We've spoken with solicitors and advisers who talk to people in vulnerable circumstances every day, and we then created a report that outlines where we are as an industry, and where we can collaborate.
Our third summit in February is going to bring a broader range across the public and private sectors, internal colleagues, industry peers and financial advisers.
We are hoping that we can bring the DWP in as well - it is going to be a fantastic opportunity to have a broader conversation about financial vulnerability and how to address this."
FTA: What sort of findings has your research revealed?
RT: Our Retirement Voice analysis has helped us understand attitudes and emotions. With Covid-19 and the cost of living crisis, a lot of people are saying the current pressures are making them worry about their financial future.
A quarter of people have said they have sleepless nights worrying about money. And we know financial issues contribute to poor mental health.
This can create what is known as the Scarcity Mindset - which some psychologists say is the equivalent of losing 14 IQ points.
We partnered with a behavioural consultancy, as we needed to understand the psychology behind people making financial decisions.
We've found several factors at play, such as cognitive overload, whereby if you are presented with too much information and too much choice, it is unhelpful.
There are also aspects like the scarcity mindset or fearfulness, if you have been scammed before. Victims have been burned by scams before, and that adds to vulnerability.
FTA: How have you been incorporating these findings into your business?
RT: We continuously update our e-learning, which is founded on 30 behavioural science principles to help our colleagues understand vulnerabilities and behaviours, and give the customers the space to stop and think and potentially help them to get financial advice.
For example if they are not confidence about the decisions they are about to make, helping them to stop and think and to bring a third party, a trusted person, into the conversation can help provide comfort and confidence.
FTA: How many widows and inheritors do you look after? How do you help them through their vulnerable situations?
RT: We have lots of widows and inheritors. In Standard Life alone last year 2022 we dealt with 16,500 life claims where the policyholder had passed away, and there was a bereaved relative and family and they had to come to use to make a claim.
