Financial wellbeing

Financial capability is a key driver of financial wellbeing which is the ability to meet all current commitments, without undue stress, and the resilience to cope with future income or expenditure shocks. We want to help enhance financial capability at school, at home and in the workplace as one of the keys to future financial security.

Key stats

5 million UK adults have less than £100 in savings
47 million people in the UK do not access financial advice
72% of UK adults support financial education from age seven

Financial wellbeing commitments

Customers

Commitment

Improve access to financial advice and guidance.

Progress

As one of the UK’s largest financial advice firms, we’re making financial advice more accessible by growing the number of restricted financial planners (RFPs) we employ or work with; reaching 1,799 at the end of 2019, up 11% from the previous year. Through the Quilter Financial Adviser School, we brought 74 new financial advisers into the industry in 2019, bringing the total to 175 since the school launched in 2017.

Colleagues

Commitment

Promote financial wellbeing for our colleagues.

Progress

During 2019 we launched our financial wellbeing programme as part of our existing wellbeing initiative, Thrive. This started with a financial wellbeing week which involved webinars, information sharing and promoting tools and benefits available to colleagues. We also commenced our face to face financial education sessions for colleagues which we are expanding more widely in 2020.

Communities

Commitment

Empower young people to manage their money well for life.

Progress

Throughout 2019 we helped 11,276 young people to enhance their financial knowledge and confidence through our strategic charity partnerships. In particular, with our financial education partner MyBnk, we delivered 1,109 hours of financial education to young people in schools, colleges and community groups in 2019. The programme is independently evaluated to ensure it effectively develops good financial skills, habits and behaviours.

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