Royal London unveils financial wellbeing service for workplace pension customers

Addressing the 'advice gap'

Royal London has launched a financial wellbeing service to help its workplace pension customers better understand their money and save more for the future.

The service will offer support and guidance including a multiple choice financial healthcheck questionnaire to help people build a picture of their overall financial wellbeing.

Users are given a healthcheck score and a personal dashboard highlighting areas of strength and opportunities for improvement.

They are then directed to relevant Royal London content including bite-sized tasks to complete.

The aim is to help more than 1.5 million of the group’s new and existing workplace pension customers to save for emergencies or the long term.

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, Royal London said.

Customers will have access to a variety of resources including free guides, infographics, videos and tools to encourage learning.

For instance, one tool based on the Pension and Lifetime Savings Association’s Retirement Living Standards lets users explore the kind of lifestyle they would like in retirement and what it might cost.

Royal London’s consumer finance specialist Sarah Pennells said the group hopes the new service will improve financial confidence among its customers and bridge the advice gap, which rose from 12.7 million to 13.2 million adults this year, according to Boring Money.

“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 past few years when so many have faced difficult challenges, including Covid and the rise in the cost of living,” she said.

“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.”