Empowering employees to engage with their own financial journey

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Empowering employees to engage with their own financial journey

Lifetime news

Posted on: 13/06/2022

As specialist providers of workplace financial education and planning, Lifetime has spent years answering the most important questions that employees have, and is able to guide them all the way from hire to retire, with tailored support at each stage of their career.

During the past couple of years we have revolutionised our financial wellbeing programme.

Why? Well, it is because we want to help bring financial freedom to thousands of people.

Lifetime works closely with employers to deliver digital-first, end-to-end solutions that meet the needs of every employee and improves their financial wellbeing.

We have now established a secure, passcode protected employee learning hub, which contains educational content on a variety of financial topics.

Content and education have important roles to play in Lifetime’s financial wellbeing programme but ultimately it is all about empowering employees to feel confident to talk and engage with their own financial journey, and providing them with a flexible plan that they can rely on.

People often seek financial advice because of a specific issue, but right at the heart of that need is one overriding thing: peace of mind. You want to make sure that you can live how you want without ever running out of money. It is an important goal and what the online financial journey with Lifetime is all about.

Our financial wellbeing programme helps employees understand their finances, giving them:

  • A personal financial plan
  • Tailored educational videos, webinars and Q&A’s
  • Dedicated customer coach
  • Access to a financial planner who can implement any recommendations and deliver potentially life-changing advice

One size doesn’t fit all. Everyone’s life and circumstances are different, so no two financial needs are the same. Creating a tailored financial plan, depending on an employee’s age, needs, life stage and the sector they work in, helps staff fully understand their future wealth, take control of their lives in the present, and make good financial decisions for the future.

“Rarely does anyone understand how their employer-provided benefits dovetail with their private provision, whether this is their pension, life insurance or any other benefit,” says Tom Banham, CEO of the Hoyland Common Academy Trust and an employer client of Lifetime.

It is vital for all employees to have the chance to understand and appreciate how important their non-salary benefits are in order for them to make more informed financial decisions.

By having access to a digital service – and their own bespoke plan – an employee can be empowered to take control of their own finances. They can easily access the information, guidance and planning they need from wherever they are, and whenever they need them. They can make more informed decisions at just the right moment.

The unique digital service Lifetime continues to develop offers the opportunity for everyone to access good financial guidance, insight and advice, and be in a position to make informed choices about their money.

The secure online learning hub ensures the protection of all personal data and guarantees that any information shared by employees remains confidential. The remote access and delivery also ensure that in a world committed to technological advances, but equally aware of pandemics and virulent viruses, people can connect securely wherever they are.

AI or ‘robo advice’ is increasingly presented as a digital solution to financial wellbeing, but an algorithm can’t understand an individual’s needs. Lifetime prides itself on its bespoke service, offering a one-to-one coach for employees, individuals, couples and families to assist them on their financial journey.

This personalised programme helps people get to grips with money issues, and empowers them to take full control of their finances for the rest of their lives.

Lifetime believe that with the right financial wellbeing programme in place then employees will begin to see the benefits with far more clarity. They will understand that help is on hand and by asking for guidance and support they are actually empowering themselves.

They are being provided with the tools they need to have a full understanding of their current financial position – and to make the best decisions for them when it comes to the future.

By showing employees how such a service can help them gain full control over their finances, while simplifying issues such as wills, pensions, savings, investments and mortgages, an employer will build trust.

Education. Guidance. Help. Support. Advice. Lifetime’s financial wellbeing service is about all of these things.

Financial wellbeing in the workplace is no longer a dream luxury. It just can’t be, not in today’s world. It should be a core part of company culture, a key foundation in an organisation.

It is, simply, the right thing to do.



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