As a passionate advocate for personal finance, I had the incredible opportunity to attend Plentina’s Demo Day on August 9, 2023, at QBO Innovation Hub in Makati, where they introduced the first investment robo-advisor in the Philippines.
Prior to this, I had the privilege of attending Plentina’s virtual press event titled “Beyond the Paycheck: Tackling Financial Health in the Filipino Workplace” on May 3, 2023, via Zoom.
It was an enlightening experience that shed light on the significance of addressing financial wellness in the workplace, benefiting both employers and employees.
Let me share my own story to illustrate why this issue is close to my heart.
When I started my first job at a BPO company, I found myself responsible for supporting my three siblings financially through college.
While I juggled this responsibility, I also wanted to save for my own future, as I didn’t envision myself working in the BPO industry forever.
So, despite the financial responsibilities, I made a conscious decision to set aside a portion of my salary. Little did I know, this choice would shape my financial journey.
With limited knowledge of investing, I opted to open a savings account and diligently saved whatever was left after covering our household expenses and my siblings’ tuition fees.
It was a step towards financial security, but I knew there was more I could do.
During this time, I approached our HR department with a simple question: Could my savings be automatically deducted from my payroll account?
This inquiry led me to discover a mutual fund opportunity through a partnership the company had established.
However, it left me wondering why financial literacy wasn’t actively promoted within the organization. I wished they had provided more guidance and resources for employees to make informed financial decisions.
After seven years of hard work, my siblings finally graduated college, and I had managed to save enough funds to resign from my job when I got married and started a family. This allowed me the flexibility to work from home while taking care of my child, which I’m truly grateful for.
I know many other moms who would love to stay with their children but are unable to do so because they lack the financial means to resign from work due to a lack of savings.
Throughout my employment, I witnessed how my colleagues spent their salaries and lived beyond their means, often accumulating credit card debt. It became evident that a lack of financial literacy played a significant role in this pattern.
This realization strengthened my belief in the importance of financial literacy in the workplace.
That’s why I was thrilled to learn about Plentina, a Fintech company with a mission to promote financial literacy in the workplace and encourage employees to save and invest wisely.
Their dedication to empowering individuals through education aligns perfectly with my own experiences and aspirations for a financially empowered society.
Plentina Holds Demo Day for Game-Changing Robo-Advisor
We live in a world where digital access to financial services is no longer just a convenience, but a standard expectation.
And as millennials embrace digital finance, there’s a growing need for guidance on how to invest and grow our hard-earned money while managing risk.
That’s where Plentina Wealth comes in.
Imagine having a personal finance advocate right at your fingertips. With Plentina Wealth, you’ll enjoy a fully digital experience that empowers you to take control of your financial future.
Through their web-based platform, you can easily set up your global brokerage account and get a personalized investment portfolio tailored to your unique financial goals and risk tolerance.
Now, we know what you’re thinking – “That sounds amazing, but is it available in the Philippines?”
Well, hold onto your hats because Plentina has submitted its Letter of Intent to the Philippines Securities and Exchange Commission (SEC) in June 2023 to bring this game-changing investment advisory service to our own backyard. Once they receive the necessary approvals, Plentina Wealth will be launching right here in the Philippines!
To showcase the incredible potential of Plentina Wealth, they recently held a fantastic event titled “Tech Meets Wealth: The Future of Financial Freedom” at the QBO Innovation Hub in Makati last August 9, 2023, where I had the incredible opportunity to attend.
It was an eye-opening experience where attendees not only got to learn about the latest developments from the Plentina Wealth team but also gained insights from industry experts on the far-reaching implications of technology and artificial intelligence (AI) in shaping our financial future.
Kevin Gabayan, Co-founder and CEO of Plentina, kicked off the event by sharing his own investment journey and emphasizing the crucial role of technology in creating sustainable and successful wealth for Filipinos like you and me. It was truly inspiring to see how Plentina is dedicated to unlocking better opportunities and empowering us to achieve our financial goals.
We were also fortunate to listen and learn from Dominic Ligot, Founder and CEO of CirroLytix Research Services, a social impact AI company, the event’s guest speaker. Mr. Ligot shared expert insights on the latest applications of AI and generative AI across various industries, giving us a glimpse into the exciting future that lies ahead.
