media centre: over 44 million financial services products sourced through the workplace

Over 44 Million Financial Services Products Sourced Through the Workplace

• Research reveals strong growth in worksite marketing as 13.2 million people intend to source over 59 million financial services products through their employer over the next 12 months(1) 

New research from MoneyExpert.com and thomsons online benefits reveals that people claim to have sourced over 44 million financial services products through their employers over the past 12 months(1).  The two companies believe that as people lead busier lives, they are increasingly looking to their employers for access to help in finding and providing banking, insurance, savings and investment products - a term known as worksite marketing.  Indeed, over the next 12 months, 13.2 million people expect to take out 59.35 million financial services products, an increase of 33.6% on the past year(1). 

thomsons online benefits, the leading employee benefits consultant and technology provider, is now providing its clients with a personal finance product comparison service that has been developed in conjunction with MoneyExpert.com, the financial services product comparison website.  The service will enable employers using thomsons service to help their employees find a range of financial products to meet their specific needs.  Product areas covered include credit cards, personal loans, savings accounts, mortgages and general insurance.

In terms of the financial products people in work claim to have sourced through their employers over the past year, 38% said a pension, the highest of any product.  However, the research revealed that a large number of people have been finding all types of financial services products through their employers.  11% of those in work - some 2.65 million people - claim that they have sourced a credit card through work over the past 12 months, and 19% have found car insurance through their employer(1). 

Michael Whitfield, Managing Director of thomsons online benefits said: “Employees are increasingly turning to their employers for help in managing their finances.  As the percentage of employers offering flexible benefits increases, this trend will continue to grow and worksite marketing will become much more important as a distribution channel for financial services products.”

Sean Gardner, Chief Executive, MoneyExpert.com said: “The retail financial services market is becoming increasingly crowded, with thousands of different products to choose from.  This can be confusing for people and even when they have decided which product to apply for, there is no guarantee that their applications will be accepted because banks are becoming increasingly selective in who they lend money to.  Our service, and the proposition we have helped develop for thomsons online benefits, helps address these issues.  Propositions such as ours should fuel further growth in worksite marketing.

“This helps explain why our research suggests that over the next 12 months, over 162,000 financial services products are likely to be sourced through the workplace every day.” (1)

For further information about thomsons online benefits, visit www.thomsonsonlinebenefits.com or call 020 7802 5855. For further information on MoneyExpert.com, visit the website at www.moneyexpert.com.

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Notes to editors:
(1) GfK NOP interviewed 531 people in work between 7th and 9th July 2006.

For More Information Contact:
David Stewart, Senior Account Executive, Citigate Dewe Rogerson - 0207 6389571
Caroline O'Keeffe, PR Manager, thomsons online benefits - 020 7802 5855

thomsons online benefits

thomsons online benefits was founded in 2000 to revolutionise the way that benefits are administered and communicated. They have won awards for both their consultancy and technology skills including: "Communication Provider of the Year" in the Employee Rewards & Benefits Awards 2006, "Corporate Adviser of the Year" in the Money Marketing Financial Services Awards 2004, 2005 and 2006, "Most Effective Use of an International Benefits Strategy" in the Employee Benefits Awards 2004 & 2006, "Flexible Benefits Solutions Provider" in the Pensions Management awards 2006, "Advanced Supply Chain Integration" National Innovation category, & "E-business" for London region in the DTI Ecommerce Awards 2004.

thomsons online benefits is authorised and regulated by the Financial Services Authority.

MoneyExpert.com

MoneyExpert.com was formed in May 2003 after a management buyout of Blays, the longest established provider of comparison data to the financial services industry. The organisation provides an up-to-the minute financial comparison service allowing customers to select from all suitable products from all relevant providers. It is partnered with the financial research company Defaqto whose customers include a number of banks and insurance companies as well as the Financial Services Authority.

MoneyExpert.com was rated one of the top 50 businesses to watch for in 2005 by Real Business magazine.

MoneyExpert Limited is authorised and regulated by the Financial Services.