Benefits Guru has launched a set of financial wellness ratings for consultants, corporate advisers and employers.
In the first of its kind in the market, Benefit Guru’s ratings aim to help advisers and employers review products that will help improve employees’ financial wellness.
The launch follows recent research which found that two in five UK workers have lost sleep due to financial anxiety in the wake of Covid-19. As a result, workplace pension providers have been innovating and enhancing their financial wellness propositions with money management tools, information and services to help people take greater control over their finances.
Four providers – Aviva, Fidelity, Scottish Widows and Cushon – all achieved an overall gold rating for a number of their propositions.
Meanwhile, Mercer, True Potential, Scottish Widows and Standard Life also took part in Benefit Guru’s Financial Wellness with Open Finance ratings, with both Mercer Master Trust and Standard Life achieving gold.
Benefits Guru will announce a separate set of standalone Open Finance ratings later this month.
Ian McKenna, founder of Benefits Guru, said: “There has never been a time when it was more important to support employees with financial wellness services. A pension proposition that offers a strong financial wellness component should be significantly more attractive to employers than one without such facilities. We believe employers who really care about their staff may consider moving from basic pension schemes to the growing number of alternatives who offer these valuable extra benefits.”
Jason Green, head of workplace research at Benefits Guru, commented: “It is hugely encouraging to see so many providers take part in Benefits Guru’s first ever financial wellness ratings, with all providers proving strong in certain areas, and every provider achieving at least one underlaying gold.
“The ratings are designed to keep providers, employers and advisers abreast of what is a rapidly changing market, and to encourage further innovation in financial wellness propositions to truly improve the financial lives of the consumer. We expect more providers to make financial wellness announcements over the course of the next 12 months.”
Mark Pemberthy, head of DC & Wealth at Buck, commented: “Employers now recognise that retirement planning is just one aspect of financial wellbeing. By extending their analysis to include the Financial Wellness capabilities on offer from workplace pension providers, Benefits Guru’s research provides a flexible basis for comparing the wider features and functionality now available to members, employers and advisers.”