FAQs
Find out more about Claro Wellbeing, so you can start boosting financial health at your organisation.
About Claro Wellbeing
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Do Claro Wellbeing’s coaches offer financial advice?
No. Claro Wellbeing’s financial coaches offer financial guidance, not advice. This means that they will never recommend specific financial products. But they will offer support and guidance to help put your people in control of their own financial decisions.
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How is employee privacy protected by the Claro Wellbeing platform?
Employee privacy and confidentiality is always protected. Employers only have access to aggregated data regarding employee usage of the platform. Employers cannot see data that would render any individual employees identifiable.
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How much does Claro Wellbeing cost?
Claro Wellbeing’s platform starts at £3 per employee, per month. One-off team sessions start at £499. To discover more options, go to Pricing.
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What happens when I buy a webinar or workshop?
We’ll contact you to arrange a date, discuss topics and guide you through the process.
If you choose a webinar, we can run a confidential internal survey to get input from your employees on what kind of session they would value the most and tailor the content to their needs. We can even run a post-session questionnaire, to gather feedback from your team. -
Is Claro Wellbeing regulated by the Financial Conduct Authority?
Claro Wellbeing is an agent of Bud, which is authorised and regulated by the Financial Conduct Authority.
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How are your financial coaches certified?
All Claro Wellbeing’s financial coaches are trained to the highest standards possible.
As the financial coaching market continues to grow, it’s important that our industry defines clearly what a truly high-quality service means.
That’s why our training programme not only enables new coaches who join Claro Wellbeing to develop the essential skills of a professional financial coach, but it also helps the industry as a whole, by setting a new benchmark for financial coach training.
All of our financial coaches have completed our certification programme, which has been accredited by The London Institute of Banking & Finance, an industry-leading body.
Coaches typically complete the certification programme in 100 hours, following which they must maintain a minimum of 35 continuing professional development per year to retain certification. -
Is Claro Wellbeing a benefit-in-kind?
No – Claro Wellbeing is not a benefit-in-kind. Claro Wellbeing is P11D exempt. This means employees do not have to pay tax when they use Claro Wellbeing.
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Is Claro Wellbeing accessible to all my employees?
We’ve built the Claro Wellbeing platform to be accessible to everyone. Employees will need access to the internet to use Claro Wellbeing.
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What do you do to support employee adoption rates?
Our onboarding programme will help you roll out Claro Wellbeing in your organisation, so you can help your people experience all of its benefits.
You’ll also get a dedicated customer success manager, to guide you through the process and benefit rate adoption. -
Will it complement my existing employee benefits programme?
Claro Wellbeing perfectly complements other employee benefits, like mental wellbeing programmes and health insurance.
Adding Claro Wellbeing can even help you boost adoption rates of benefits that you already offer. For instance, clients often go on to make more use of pension benefits after discussing their options with our financial coaches. -
What topics can employees talk about with coaches?
Employees can talk to our financial coaches about anything to do with their personal finances.
Typically, those we coach want to discuss things like buying a house, getting out of debt, building an emergency fund, optimising their pension, saving money more effectively, getting started with investing and budgeting effectively. -
How do I know whether my team is actually using Claro Wellbeing?
You can determine your team adoption rate in the Claro Wellbeing platform’s built-in analytics.
About financial wellbeing
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What is financial wellbeing?
Financial wellbeing is an outcome achieved when we become financially healthy – and feel less stressed about money and more in control.
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Why is financial wellbeing important for employees?
When we are stressed about money at work, we don’t perform our best. Money is often the one thing standing between an individual and their life dreams. So, feeling like our money is supporting us in, not impeding us from, achieving our goals is important for our mental health.
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How do you measure financial wellbeing?
You can use Claro Wellbeing to measure the financial wellbeing score of your organisation. Or, if you choose a one-off webinar or workshop, we can conduct both pre- and post-session surveys of your people to give you a gauge of their financial wellbeing.
Alternatively, you can conduct similar anonymous surveys internally. -
How should I roll out a financial wellbeing programme at my organisation?
There’s no one-size-fits-all approach to this. But we find involving the right stakeholders – including line managers across the organisation – and choosing the right communication channel and format are essential. If you choose our financial wellbeing platform, we can guide you through this process, based on your organisation’s nuances and requirements.
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How do I make the case for a financial wellbeing programme internally?
Build a case for the problem (be it poor financial health or low employee retention) in your organisation – for example, you can gather and present relevant data from our latest financial wellbeing report. Communicate this information to your internal stakeholders. Then, propose your solution, detailing how it solves the problem(s) you’ve set out.
Make sure to spell out the outcomes you want to achieve for your organisation and people. We’ve helped a number of organisations manage these conversations internally. -
How can a person’s financial situation affect their wellbeing?
Studies show that struggling with finances negatively impacts an individual’s wellbeing.
At Claro Wellbeing, we believe in the same mission as leading mental health and wellbeing providers. Our approach is complementary, though, in that we help people target one major root cause of poor wellbeing: financial stress. We recently partnered with The Money Charity and Mental Health UK to produce a report that investigates the link between money and mental health.
Our financial coaches are highly qualified, trained professionals, who care passionately about using their financial and coaching knowledge for the greater good. They’ve helped hundreds of people transform their wellbeing, by guiding them back to the steering wheel of their personal finances. -
Should we increase salaries?
According to HR Review, only 8% of businesses have increased salaries amid the cost of living crisis.
Increasing salaries company-wide is a significant commitment, which warrants taking into consideration a number of factors, like projected revenue, total FTE and average salary.
In many cases where pay rises are simply not possible, Claro Wellbeing and its expert financial coaches can provide support right across the organisation – especially to those who are significantly impacted by the recent rises in the cost of living. -
How should we support employees through the cost of living crisis?
Claro Wellbeing’s financial coaches can support your team through the cost of living crisis. Their guidance can be completely tailored to your employees’ needs, either through one-to-one sessions or group webinars.
Further to this, there are a number of government initiatives that our coaches can guide your team through, along with other support and finance tips amid the cost of living crisis. -
Which metrics should we be measuring?
In the Claro Wellbeing platform, you can measure:
- Benefit adoption rate – are people using the benefit?
- Employee engagement rate – are people getting value out of the benefit?
- Team financial confidence score – is financial health and resilience getting better?
Our built-in platform analytics also provides you with metrics at a more granular level – for example, webinar engagement rates, number of emergency funds set up, number of wills written, number of coaching calls taken and much more. If there is a specific metric which is important to your business, we will work together with you to measure it.
Outside of the platform, we recommend measuring your employee attrition rate.
If you’re already use a different financial wellbeing provider, you should compare the employee retention rates for those who use the platform and those who do not.