My Money Matters

My Money Matters, financial wellbeing for public sector employees

My Money Matters is a financial wellbeing platform aimed at public sector employees. Its proposition integrates with organisations' payroll so that workers make better use of the income they already receive. The company operates under AVC Wise Ltd and presents itself as a workplace benefit that, according to its own description, feels like a pay rise.

The platform states that over 1,000,000 employees use it to keep more of what they earn. Its approach combines financial products, personalised coaching and learning tools, with a specific focus on the public sector.

Salary management and savings products

My Money Matters' offering revolves around three main products:

• On-Demand Pay: flexible salary advances that allow employees to withdraw the income they have already earned when they need it most.
• Auto Savings: automated savings on payday, with high-interest accounts, conceived as a rainy day fund that builds itself.
• Shared Cost AVCs: additional voluntary pension contributions with tax advantages, aimed at increasing retirement savings.

The company notes that these products can be taken out together and that their combined use generates estimated annual savings for the employee.

Financial coaching and learning

My Money Matters offers free financial coaching for every employee through several formats:

• In-person sessions.
• 1:1 finance coaching.
• Max, a 24/7 AI assistant designed specifically for the public sector, which answers queries from everyday budgeting to planning for retirement.
• On-demand webinars.
• Learning library.

The company states it has over 100 years of accumulated financial expertise and qualified experts who deliver hundreds of webinars every month.

Stated economic impact

According to the figures the platform publishes, a user who uses all three products saves an average of an extra £1,908 a year in their wallet. Of that figure, £1,269 corresponds to a bigger pension pot thanks to tax and NI relief, £124 to interest not paid on overdrafts or credit cards and £515 to more savings when automated from salary.

The company also reports £240 million in income tax relief, a 4.8-star rating, 124,000 webinar attendees and 5,000 expert coaching sessions.

Focus on the public sector

My Money Matters is designed specifically for the public sector. The company cites that 72% of workers in this area are one bad month away from a financial crisis and argues that this is a systemic problem, not an individual responsibility. Its stated goal is to improve the financial situation of groups such as nurses, teachers and government workers.

The company integrates its services with the payroll of client organisations and states that setting up for an organisation is straightforward, with no joining fee or monthly fee.

Leadership

The company is led by Amar Mistry, CEO, who in his introduction explains that the platform was born from his own experience of end-of-month financial difficulties and from the conviction that there is a better way to manage money.