'Customers supported amid economic worries'
With the economic climate continuing to unsettle the country, Legal & General Retail has extended its wellbeing support to consumers.
“Having been able to support intermediaries with wellbeing services over a number of years, we thought now was the time to extend the offering direct to consumers as they contend with the cost-of-living crisis,” said Paula Llewellyn, chief marketing officer and direct managing director.
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Llewellyn (pictured) explained that the scheme, provided by RedArc Assured Limited, sought to improve customer outcomes for more people, who may come under financial hardship and offered both practical and emotional support, with services which focused on physical and mental health
“The help available, via wellbeing support, ranges from a reassuring chat, information, advice and guidance, to a clinical assessment and organising additional services,” she said.
Support with chronic and serious physical illness, trauma, breakdowns in relationships, care concerns and later life planning, could also be provided.
Given current economic conditions, Llewellyn believed that this support would be key to helping those consumers who accessed it.
“The double hit of the pandemic, closely followed by rising living costs has led to a feeling of uncertainty, which can have a detrimental impact to financial, mental and physical wellbeing,” she added.
Wellbeing challenges
Legal & General’s recent Deadline to Breadline report has shown that while a quarter of households are yet to notice an impact from the increased cost-of-living, cutting back on essentials is the new norm for 69% of those surveyed, while 81% were skipping luxuries.
Llewellyn said it was Legal & General’s role as a provider to ensure all customers were supported and had all the available options at hand to best protect themselves.
She noted that it was also crucial that intermediaries feel supported in helping people make good choices, leading to the best possible outcomes.
“The industry has evolved in such a way that there are options suitable to cater to a diverse range of needs and customers can benefit from being made aware of the full scope of products, solutions and support systems available to them,” Llewellyn commented.
Advice for those struggling
While it was an overwhelming time for some, she recommended that customers planned ahead so they could be prepared for any further economic hardship. Given that the pressures might get worse before they got better, Llewellyn said, customers should address their needs as soon as possible.
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“We also recognise it is inevitable that as we enter the winter of discontent, people will be looking for more ways to cut back,” she said. “Over half (52%) of people within the UK have not taken advantage of financial guidance available, including free services like MoneyHelper, to help make the most of what they have.
“Doing this will mean people make decisions from a place of knowledge, which in turn will reduce the impact of short-term decisions on long term financial wellbeing.”
