Currently employers include the Foreign and Commonwealth Office and Calvin Klein.
The firm says its MyEva, a web-app and chatbot, will help employees improve their financial situation with independent personalised guidance and advice.
It described the innovation as “friendly, easy-to-understand and jargon-free” and said MyEva offers “help, information and nudges on a range of personal finance matters, as well as regulated pensions and investments advice”.
The app initially takes people through a financial ‘health check’ and, based on responses, provides them with personalised recommendations, such as how much they should contribute to their workplace pension, how to build up longer-term savings and how to invest their money.
MyEva also provides employers with real-time, anonymised data on the most prevalent financial worries among their workforces, enabling them to provide help and support and to measure the success of their actions in subsequent data.
Data gathered from 1,668 workers in a pre-launch beta test of the app, revealed that:
• 58% would ‘struggle or panic’ if they got an unexpected bill;
• 20% were ‘in significant debt’ or ‘have difficulty paying-off debt’;
• 40% had not always paid into a pension or were ‘not interested’ in pensions; and
• 62% of those surveyed ‘have not been able to save’, even though they want to.
The algorithms behind the digital financial adviser were created by Chartered Financial Planners and technologists and where MyEva can not assist, ‘she’ will refer clients to a team of human advisers.
Andrew Firth, founder and CEO of Wealth Wizards, said: “We’re delighted to bring MyEva to the workplace market as we know from experience that so many employers are looking to improve financial wellbeing in the workplace and importantly, measure the success of that improvement as part of their benefit and engagement programs.
“MyEva has been created with a personality that provides a supportive arm around the shoulders, nudging people to make better financial decisions that their future self will one day thank them for at an appropriate pace for all individuals, regardless of personal circumstances.
“At the same time, she will help employers develop policies and programmes that meet the needs of their employees so there is a double benefit.
“We hope MyEva will help usher in an era in which regulated financial advice is available not just to the wealthy but to everyone.”
A pilot of MyEva was beta-tested by several organisations, including Central and North West London NHS Foundation Trust (CNWL).
David Bell, head of human resources at the trust, said: “The service from Wealth Wizards has had a significant impact across our organisation.
“It has helped with our understanding of the needs and wants of our employees and how best to proceed with our financial wellbeing strategy.
“We worked with the communications and marketing teams at both CNWL and Wealth Wizards to develop an effective plan to launch the service and our employees really enjoyed engaging with the Wealth Wizards staff at events across the trust.
“For CNWL it has been a fantastic initiative – we have been supported by great partners in Wealth Wizards and have some quantitative data about the financial health and wellbeing of our staff to help develop our plans.”