First of its kind app will provide support to the 86% of consumers in the workforce who say finances are top source of stress
NEW YORK, September 21, 2021
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.
Additional Features & Third-Party Technology
UpwiseTM is built with interchangeable technology that enables integrated partnerships with third parties to enhance solutions and offer features to meet the needs of consumers. Two partnerships are included in the first phase of capabilities: MX for data aggregation to ensure consumers have secure and reliable access to their financial data and Billshark to enable customers to save hassle & money by canceling unwanted monthly subscriptions.
Additional partners and features will be integrated into the app over time. In early 2022, UpwiseTM will look to expand to help consumers tackle their debt and continue to help them streamline their spending as they plan their budget for the year ahead. UpwiseTM is available for download on the App Store and Google Play. To learn more visit www.upwise.com.
Each individual’s legal, tax, and financial situation is unique; therefore, each individual is advised to consult with their own attorney, accountant, and financial advisor regarding their specific circumstances.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
About MX
MX, the financial data platform and leader in modern connectivity, helps organizations everywhere connect to the world’s financial data and turn raw, unstructured data into their most valuable asset to deliver intelligent and personalized money experiences. MX connects more than 16,000 financial institutions and fintechs providing the industry’s most reliable and secure data connectivity network. Additionally, MX powers 85% of digital banking providers, as well as thousands of banks, credit unions, and fintechs, with a combined reach of over 200 million consumers. To learn more, follow us on Twitter @MX or visit www.mx.com.
About Billshark
Powered by the ApexEdge enablement platform, Billshark is the industry leader by volume, savings, and customer ratings in the bill reduction marketplace. Backed by Mark Cuban, Billshark empowers consumers - reducing stress and saving real money - by negotiating rate reductions to mobile, internet, phone, TV, & other monthly services bills plus canceling unwanted monthly subscriptions. Visit www.billshark.com, www.apexedge.com, or email media@apexedge.com.