The Financial Health Check, which takes only ten minutes, has been designed to empower people to take control of their finances, work towards financial goals and become more confident when it comes to money matters. The 10-minute process aims to help people understand their financial goals – whether that’s getting on top of debt, saving for a deposit, or planning a dream holiday. The tool delves into users spending and saving habits, by asking a series of ten questions. At the end of the health check, a report is generated and users are offered ideas and insights so that they can develop a plan in order to help achieve their unique financial goals and improve their overall financial wellbeing.
Wendy Redshaw, Chief Digital Information Officer of Retail Banking at NatWest, said: “Through our Financial Health Checks we are empowering people to take control of their money and to get the most out of it by budgeting, saving and planning for their future. A lack of financial capability can be really harmful in the long term and taking ten minutes to understand your financial goals can start to make a real difference.
“We thrive when our customers and communities do and so if they’re not feeling confident in money then it is core to our purpose as a bank to do something about it. We have the people and the tools to help”.
NatWest is committed to helping improve financial capability in the UK. The bank has focused on addressing the UK’s underlying hidden crisis of confidence in straightforward banking tasks in order to equip customers and communities with the skills, resilience and confidence needed to take control of their money. From NatWest research, 2.6 million people in the UK never check their direct debits and are wasting £25 billion each year on unwanted and unused regular payments as a result. Since launching their new purpose in 2020, Natwest has reached c. 2.4 million people in the UK through financial capability interactions. This new free online service will help them to reach even more.
NatWest has been running its MoneySense programme for over 25 years – a free financial education resource for schools, parents & young people aged 5-18 to help improve financial confidence. Since MoneySense began the bank have helped more than 8.9m young people learn about their finances.