The event also featured an engaging panel discussion on the ripple effects of AI and the responsibility of different stakeholders. Michelle Alarcon, President of Analytics Association of the Philippines, and Rolly Miniano, a solutions architect from Amazon Web Services, shared their valuable perspectives on the impact of technology in our lives. The panel was expertly moderated by Rose Concepcion, Plentina’s Director for Operations.
After the panel discussion, Earl Valencia, the Co-founder and Chief Business Officer of Plentina, delved deeper into Plentina’s vision to lead the way in disrupting and innovating wealth management.
He emphasized the need for a digital and accessible wealth management service that goes beyond the limitations of traditional firms, extending its reach to a broader audience.
But the excitement didn’t stop there! We had the privilege of witnessing a live product demonstration of the Plentina Wealth platform and algorithm. Gabby Guiao, Product Manager at Plentina, and Kenley Tan, Director for Data Science, walked us through the seamless process of generating an optimal diversified portfolio based on our risk tolerance and goals.
It was truly remarkable to see how Plentina’s robo-advisor simplifies stock investing, making it accessible to anyone, regardless of their investment experience.
And here’s the cherry on top: Kat Valencia, Plentina’s Customer Retention Head, shared that Plentina has big plans to launch financial education content and other campaigns alongside their robo-advisory platform.
They want to ensure that every Filipino investor is well-guided on their wealth-building journey and equipped with the knowledge they need to succeed.
The event wrapped up with an enlightening session, where the founders generously shared valuable insights. This session played a key role in helping the audience gain a deeper understanding of the Plentina Wealth platform and the team’s ambitious mission to empower customers. With the power of technology, they aim to nurture their wealth and help them achieve financial freedom.
Plentina is not just another fintech company. They are true advocates for your financial well-being. Their team is dedicated to empowering you to use technology to build your wealth and achieve true financial freedom. With Plentina Wealth, the future of personal finance is brighter than ever before!
Addressing financial wellness in the workplace
In an era where financial stability is paramount, addressing financial wellness in the workplace has become a crucial endeavor.
Employers are recognizing the immense value of promoting financial literacy and providing resources that empower their employees to make informed financial decisions.
By fostering a culture of financial well-being, organizations can not only support their employees’ personal growth but also enhance productivity and overall job satisfaction.
Let me share with you Plentina’s study on this topic, which delves deeper into the importance of addressing financial wellness in the workplace and provides actionable insights for employers and employees alike.
Finances as #1 stressor
Personal finance is a significant concern for many employees, impacting their overall well-being and work performance.
Based on a recent 2023 survey Plentina conducted among Filipino employees, financial stress is considered as their number one stressor, with 8 out 10 respondents saying that it is affecting their work, resulting in low productivity, poor work quality, and even absenteeism and tardiness.
This stress can affect employees’ productivity, engagement, and health, leading to increased absenteeism and turnover rates.
Employees cited financial concern as a main contributing factor to stress experienced on a daily basis. Based on the study, the problem stems from not having enough resources for everyday living.
When asked, survey respondents highlighted three main drivers of money worries–unexpected expenses from emergency needs like medical or repair needs for everyday living, paying down debt or needing to resort to debt for everyday needs, and not having adequate savings.
It is known that financial stress can impact one’s overall health, sleep, mood, energy levels, and concentration.
Employees are looking for help
In the same study that Plentina conducted, they are actually looking to their employers for help, with nine out of ten employees expecting their employers to provide financial benefit to them because they believe that their employers have access to financial resources and tools that employees may not have access to on their own.
At the same time, employees consider financial wellness a part of their employee benefits package. Just as they expect health insurance and paid leave, they also expect support for their financial health.
Offering such benefits can possibly drive loyalty and retention, with 89% of respondents saying that they will likely stay with their companies longer if financial benefits were given.
Employees need help with budgeting, managing bills, and spending. They want to build their emergency savings and are also looking into planning for the long term and starting their investments.
They’re looking for solutions like low-cost loans repaid via their payroll, emergency savings accounts with employer matching, retirement plans, and stock market investing.
Employees want to build their financial goals of having adequate emergency savings, owning a house, and securing their family’s financial future.
Top 4 issues employees need help with:
- Budgeting, managing bills, and spend
- Setting up an emergency fund
- Planning for the long-term
- Starting investments
Employers can help their employees
Employers have a crucial role to play in addressing their employees’ personal finance worries and goals.
