Mercer has created a digital 'financial wellness' platform to allow savers to see all their personal finances in one place, which includes pensions and investments.
Mercer today (November 6) announced the launch of its platform and mobile app Mercer Money, which allows individuals to manage all aspects of their personal finances in one place.
The platform uses open banking to provide a real time view of individuals’ current accounts, debt, savings, pensions, investments, mortgages and property values.
The platform also includes reminders, personalised nudges and guidance so that individuals are encouraged to make better financial decisions in the short, medium and long term.
It will be available through employers and includes a personalised dashboard so that employees can keep on top of their financial commitments and investments while also helping employers come up with pension engagement strategies through the platform.
Benoit Hudon, UK wealth leader for Mercer, said the platform will help people make better financial decisions as they can see all their funds in one place.
Mr Hudon said: “Many employees struggle to understand their pensions and get a comprehensive view of their finances. They have to juggle multiple conflicting financial demands daily resulting in increased stress and difficulty when making decisions.
“Mercer Money has been designed to support better financial decision making and help improve people’s lives today while giving them peace of mind that their future needs are met.”
He added: “Employees with better control of their finances are often less stressed and more productive. This has an immediate and beneficial effect that can be seen in any business.
“Amongst other advantages, employers will have access to valuable aggregated analytics showing how their employees financial wellbeing is developing. This allows companies to respond with adjustments to benefits structures to suit their workforce.”
The platform will also offer access to the Mercer Master Trust.
Employees that leave their employment will continue to have access to the services it offers, as long as they keep their deferred membership in the master trust.
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