Aviva has launched a new financial wellbeing tool for its workplace pension savers.
This tool will also offer employers and trustees insight into employee engagement, helping them tailor financial support for their workforce.
The tool will provide a personal action plan to improve financial confidence. Rather than being based on financial data or income figures, this will be based on the answers given to questions that are designed to assess an individual member’s confidence and priorities when it comes to financial wellbeing.
The tool uses clear language to ensure accessibility regardless of financial knowledge and provides resources which enable members to take the first steps towards independently controlling their finances.
Progress is tracked over time to highlight how incremental steps help to improve finances and overall wellbeing. This directly connects everyday choices around pension savings and long-term retirement planning.
Initially the tool will be available to Aviva Master Trust, member, and can be accessed via the Aviva app or online pension portal. It will then be rolled out to other Aviva pensions customers, including their GPP members.
Aviva workplace pensions director Simon Ellis says: “Supporting people’s financial wellbeing has never been more important, especially because defined contribution pension savers now face greater responsibility and more complex decisions.
“In the workplace, feeling stressed about finances can negatively impact productivity, employee engagement and overall wellbeing – making effective budgeting and pension saving tools increasingly valuable.
“Our new tool is designed to support and empower our workplace pension members in managing their financial health by gauging confidence and offering personalisation, accessibility and continuous improvements. It reflects our commitment to helping pension savers, employers and trustees get ready for better retirements. Our aim is to make financial wellbeing support easier, smarter, and more impactful.”
