Anyone that has seen us pitch has most likely heard this story and everyone that works at Salary Finance has been told it countless times. We repeat it so often firstly because we’re proud of where we started and, secondly, because it perfectly encapsulates the purpose that drives what we do.
So what’s the story then?
Ok. Are you sitting comfortably? Then I will begin.
Before his life as CEO of Salary Finance Asesh was a Partner at PA Consulting, his wife works as a Surgeon in a NHS hospital. Because they both have busy professional lives they employ a nanny to help look after their two boys.
Over time they noticed a change in the nanny – her mood was more sombre and she seemed less able to deal with the boys’ mischief making. As a concerned employer they sat down with her to try to understand what was going on and if there was a way to help her.
They discovered that she was struggling to pay off debt and the stress caused by this was affecting every part of her life. They also discovered that while they enjoyed access to relatively inexpensive credit if they needed it, their nanny did not and was turning to payday loans and credit cards.
This brought two realisations:
1. There was a regressive nature to the financial services industry – those that were more likely to need financial help found it harder to access financial products and this made it harder for them to get themselves out of difficulty.
2. It would be relatively simple for them to help the nanny by paying off her high cost debts and collecting repayments direct from salary. She had worked with them for over a year and so they trusted she would not leave before the debt was settled.
After agreeing to do this they saw a near instant change in the nanny’s mood. The stress was lifted and she was back to being herself. She was saving over £100 in interest each month and knowing she had the option of support also helped her feel more in control.
This brought realisation number three: if they could do something so simple but impactful as an employer of one, why couldn’t bigger employers do the same? Imagine the societal impact that could have.
The idea for Salary Finance was born.
Relating this back to today.
The reason this story is important to us is that, today, we’re doing the same thing but at a much bigger scale.
Every employee that becomes a customer of Salary Finance has their own story of stress and hardship. We deal in finance but we never forget there is always a person at the centre of every number.
As a team we feel privileged to be helping people find a more positive financial future.