Royal London, the UK’s largest mutual life and pensions provider, has launched a financial wellbeing service to help more than 1.5 million new and existing workplace pension customers with their finances.
The service provides access to ongoing financial support and guidance, helping individuals improve their financial knowledge, confidence and wellbeing. Workplace pensions customers can take a financial health check which will help build a complete picture of their financial wellbeing.
As part of the health check, customers are asked to answer multiple-choice questions and are then presented with a financial health check score and personal dashboard highlighting areas of strength and opportunities for improvement. Customers are then directed to topics relevant to their financial circumstances, with bite sized tasks to complete and help them get more from their finances.
The financial wellbeing service can help customers with saving for unexpected emergencies or building up a savings pot. People using the service can also get a better understanding of a range of pension issues including managing multiple pensions, the State Pension and saving for their future lifestyle.
Customers will have access to a variety of resources including free guides, infographics, videos and tools to encourage learning and help them understand more about the topics that matter to them. A tool, based on the Pension and Lifetime Savings Association’s Retirement Living Standards, is available to workplace pension customers and lets them explore the kind of lifestyle they’d like in retirement and what it might cost.
Sarah Pennells, Royal London’s consumer finance specialist, said: “The advice gap is undoubtedly one of the biggest issues we face as a nation when it comes to people getting their finances in order. This is particularly true over the last few years when so many have faced difficult challenges, including COVID and the rise in the cost of living.
“There is a growing responsibility for everyone to save for later life but with some people unable to access advice, taking control of your finances can seem daunting, especially if you don’t know where to start. Our financial wellbeing service is designed to help our workplace pension customers to become more money confident. It’s a key part of our ambition to help customers to be more financially resilient and we hope it will give them both the confidence and the know-how to make well-informed financial decisions.”