Management Consulting

In January 2021, Aon plc introduced the Well One Money financial wellbeing app, specifically designed to address the financial management challenges faced by UK employees. Many employees struggle with a lack of visibility and understanding of their financial situations, which can lead to poor financial decisions and stress. The app provides users with a comprehensive view of their finances, integrating data from bank accounts, pensions, savings, investments, loans, mortgages, and credit cards. This holistic approach allows employees to track their spending patterns and identify potential savings opportunities. The tailored solution offered by Aon includes the use of Open Banking technology, which enables users to see real-time transactions and receive personalized forecasts for their financial goals. This empowers employees to make informed decisions about their finances and encourages them to adjust their spending behaviors accordingly. Additionally, the app is linked to Aon’s retail discount program, which actively highlights discounts that align with users' spending habits, making it easier for them to save money on everyday purchases. The results of implementing Well One Money have been significant. On average, employees using the app save £850 per year. In its first month, users engaged with the app by making an average of 30 new transactions daily, which included managing income, payments, and bills. The app not only enhances financial literacy among employees but also supports employers in understanding their workforce's financial needs through aggregated data insights. This enables employers to tailor their benefits communication and support initiatives effectively, ultimately fostering a culture of financial wellbeing within the organization.