INSIGHT: Why Financial Services Companies use Our Benefits Calculator. Learn more.

Our Solution for
Income Maximisation

Financial Services, Central and Local Government, and Software companies use our Benefits Calculator to enhance customers’ financial resilience, boost engagement, and ensure regulatory compliance.

Half of UK adults are financially vulnerable

In the UK, 20.3 million people are financially vulnerable due to ill health, unstable incomes, lack of savings, or life events like job loss, bereavement, or relationship breakdowns.

However, despite the potential life-changing impact, over two-thirds of our customers are missing out on £4,700 in annual benefits and discounts.

The main reasons for unclaimed benefits are:

  • Lack of awareness about available welfare benefits or the assumption of not being eligible.
  • The complexity and fragmentation of the welfare system.
  • Social stigma and general apathy towards money management activities.

Our Benefits Calculator supports households missing out on their benefits and helps over 23 million people who are already receiving some combination of welfare benefits.

Improve Financial Resilience

Ensuring people access their benefits is one of the most cost-effective actions organisations can take to improve their customers’ financial resilience and well-being.

Organisations use our Benefits Calculator to identify customers with unclaimed benefits, inform them about potential extra income, and counteract the stigma and apathy towards the welfare system.

"One of the things I am most proud of about Salad Money is our pioneering use of in-application benefit checking. Last year, we identified over 36 million (pounds) worth of additional benefits for over 180,000 applicants, which earned recognition and coverage in the FT and the BBC and contributed to our Fintech for Good award."

Tim Rooney, CEO of Salad Money

Drive Customer Engagement

There’s no better way to capture customers’ attention than by helping them find additional income and discounts worth £4,700 a year.

Our Benefits Calculator provides valuable touchpoints, allowing our partners to send personalised and timely nudges to improve customer acquisition and drive continuous engagement.

“We ran a ‘Get Winter Ready’ campaign, highlighting how Wagestream can help our members prepare for the winter months and the extra expenses that often come with them. In this campaign, we saw a sevenfold increase in members checking their benefits entitlement, one of our most loved features on the Wagestream app.”

Holly Reilly, Head of Client Success at Wagestream

Regulatory Compliance

Regulatory bodies in the UK, including the FCA, Ofwat, Ofgem, and Ofcom, ensure that the firms they regulate support consumers in financial difficulty.

Our Benefits Calculator helps regulated firms monitor and demonstrate compliance with regulations such as FCA Consumer Duty and Fair Treatment of Vulnerable Customers.

“We have seen instances of good practice already, for example credit union firms who have integrated a 'benefits calculator' link on their websites, aiming to assist consumers in securing the financial support to which they are entitled.”

The Financial Conduct Authority (FCA), Dear CEO letter March 2024

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