Insights on financial wellness from Standard Life’s Q&A

This conversation delves into how Standard Life is transforming its approach to financial wellness and inclusion. We discuss their innovative strategies to enhance members’ financial well-being, breaking down barriers to financial engagement, emphasising emotional well-being, and financial resilience among members.

Amy Johnson (Head of Proposition at Standard Life) and Jason Green, (Chief Commercial Officer & Head of Workplace Pensions at Benefits Guru / FTRC), share their valuable insights on the importance of financial inclusion and the impact of personalised financial guidance.

Are you curious about how Standard Life is making a difference in financial wellness? Watch their 10-minute below!

Questions Asked to Standard Life:

    • What does financial wellbeing mean to Standard Life?
    • You recently won gold awards in the Benefits Guru Financial Wellness ratings – with an impressive clean sweep for your Open Finance functionality. Your Money Mindset platform sits at the heart of your wellness offering, can you explain a little more to me about the proposition and how it is helping your members become more financially resilient?
    • What are you offering that employers cannot get from anyone else?
    • Can you share some details about your platform engagement levels and any client success stories?
    • What’s next for Standard Life in the workplace space?

Essential Insights on Financial Wellness and Inclusion

Standard Life is taking a holistic approach to financial well-being, focusing on both emotional state and financial inclusion. By providing personalised tools and resources, they’re helping members feel more in control of their finances. And with their upcoming family finances hub and expanded educational webinars, they’re committed to supporting resilience and financial growth. 

What financial wellness mean to Standard Life?

  • Financial Wellness: Amy Johnson from Standard Life defines financial wellness as an emotional state, emphasising the importance of feeling in control, confident, and capable in managing finances. This approach aims to address barriers such as jargon and complexity in financial decision-making.
  • Financial Inclusion: Amy Johnson also highlights financial inclusion as a core part of Standard Life’s well-being strategy, recognising the diverse needs and challenges of customers throughout their lifetime. This approach is inclusive of all dimensions of diversity and is aligned with regulatory expectations for consumer protection.
  • Measuring Impact: Standard Life’s framework for measuring the impact of financial well-being programs, which includes building financial skills, adopting smart financial habits, strengthening financial situations, and enhancing well-being. This layered approach allows for the identification of trends and the provision of targeted support.

How Standard Life are supporting members to become more financially resilent?

Money Mindset Platform: The Money Mindset platform is central to Standard Life’s financial wellness and well-being offerings, aiming to help members become more financially resilient by connecting their personal financial data and enabling greater control over their finances.
Open Finance Data: Open finance data is considered a foundational step by Standard Life to help members connect their personal financial data, which is seen as crucial for enabling greater personalisation and support towards financial resilience.
Member Experience: Standard Life focuses on enhancing the member experience through features and journeys developed around four key areas: everyday money, medium-term saving goals, dealing with the unexpected, and saving for the future.
Engagement and Success Stories: Standard Life has observed high levels of engagement and positive outcomes from their members, with significant improvements in financial confidence and progress in financial goals, demonstrating the effectiveness of their platform.

Financial Wellbeing – whats next for Standard Life?

Financial Wellness Initiatives: Standard Life is recognised for leading in financial wellness and well-being for members, with a focus on expanding into the workplace pension space.
Family Finances Hub: Standard Life is developing a Family Finances Hub aimed at supporting financial planning within the family unit, covering life events from starting a family to caring for elderly relatives.
Bridging the Gap Webinar Series: Standard Life received positive feedback on their Bridging the Gap webinar series, which focuses on addressing the gender pension and savings gap through educational webinars on topics like menopause, divorce, and maternity leave.
Educational Webinars Expansion: Standard Life plans to expand their educational webinar series to include a wider range of topics such as mortgage makeover, budget plans, and managing debt, aiming to provide broader educational support.

More detail can be found on Standard Life’s website  – CLICK HERE