Here’s to a future full of Saturdays
Financial wellbeing = financial happiness
It’s a funny old life. How many of us spend time thinking about when we won’t have to work and can stop worrying about money. How? By winning the lottery or waiting until we can afford to retire? Winning the lottery is for the very lucky few. Most of us will need to take control of our finances now to increase the probability of enjoying a ‘future full of Saturdays’. A future where we have enough money to stop work, relax and enjoy our days off.
The impact of stress
Evidence suggests financial worries are a key cause of stress. This is validated by recent research carried out by Willis Towers Watson, which indicates 69% of UK employers think they should take an active role in encouraging their employees to manage their personal finances better. Why? Because financially worried people feel unable to save for the future and can affect the productivity of a business.
How we think about money
So what’s the answer? It’s a difficult one as psychology plays such a big part in shaping our personal relationship with money. Some of us are comfortable to deal with the day-to-day issues and sort them out, enabling some saving. However others may be affected by the ‘ostrich’ effect, keeping their heads buried in the sand and hoping the problems will go away. Unfortunately for a few, this can lead to a debt emergency where urgent management may be needed.
How can we help?
As a defined contribution pension provider with 2.7m members across a diverse range of employers, we want to help. We believe by enabling people to be financially engaged now, we can put them on a path to future financial happiness, with the resources to enjoy all of those ‘Saturdays’. How will we do this? We’re already developing an online financial wellbeing hub, together with engaging campaigns, to deliver helpful and meaningful financial support to all members.
Our pilot version will go through a robust test and learn phase with two of our clients. This will let us further enhance the user experience, based on what members tell us they need. Based on member insight so far, the first phase of online guidance will focus on the themes of ‘Family’, ‘Home’ and ‘Money’, with intuitive and interactive journeys to keep members engaged and thinking about their finances.
Growing financial wellbeing
The next stage of our financial wellbeing development will allow people to self-diagnose their relationship with money through a triage tool. Then we will take them on a journey of self-discovery, using interactive videos, engaging tools and expert information sources to help them better understand their relationship with money.
And it doesn’t stop there, as we will continue to enhance and develop the guidance, based on feedback and emerging behavioural trends. As a leading UK DC pension provider, our aim is to help people feel financially happy, now and in the future.
For more information, contact your usual Legal & General representative.