First Actuarial has appointed Catherine Lockyer as head of financial wellbeing.
Lockyer has experience working with employers to empower employees in managing their finances and improving their financial well-being. She brings experience from roles at Mercer and Hazell Carr before joining First Actuarial in 2004, where she became a partner in 2012.
Lockyer and her team work together with companies to put into practice realistic plans for well-being and financial literacy. Their adaptable programmes, which include choices like webinars and one-on-one meetings with specialists to match various corporate objectives, are designed to increase employees’ confidence in making financial decisions.
Lockyer says: “The cost of living crisis has focused attention on financial wellbeing. And in the longer term, a pension crisis may be looming – as more and more people face retirement with only a Defined Contribution pension pot to rely on. They’ll need to make choices about how much money to set aside and when and how to spend their savings. Unless we tackle the confidence and knowledge gap, many working people will not be in a position to plan a dignified retirement. There’s also a generation gap – younger people increasingly expect wellbeing services of all types from their employer.
“We encourage every individual to start thinking about their own financial needs and circumstances. They may never have had the chance to do this before. So we talk with them about money and pensions in the simplest terms and make finance relevant to their lives.
“We can help them at specific moments, such as when someone is about to retire or when their employer is introducing a change and they have choices to make. Money is so important, and yet it can paralyse people. We often meet employees who would be better off now if they’d taken action earlier.
“The MOT will give employees a personalised plan with priorities for action as well as some top tips. First Actuarial can then analyse the anonymous data to give employers a picture of the financial wellbeing trends and problem areas across their workforce. It’s a simple and affordable way for employers to work out how to support their people. So many employers know they need to help but don’t know how.
“More and more employers want to improve financial wellbeing across their workforce. Many are concerned about recruitment and retention, and others simply care about their people. Some are making changes to their pension arrangements and need help explaining what’s happening. And pension scheme trustees increasingly recognise that members need help with decisions at retirement.
“At every organisation where we provide financial wellbeing services, everyone genuinely appreciates the help that their employer is giving them. And it gives people a real boost. We put financial control within everyone’s grasp, and give them the confidence to make better financial decisions.”
