Legal and General Investment Management has launched an online hub providing practical tools and information to defined contribution scheme members.
In a tie-up with Money Advice Service, the Financial Wellbeing Hub offers guidance on daily budgeting, preparation for unexpected expenses, the maintenance of a regular disposable income and consideration for future milestones such as buying a house and having a family.
Emma Douglas, head of DC at LGIM, said: "Helping people to save for retirement is top of our agenda at LGIM, but we appreciate that short-term money worries take priority over long-term savings for most people. Our hub is aimed at helping members tackle money worries head on.
"Auto-enrolment has been a huge success, with 10m more people saving for their retirement, but savers need support and tools to help them work through day-to-day financial pressures.
"We’ve worked with the Money Advice Service to offer their tools on our platform, alongside other useful information so that members can get help with budgeting, debt management, mortgages and more.
"Through the platform, members can gain valuable insight to better understand their attitudes to money, use it to help them prepare for the unexpected, make good financial decisions and plan for the future."
LGIM piloted the hub with two existing schemes to refine the platform. It is now available to members of DC pension plans managed by LGIM.
Patrick Connolly, chartered financial planner at Chase de Vere, said: "This is a positive initiative. We believe that more employers should be offering financial education and advice to their employees, at the very least to make them aware of the benefits of their workplace pension and have an understanding of what it could provide for them
"However, beyond this, education and information on wider financial planning, which can help employees to make sensible decisions with regard to their own personal finances is also welcomed."
