The not-for-profit Initiative for Financial Wellbeing (IFW) - set up by Financial Planning entrepreneur Chris Budd - has signed up Aegon as its first ‘founder partner’ member.

The IFW, which was launched in 2019 to support the Financial Planning profession, has 160 members so far working in financial advice, planning and coaching.

Aegon will partner with the IFW to promote and support financial wellbeing among clients and employees.

The IFW and Aegon plan a number of initiatives this year such as developing content and research, joint events and webinars and online services and tool creation.

Aegon UK launched its first Financial Wellbeing report in 2018 and has committed globally to support financial wellbeing and readiness for retirement.

The IFW, which is actively seeking corporates to partner with, has launched a series of initiatives to support people with managing their financial wellbeing as they consider their financial resilience during the Coronavirus pandemic.

The newly-launched Financial Coaching Stream includes a package of financial wellbeing support including budgeting and money saving webinars, financial coaching and group support with a network of financial coaches.

Chris Budd, IFW chairman, said: “We are delighted to mark another significant milestone for the IFW in signing our first partner member. It is crucial to us that any company we work with acts as a partner, not just a sponsor, and we look forward to working with Aegon to further our mutual goal of improving the financial wellbeing of individuals to help them be happier, not just wealthier.”

Mark Till, managing director for digital solutions and executive advocate of Aegon UK’s wellbeing workstream, said: “The recent market volatility and financial uncertainty has put an enormous amount of pressure on people and their finances. 

“With a growing number of people living on a financial cliff edge carrying the burden of financial obligations and commitments, the importance of understanding and protecting your finances has never been clearer.

“Financial advice is key to improving financial wellbeing and supporting and helping advisers and their clients navigate uncertainty is core to what we do. We look forward to partnering with the IFW to build on our existing work to improve financial wellbeing and demonstrate the true value of financial advice.”