Standard Life has launched ‘Family Finance Hub’, a digital coaching platform aimed at helping families navigate key financial moments.
According to Standard Life, the platform aims to build financial literacy, boost financial wellbeing through effective planning and a greater focus on longer-term goals like preparing for retirement.
It uses personalised resources and interactive tools to boost household financial wellbeing and security, with an initial focus on a child’s financial life, including higher education planning, navigating university expenses and entering the workforce.
The platform has been developed in partnership with digital engagement specialists Life Moments and will be available via the Standard Life dashboard, initially launching to Standard Life’s workplace scheme members as well as retail customers.
Key features include tailored journeys for families preparing for higher education, navigating university life, or entering the workforce, interactive tools like a university savings calculator and budget planner and checklists and videos to guide conversations and learning. It also includes real-life stories and articles that make financial topics relatable and jargon-free, Instagram-style story slides for quick, engaging tips and resources that make it easier to talk about money with loved ones.
Standard Life managing director for workplace and retail intermediary Gail Izat says: “For many families, financial decision-making is becoming more complex – especially for those juggling immediate priorities like supporting children through education, while also trying to stay on track with long-term goals like retirement planning.
“Family Finance Hub utilises the power of digital to make that balancing act a little bit easier. It offers practical, jargon-free guidance at key life stages, helping families make informed choices with confidence – aiming to free up time and ultimately money for other goals. For employers, it’s a powerful way to support their people – boosting financial wellbeing, reducing stress and helping employees feel more secure about their future. Through tools like Family Finance Hub, pension providers have a great opportunity to help people with their wider financial lives alongside saving for retirement.”
Life Moments CEO & co-founder Ben Leonard says: “We are delighted to be able to support Standard Life with another industry first launch. By reframing financial goals as life goals with price tags, our Money Coach helps firms to go beyond offering traditional financial education and meet people where they are in life. Family Finance is a great example of this – supporting known challenges for members and in doing so driving up knowledge, confidence and interest in financial planning. We are excited to see the employer and member impact from which we can learn and plan the next phases of the proposition.”
