Royal London has launched a financial wellbeing service which it says will help address the advice gap by helping customers to be more financial resilient.

The service is available to over 1.5m new and existing workplace pension customers.

It offers ongoing financial support and guidance, helping individuals to improve their financial knowledge, confidence and wellbeing.

Users can also take a ‘financial health check’ which will help build a complete picture of their financial wellbeing.

The service can also help customers save for unexpected emergencies or build up a savings pot.

It offers a variety of resources on a range of pension issues and other financial topics via guides, infographics, videos and tools.

One tool, based on the Pension and Lifetime Savings Association’s Retirement Living Standards, enables pension savers to explore the kind of lifestyle they would like in retirement and what it might cost.

Sarah Pennells, consumer financial specialist at Royal London, said: “The advice gap is undoubtedly one of the biggest issues we face as a nation when it comes to people getting their finances in order. This is particularly true over the last few years when so many have faced difficult challenges, including Covid and the rise in the cost of living.

“There is a growing responsibility for everyone to save for later life but with some people unable to access advice, taking control of your finances can seem daunting, especially if you don’t know where to start. Our financial wellbeing service is designed to help our workplace pension customers to become more money confident. It’s a key part of our ambition to help customers to be more financially resilient and we hope it will give them both the confidence and the know-how to make well-informed financial decisions.”

The service is free for all new and existing customers.