Money versus mindset

Financial wellbeing is how people feel about the control they have over their financial future - and their relationship with money. It's about focusing on the things that make their life enjoyable and meaningful  both now and in retirement.

Financial Wellbeing Index

Our Financial Wellbeing Index is an exciting research initiative into the nation's financial wellbeing. Our insight indicates it's about more than just people's financial position, it's also about their mindset and paying attention to the things that matter most to them.

Read our summary of key findings Read our summary of key findings
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We've produced a video and flipbook for you to share with your employees helping you encourage them to think about what they need to live a happy and fulfilled life, and then consider how to fund it.

Read our flipbook Read our flipbook

Aegon retirement report

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The economic shock of the pandemic has highlighted the importance of financial resilience to broader wellbeing and this has impacted the way people plan for retirement.

Read more in the latest UK insights from this years global report.

Read our report Read our report

Next steps you can take

By communicating and encouraging your employees to get involved and engage with their finances, you'll already be playing a part in promoting better workplace wellbeing. 

Use our recommendations below and our Employer toolkit to start meaningful conversations with your employees.

Being a habitual saver is one of the best ways to save towards retirement. If you’re not familiar with the term, it simply means someone that is a regular saver, and saves ‘habitually’.

Saving and budgeting takes a little bit of dedication and time to get right, but the development of good savings habits can become second nature over time and may help make a real difference for your employees' financial future.

One of the most useful ways to help your employees plan and prepare for their financial future is to direct them to use digital tools such as our Retirement Planner. Your employees can get a forecast of their likely pension income to help plan and weigh up options for retirement.

Aegon members have access to an online pension account service. You could encourage members to activate their accounts, if they haven’t already done so, and sign in to explore what they could achieve by making small changes. They might also have access to a modelling tool in their online account – letting them pull financial levers and undertake ‘what if’ analysis before committing to an action.

Without having a written plan, its hard for people to be clear on their priorities and have a sense of whether they are on track to meet their objectives.

Here’s how you could help:

Even the best-laid plans can be derailed by unforeseen events. Having protection in place can help improve financial wellbeing as your employees could feel more reassured that they’re prepared if anything does happen.

Help your employees uncover their protection needs by encouraging them to complete our Personal Protection liability audit .

Leading a healthy lifestyle is perhaps the best back up plan – and can help people prepare for a more comfortable and active retirement.

Eating a varied and healthy diet, incorporating more movement into each day, getting a good nights sleep and minimising stress can all play their part.

We know it can be hard to make (and stick to) the right decisions when it comes to health. If your employees want to make a change but don’t know where to begin, Nuffield Health have created some articles to do just that.

20 life hacks to turn your health around

Breaking unhealthy habits - four tips from a behaviour expert

Being able to act upon the fundamentals of retirement readiness requires equipping people of all ages with new life skills.

If your employees’ finances aren’t in the best shape now, that doesn’t mean they have to stay that way.

Help them improve their current financial situation by encouraging them to make some changes to their spending and saving behaviour. Share our five habits to help build a prosperous future.

And soon enough, these good habits could become hard to break.

Do your employees all understand their credit score?

A credit score, also known as a credit rating, is a number that reflects the likelihood of someone paying credit back.

Lenders, like banks and credit card companies, look at peoples credit history and credit score when they receive an application, which will help them identify the level of risk in lending to the applicant. The higher the credit score you have – the better the chances of being accepted for credit, at more competitive and often lower interest rates.

Employees can get a free Experian credit score

Let employees know about Aegon Assist

Our Aegon Assist team can help guide your employees through their retirement options. While they can’t give advice, they can provide your employees with information to help them make informed decisions.

The service is free, and employees can call Aegon Assist on 03456 03 05 09.

Phone lines are open 10am-4pm, Monday-Friday. Call charges will vary. Calls may be recorded or monitored.

How to recommend financial advice

Financial advice and guidance is highly recommended to help decide the best course of action for your employees and their circumstances. Employees may have to pay for financial advice. If they don’t already have a financial adviser they can find one through MoneyHelper. This government-sponsored financial guidance organisation can also help with debt advice, money and pensions.

Let your employees know if they have access to a scheme adviser for their pension plan.

Employees over 50 who want to make sense of the different ways they can take money from their pension pot, are entitled to free, impartial guidance from Pension Wise, a service from MoneyHelper.

Communicate your current benefits regularly – and keep them under review

You might already have benefits on offer including services and information to help employees tackle financial wellbeing, such as employee assistance programmes.

It’s good practice to continually promote the benefits of these to your employees. Our financial wellbeing guide includes suggestions around the routes you can use to reach out and help support employees.

If you communicate benefits, include a call to action for employees plus phone and/or email contact details.

Internal sessions and seminars

Our Workplace Communications Team can help you run webinars, covering a range of topics including wellbeing in the workplace and the Aegon pension scheme. These sessions provide a useful overview of what’s on offer and gives employees an opportunity to ask questions to make sure they’re making the most of the range of benefits on offer with their pension.

Employer Perspectives

For news and insights, visit our employer hub.