By implementing a financial benefit program, employers can provide their employees with the resources and support they need to improve their employees’ financial well-being, ultimately benefiting both the employees and the organization.
Plentina believes that employers have a key role to play in helping their employees address their financial worries.
Employers have an opportunity to invest fully in their employees’ financial well-being, thus also improving their business performance, employee engagement and satisfaction, and even setting themselves apart from other employers.
To address these challenges, employers must take proactive steps to support their employees’ financial well-being. Implementing a financial benefit program can provide employees with the resources and support they need to manage their finances effectively, reducing stress and improving job performance.
Below are some of the ways a company can empower their employees to address their personal financial woes:
1. Conducting a financial wellness survey to assess employees’ needs:
Employers can address concerns better if they have a full understanding of its employees’ financial challenges. If you’re an employer, you can conduct a survey to assess your employee’s financial literacy, financial stress levels, and overall financial wellness. The survey results will help identify the specific areas where employees need the most support.
2. Offering financial education and resources:
Based on the survey results, you can develop a financial education program that includes workshops, webinars, and online resources. The program can cover topics such as budgeting, saving, investing, and retirement planning. You can also offer access to financial planning tools, such as financial calculators and budgeting apps.
3. Providing access to financial counseling and coaching services:
You can provide personalized support by offering access to financial counseling and coaching services. Employees could schedule one-on-one sessions with professional financial advisors who are unaffiliated with the company to receive guidance on their financial goals and challenges.
4. Offering employee benefits that support financial wellness:
You can also offer employee benefits that support financial wellness, such as investing or retirement plans, flexible spending accounts deductible from their employees’ payroll, and emergency savings accounts. These benefits can help your employees plan for their long-term financial goals while also providing financial flexibility for unexpected expenses.
5. Creating a culture of transparency and openness around personal finance topics:
Watch ANC Business Outlook hosted by Salve Duplito and Ron Cruz with Plentina Wealth Chief Business Officer & Co-founder Earl Martin Valencia.
To reduce the stigma around personal finance, you can create a culture of transparency and openness around financial topics. Encourage your employees to discuss their financial challenges and goals openly, creating a supportive environment for employees to seek guidance and support.
By implementing these steps, you would be able to improve your employees’ financial wellness and overall well-being.
You’re not only helping your employees’ financial wellness and overall well-being; you, as the employer, get to gain from the financial benefit program. As they say in Plentina, when it’s good for employees, it’s good for business, too!
1. Increased employee engagement and satisfaction:
Employees will feel more confident in their ability to manage their finances effectively and will appreciate the support provided by the company, thus resulting in higher levels of engagement and job satisfaction after participating in the financial benefit program.
2. Improved productivity and performance:
By reducing financial stress and anxiety, the financial benefit program can improve employees’ productivity and performance. Employees are able to focus more on their work and less on their financial worries, leading to increased efficiency and output.
3. Reduced absenteeism and turnover:
Employees who will participate in the financial benefit program are less likely to miss work due to financial stress or to leave the company for financial reasons. The program can help employees feel more secure in their financial futures, leading to increased loyalty and retention rates.
4. Increased participation in retirement plans and other financial benefits:
Employees will be able to plan better for their long-term financial goals, leading to improved financial security and confidence with the different financial benefit programs implemented.
Plentina can help you
As a personal finance advocate, it is evident that Plentina recognizes the significant impact of personal finance on Filipino employees. They understand that financial concerns can greatly affect an individual’s well-being and work performance.
With its expertise, resources, and tools, Plentina is well-equipped to provide a successful financial benefit program.
By utilizing Plentina’s program, employers can offer the necessary support to help their employees effectively manage their finances. This support can have a positive impact on employees’ overall well-being, leading to improved productivity and ultimately driving long-term business success.
Plentina understands that investing in employee financial wellness is not only the right thing to do but also a smart business decision. By prioritizing their employees’ financial well-being, employers can create a more engaged, productive, and loyal workforce. This, in turn, can contribute to the long-term success of the business.
To learn more about how Plentina‘s Financial Benefit program can benefit your organization, reach out to their Business Development team at firstname.lastname@example.org. They will provide you with valuable insights and information on how to implement a program that supports your employees’ financial wellness.