were exceptional, with an 87% instant completion rate, indicating a highly positive user experience and a genuine appreciation for the platform's capabilities.

These figures vividly illustrate the profound impact our new benefits calculator is having on individuals' lives. Being made aware of and accessing this financial support may mean affording more nutritious meals, more comfortable living conditions, and the ability to pursue activities that bring joy and fulfilment.

“This is a fantastic result for our new Benefits Calculator, which shows just how much can be claimed by the people who need it.It is estimated that around £19 billion of government benefits are not being claimed in the UK. Our calculator can show employees where they may be missing out on annual benefits and help put the pounds into their pockets at a time when they need it most.It is our mission to help individuals better understand their finances. We can help show them how they can manage their money, what they are entitled to, and how to plan for their financial future.”

Mark Kiddell, Chief Commercial Officer, Wealth Wizards

Empowering Employers - driving financial wellbeing for their  employees

HR professionals, Employee Benefits roles, and similar positions, seeking a financial well-being solution, have the opportunity to become strategic leaders who make a direct, measurable impact on their colleagues' well-being and contribute to the overall success of the organisation.

Employers that provide MyEva demonstrate their commitment to supporting employees during the cost-of-living crisis and beyond. MyEva’s benefits calculator reduces employer wage pressure by offering employees a tool to explore their eligibility for government support.  Imagine if over 50% of your employees discovered they’re eligible for additional funds and for those that aren’t, MyEva is an engaging way to get employees actively involved in their financial well-being.

Implementing a comprehensive financial well-being programme not only benefits the employer but also creates a thriving work environment. By offering employees access to tailored financial guidance and support, employers foster a culture of care and demonstrate their commitment to their team's overall welfare. This commitment translates into increased employee engagement, satisfaction, and loyalty.

At the heart of this transformative process lies the individual employee. Investing in their financial well-being empowers them to take control of their financial lives, paving the way towards financial security, reduced stress, and the achievement of personal goals.

Equipped with the necessary tools and resources, employees gain the confidence to make informed financial decisions, fostering a sense of empowerment and peace of mind.

Email: hello@myeva.com to get answers to your employee financial wellbeing questions

The MyEva Promise

At MyEva, we offer much more than a benefits calculator. Our platform provides personalised financial education, guidance, and regulated advice tailored to support employees' financial well-being.

Whatever their stage of life or salary level, MyEva addresses both the emotional and practical aspects of our complicated relationship with money, breaking down the big and complicated aspects of financial well-being into small incremental steps.

Whether they are looking to create a budget, buy their first home or plan for retirement, MyEva will guide them and help them to get there by providing personalised, regulated financial guidance and advice at every stage of their financial journey.

Together, we can break down the barriers, debunk the myths, and create a future where financial security and well-being are accessible to all.

*UK households missing out on £19bn a year in unclaimed welfare benefits

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