Aviva has launched a new financial wellbeing tool designed to support and empower its workplace pension members in managing their financial health. It also provides employers and trustees with insights into their employees’ engagement with the tool so they can tailor support to their workforce.

Initially available to members in the Aviva Master Trust, this free tool can be accessed via the Aviva app and online pension portal.

The tool gauges an individual’s feelings about their financial wellbeing. Then, instead of using complex financial data or income figures, it asks confidence-based questions about topics which are important to them. This is used to provide a personalised action plan with practical steps to help improve financial confidence.

The tool uses clear language to ensure accessibility regardless of financial knowledge and provides resources which enable members to take the first steps towards independently controlling their finances.  

Progress is tracked over time to highlight how incremental steps help to improve finances and overall wellbeing. This directly connects everyday money choices to pension decisions and long-term retirement planning.

Simon Ellis, Workplace Pensions Director at Aviva, said: “Supporting people’s financial wellbeing has never been more important, especially because defined contribution pension savers now face greater responsibility and more complex decisions. In the workplace, feeling stressed about finances can negatively impact productivity, employee engagement and overall wellbeing - making effective budgeting and pension saving tools increasingly valuable.

“Our new tool is designed to support and empower our workplace pension members in managing their financial health by gauging confidence and offering personalisation, accessibility and continuous improvements. It reflects our commitment to helping pension savers, employers and trustees get ready for better retirements. Our aim is to make financial wellbeing support easier, smarter, and more impactful.”

Aviva’s financial wellbeing tool will be rolled out to other Aviva pension customers over time.