Wealth Wizards has developed a consumer-led financial wellbeing application for Royal London.
Wealth Wizards has developed a consumer-led financial wellbeing application for Royal London to help more than 1.5 million new and existing workplace pension customers with their finances.
Royal London has configured the Turo Wellbeing application to create a series of personalised journeys to help their customers improve their financial wellbeing and retirement prospects. The application starts with an easy to complete financial health check, asking non-intrusive questions that help to build an overview of their current financial wellbeing.
Once complete customers are presented with a health check score and a personalised dashboard highlighting both areas of strength, as well as opportunities for improvement. Customers are then directed to financial topics relevant to them, with bite sized tasks to complete and help them get more from their finances.
Royal London have used their extensive expertise to add free guides, infographics, videos and tools to encourage learning and help customers understand more about the topics that matter to them. A tool, based on the Pension and Lifetime Saving Association's (PLSA) Retirement Living Standards lets customers explore the kind of lifestyle they’d like in retirement and what it might cost.
Andrew Firth, chief executive Wealth Wizards, said: “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”
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