METLIFE INTRODUCES UPWISETM, NEW MOBILE APP THAT HELPS CONSUMERS FEEL GOOD ABOUT THEIR FINANCES
NEW YORK, September 21, 2021
First of its kind app will provide support to the 86% of consumers in the workforce who say finances are top source of stress
Nearly 9 in 10 consumers in the workforce say finances are a top source of stress for them now and in the future, according to MetLife's 2021 Employee Benefits Trend (EBTS) Study. Yet our emotions about money rarely factor into most financial wellness tools. Today, MetLife introduces UpwiseTM, a free mobile app that helps consumers build positive financial habits and feel good about their progress.
"This new tool was inspired by feedback from hundreds of consumers in the workforce who want a solution that fits their personal situation and the financial priorities that matter most to them and their families," said Meredith Ryan-Reid, senior vice president, Financial Wellness & Engagement at MetLife. "Money is not just functional - it's emotional. UpwiseTM takes a holistic approach to financial wellness by addressing the emotional barriers to progress."
UpwiseTM is designed to connect consumers' behaviors around common financial concerns or stressors like monthly budgeting, paying off debt or long-term savings to their emotions. For example, the app begins by assessing the consumer's mood and understanding their relationship with money through the Money Mood tool. From there, UpwiseTM helps consumers prioritize financial goals and suggests simple actions to develop good financial habits and feel more optimistic about what their money can do for them. The app also engages consumers through personalized challenges that offer fun, rewarding ways to help them achieve small wins that lead to big outcomes.
Specifically, the app currently offers features to help consumers:
Learn about financial topics and actions to help improve financial wellness
See how their emotions and finances connect through the Money Mood tool
Link accounts to understand their financial activity including spending and savings patterns
Take challenges to help understand their money habits and take action to feel better
Review recurring subscriptions and cancel those that are no longer needed directly through the app
Create a Digital Estate Plan so they feel confident their family is protected for the future
The more consumers take advantage of the app's features, the better UpwiseTM understands their individual needs, continuously learning to deliver a personalized experience. As consumers make progress, the recommendations change to reflect progress on the journey toward financial wellness.
Why Employers Should Take Note
UpwiseTM is the newest expansion of MetLife's financial wellness solutions, provided at no cost to employers and their employees. Now more than ever, as financial stress continues to hinder workplace performance, employers should consider offering UpwiseTM as part of their financial wellness offerings to help support their employees. Financial health is a top contributor to poor mental health among consumers in the workforce. According to MetLife's recent EBTS study, employees who are financially and mentally healthy are 37 percent more likely to be productive than those who aren't.