20th April 2021
Aegon: Money vs mindset - why financial wellbeing matters
At Aegon, we believe getting more people to access financial advice will improve their financial wellbeing. Our role is to help intermediaries encourage clients to plan for their future. That’s why we’re proud to be the first founding partner member of the Initiative for Financial Wellbeing (IFW) – a not-for-profit organisation supporting the financial planning sector with financial wellbeing initiatives.
What does it mean?
‘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 – both now and in retirement.
Our research, carried out with 2,000 people in December 2019, uncovered a strong positive relationship between financial advice and financial wellbeing.
It shows:
- 49% who haven’t taken financial advice are concerned the money they now have, or will save, won’t last, vs 37% who have, and
- 34% who have taken advice are more likely to enjoy life because of the way they’re managing their money, vs 25% who haven’t.
What we focus our minds on matters
Our insight-led approach highlights that financial wellbeing is 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.
Our Centre for Behavioural Research conducted extensive research, asking 10,466 diverse UK residents a series of questions. The findings give us a panoramic view of the UK’s financial health, the drivers, and roadblocks of financial wellbeing, which allowed us to develop our Financial Wellbeing Index.
You can use our in-depth digital flipbook with your clients to help encourage them to think about what they need to live a happy and fulfilled life. And then, with your expertise, consider how to fund it.
Our recommendations go deeper than budgeting tools and savings rules. They show how financial wellbeing is possible for everyone.
Chris Budd, chair of the IFW, commented that our “work on this financial wellbeing measurement tool breaks new ground”.
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