Financial wellbeing in financial services

Financial wellbeing is about feeling secure and in control. It is about making the most of your money day to day, dealing with the unexpected, and being on track for a healthy financial future. In short: financially resilient, confident and empowered.

Supporting customer financial wellbeing makes business sense. It helps you to:

• build customer loyalty – Customers will be more likely to continue using your service if they can manage their money well.
• grow your customer base – The more people understand the benefits of financial products and services, the more potential customers you have.
• increase customer value – Customers who are confident with money may be more likely to use a wider range of products.
• enhance your reputation – Showcasing the help you offer to customers to make informed financial decisions can help you stand out from competitors.

Technology has fundamentally changed the way people manage their money. It’s easier than ever to borrow, invest and save, but harder to understand financial risks.

And yet, the financial services sector still faces widespread lack of understanding among customers of financial products and services, debt and basic money management.

Having control over personal finances means that individuals are more resilient when unexpected events happen, they enjoy better physical and mental health, and they’re more able to save for the future.

With more financial stresses and online banking, it’s more important than ever to build customers’ financial wellbeing.

We can work with you to help your customers make better-informed decisions and choose the right products for their needs. Our support includes:

• insights to help you understand customer needs
• evidence to strengthen the case for embedding financial wellbeing into your organisation, products and services
• help to identify gaps in your customer strategy and inform product and market research.

All our support is free and impartial.

Financial wellbeing isn’t just for customers; it matters to your employees too. We can help you support your workforce, whether you’re just starting out or if you’re already piloting initiatives like payroll saving. 

We offer a wide array of free support to businesses including:

• a dedicated partnership manager based in your location, with managers in Northern Ireland, Scotland and Wales and regions across England.
• bespoke support to help you build and implement your financial wellbeing strategy.
• a selection of guides available in English and Welsh, and in print, braille or audio format, for free
• a cost of living support hub featuring articles, tools, calculators and a printable guide to support your colleagues and customers.
• our annual Talk Money Week awareness campaign, which provides a platform for conversations about money in all walks of life

You can learn more about our support for financial wellbeing in the workplace.

The Savings Charter is a set of commitments that savings providers can sign up to that help raise the profile of savings in the UK. The Charter offers savings providers the opportunity to amplify what they are already doing to raise the profile of saving and to signal what they intend to do, in line with one or more of five commitments.

Learn more about how the Savings Charter could help you to improve customer financial wellbeing.

Contact your local partnerships manager for free support and practical ways to help you build financial wellbeing across your organisation.

Based near you, our partnerships teams can help you understand of some of the local financial wellbeing challenges and consider ways to support your customers.

If your organisation has multiple sites, contact the partnerships manager closest to your head office.