08 October 2018

We’ve launched our financial wellbeing hub

Helping our scheme members find financial happiness

As a defined contribution pension provider with three million members across a diverse range of employers, we want to help members feel better about their finances. We believe that if we can enable people to be financially engaged now, we can put them on a path to future financial happiness with the resources to enjoy whatever their future may hold.

So we’re delighted to announce we’ve now launched our online financial wellbeing hub, together with engaging employer campaigns, to deliver helpful and meaningful financial support to all our scheme members.

How did we get here?

In March we launched our pilot hub and began a ‘test and learn’ phase. We worked directly with two employers and their pension scheme members to understand their money worries and test how well the financial wellbeing hub supported them.

The research told us that scheme members were task-focused, looking for help with a specific issue at a specific time. Whether that was help to manage debt, buy a home, start a family or take control of their money to make sure they had some left over each month to spend on what makes them happy.

In particular, they told us that they wanted practical tools and easy-to-read information to help them make informed decisions about their money.

The test and learn phase was a success. Ease of navigation, friendly and jargon-free language, a wide range of tools and calculators, quick access to key information in times of need, and clear next steps to take action, were all cited as key benefits of the hub.

How will it work?

The hub is provided free as part of the wider supportive communications we offer to our clients.

Scheme members can use the hub anywhere, anytime from the pension scheme website, employer intranet or the wide range of employer campaigns available in our campaign toolkit.

For those who already know what they need, the hub provides practical tools and information. But for those who are worried about money in general we’ve provided a checklist across four themes to help them get started:

  • Take control of your day-to-day money
  • Be prepared for the unexpected
  • Spend money on what makes you happy
  • Be prepared for your future

It also includes links to external agencies such as the Money Advice Service and debt advice charities which offer support to people struggling with money worries.

The hub can sit comfortably with the employer’s own staff support packages including Employee Assistance Programmes. Where appropriate, we’ll refer the member back to their employer for more information.

Why is it important?

Research is increasingly showing how stress affects our work – and we know that one of the biggest contributors to stress is financial insecurity.  For instance:

  • One in four employees report that money worries have affected their ability to do their job (CIPD)
  • 40% of people feel they do not have good control of their money or manage it well (Money Advice Service)
  • 90% of employers agreed that financial concerns have an impact on workplace performance (Financial Advice Working Group, March 2017)
  • 69% of UK employers think they should take an active role in encouraging their employees to manage personal finances better (Willis Towers Watson, May 2017)

Knowing where to go for help and advice can give employees greater control of their money and, in turn, helps lessen the stress that affects their wellbeing.

Therefore, the more relevant the hub is for our scheme members, the more they’ll feel supported to help find financial happiness. So not only can employees benefit from the use of our hub, it can also help to protect the employer’s business from employee stress that might affect their productivity and the quality of their work.

So, what’s next?

The hub will continue to evolve alongside our digital roadmap through analysis of usage data and feedback.

We will add new content regularly and the range of employer campaigns will grow as we work with more employers and member needs change. We’ll continue to develop our four wellbeing themes based on feedback and emerging behavioural insight.

Emma Douglas, LGIM Head of DC, said: “The hub’s development was based on extensive consumer research and will be continually refreshed to reflect members’ needs. It’s another step in improving customer engagement and showing the market that Legal & General is at the forefront of product and service innovation.”

Contact your relationship manager to find out more.