The Financial Advice Working Group (FAWG) has developed a prototype for an online portal providing financial guidance in the workplace.
Unveiling the portal as part of the latest Financial Advice Market Review (FAMR) progress report, the FAWG said the measure would address "low levels of financial capability" in the general population.
The FAWG was set up by the Financial Conduct Authority and HM Treasury to find ways to implement FAMR's findings.
Alongside the portal, the FAWG also said it had developed a guide that employers could give to their employees to help them with their financial affairs.
The report described the portal as a "practical and user-friendly web-based portal that offers employers a one-stop shop of useful information to help employees manage their money".
It described the employer guide as a "simple ready-to-use guide that employers can give to employees offering valuable tips and tools to make the most of their money".
The FAWG said both the portal and the employer guide should be hosted by the Money Advice Service (Mas), or whatever guidance body eventually succeeds it.
The report called on HM Treasury and the FCA to issue a "formal communication announcing the portal and guide" and naming Mas as the official responsible body.
"The workplace presents a unique conduit for offering independent support on financial wellbeing," the FAWG stated.
"Employers already engage with money through wages and pensions, and they are concerned about their employees’ well-being. However, the extent of this engagement varies widely and sometimes falls short of what employees would like.
The report stated that studies had shown employees "welcome the idea of getting impartial advice through more independent channels".
"Research shows that many employees are receptive to employer support: fifty-seven per cent of employees are interested in receiving advice and guidance from their employers about financial issues.
"While consumers have a visceral mistrust of the financial services industry in general, 33 per cent of consumers would pay for an in-house financial adviser provided by their employer."
The FAWG stated that the beta version of the web portal was ready to be launched "imminently". It argued that Mas should launch a pilot portal, and monitor its progress with a view to rolling it out generally.
"If the portal is to succeed, it is critical that government, industry and other key groups collaborate and invest in it. This collective action will take a concerted, considerable effort, but we firmly believe this effort is justified.
"The guide that has been developed has strong potential to help employees across the country take better control of their finances, make healthier financial decisions, and plan for the future in a strategic, longer-term way," the report stated.
Richard Freeman, Old Mutual Wealth chief distribution officer and member of the FAWG, said the introduction of auto-enrolment had increased the role employers were playing in their employees financial life.
"But resource pressures, and concerns about over-stepping the mark and drifting into personalised financial advice, mean some firms feel unable to help staff with their money. This report aims to address that, providing the tools and support that businesses need," he said.
He urged business to "play its part by getting behind this project".
"It would be fantastic if some pioneering businesses were to become early adopters of the blueprint set-out today, and set an example to other employers across the country."
james.fernyhough@ft.com
