Wealth Wizards has created a consumer-driven financial wellbeing application for Royal London to assist over 1.5 million new and existing workplace pension customers with their money.
Royal London has set up the Turo Wellbeing application to generate a number of personalised excursions in order to assist its clients in enhancing their financial security and retirement prospects,
The applicaiton begins with a quick financial health check and asks unobtrusive questions to help provide an overview of their current financial situation, according to Wealth Wizards.
After finishing the questionnaire, customers are given a health check score and a personalised dashboard that emphasise both their areas of strength and their need for progress.
Customers are then guided to financial themes that are pertinent to them, where they can complete bite-sized chores to help them make the most of their cash. Royal London has added free guides, infographics, videos, and tools to assist clients learn more about the subjects that are important to them by utilising their broad expertise.
Customers can investigate the type of living they’d prefer in retirement and the potential costs using a tool based on the Retirement Living Standards of the Pension and Lifetime Saving Association (PLSA).
Wealth Wizards chief executive Andrew Firth says: “Having control over our finances and becoming more financially resilient is directly related to our mental and physical wellbeing. This particularly true with the current economic turbulence and cost of living crisis, and we developed Turo Wellbeing to enable financial institutions to help as many people as possible manage their money more effectively for themselves and their families. We’re delighted that Royal London have selected Turo Wellbeing to enable their financial wellbeing application for their workplace pension customers”