Software company Thrive Savings Inc. is launching a financial wellness app for employers to help their employees with their savings goals.

The app, which is available on Apple’s App Store and the Google Play Store in Canada, generates a unique code for each organization that’s then passed along to employees. Members then create an account and customize their savings goals. The app automatically personalizes savings amounts and frequencies based on workers’ job type, income, spending and earning profile. Employers have the option to match, top-up or add a bonus towards employees’ savings goals.

Read: Just 7% of Canadians call retirement savings a priority in 2018: survey

“Personal money matters are a complex and emotional subject, often whispered about but never fully addressed,” said Jordan Wimmer, founder and chief executive officer at Thrive Savings. “However, we know that 48 per cent of Canadians live month-to-month, in a state of constant high anxiety and stress about their money.

“We’re enabling workplaces and organizations to facilitate the prosperity of their workforce with minimal setup and maximum result.

“Top companies get that it’s really a win-win. Employers gain happier, more productive employees, increased engagement and retention, and a decreased probability of departure. Employees start saving, many for the first time, against meaningful goals that they pick. They feel cared for and validated.”

Read: Can gamification engage pension plan members?

Copyright © 2018 Transcontinental Media G.P. Originally published on benefitscanada.com

Add a comment

Have your say on this topic! Comments that are thought to be disrespectful or offensive may be removed by our Benefits Canada admins. Thanks!

* These fields are required.
Field required
Field required
Field required