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Press comment: Financial Well-being in the Workplace


If you are covering today’s report, Financial Well-being in the Workplace: A Way Forward,published by the Financial Advice Working Group (FAWG) for HM Treasury and the Financial Conduct Authority, please see the following commentary from Richard Freeman, Old Mutual Wealth chief distribution officer and member of the FAWG.

Today’s report follows the Financial Advice Market Review (FAMR) recommendation to investigate how employers could better support staff to manage their personal finances.

The report published today finds that:

  • There is strong evidence employers are concerned about the financial well-being of staff
  • 70% of employers would be willing to help staff with the personal finances but want access to resources
  • 58% of firms would be interested in a published guide to help them support staff with financial matters
  • Employees are open to receiving financial help from their firm and would be more likely to use an adviser recommended by their company. One third said they would pay an adviser introduced by their employer.

The FAWG has built a pilot online portal designed to supply firms with the resources to support employees. It is expected the Money Advice Service (MAS) and ‘early adopter’ employers will refine and roll-out the support package for companies.

Richard says:

Richard Freeman

“The introduction of auto-enrolment means that all companies will be supporting staff with a workplace pension. A retirement fund should be seen as the foundation of investing for your future, and today’s report presents a blueprint for companies that want to help their staff go beyond and build on those foundations.

“Many people are concerned about money and this can contribute to difficulty in the workplace, according to the findings of the research. So there is a business case for employers to focus on helping staff enjoy financial stability and invest for the future.

“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.

“We now need 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.”

For more information contact

Michael GlenisterOld Mutual Wealth020 7778 963807469
Kathleen GallagherOld Mutual Wealth023 8072 629307990

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £118.1 billion in customer investments (as at 30 September 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

• The private client advisers business is now Quilter Private Client Advisers

• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.