Benefits Guru to launch financial wellness ratings for pension providers
Benefits Guru introduces a range of financial wellness ratings for employers and business consultants.
The ratings are designed to help advisors and employers identify which suggestions will help improve financial results for the consumer.
They also intend to highlight areas where vendors could improve their offerings.
Benefits Guru defines financial well-being as in order and positioned for a secure and long-term financial future.
Two in five workers in the UK said they had lost sleep due to financial fears as a result of Covid-19, according to a report by Close Brothers.
As a result, corporate retirement providers are striving to enhance their financial wellness offerings with money management tools, information, and services to help people control their finances.
Benefits Guru Director Ian Mckenna said, “There has never been a time when providing financial wellness services to employees has been more important.
“Just yesterday, the National Statistics Bureau released data showing that 1 in 3 adults who said they could not afford the unexpected cost of £ 850 had depressive symptoms in early 2021, compared to 1 in 5 adults (21% ) before the pandemic.
“This clearly shows that Covid-19 has resulted in many forms of financial stress and the provision of such services is a positive way of delivering much-needed assistance.”
Aviva, Fidelity, Scottish Widows and Cushon achieved an overall gold rating for a number of their proposals.
Mercer, True Potential, Scottish Widows and Standard Life also participated in Benefits Gurus Financial Wellness with Open Finance ratings that gave them a separate rating for considering their Open Finance functionality.
Mercer Master Trust and Standard Life both received gold.
Benefits Guru will be releasing a separate set of stand-alone Open Finance ratings next week. It will take a closer look at each vendor’s Open Finance offering.