Fidelity International has partnered with Plain Numbers, to help build confidence amongst its workplace pension scheme members as they engage with their pensions and investments.
Fidelity and Plain Numbers will collaborate throughout the course of their three-year partnership to provide support for members who have difficulty with math.
Over half of adults possess the numeracy abilities anticipated of a first-grader but research also indicates that at least one in five people suffer from arithmetic anxiety.
The Fidelity team will participate in training given by Plain Numbers during the first phase of the partnership to assist them in better understanding members’ challenges with numbers.
The strategy is based on Plain Numbers’ research, which demonstrates that there is room to increase the proportion of customers who comprehend critical financial data.
Additionally, Plain Numbers will assist Fidelity employees in ensuring that messages provided to clients and members of both Personal Investing and Workplace Investing are as transparent as possible, enabling clients to take charge of their assets.
Fidelity International head of workplace distribution Dan Smith says: “As a provider of workplace pensions to over half a million people in the UK, we understand that not everyone finds it as easy to engage with or understand their pensions as they would like to. We are committed to helping people get to grips with their personal finances and look forward to working closely with Plain Numbers to provide better member outcomes.”
Plain Numbers chief executive officer Mike Ellicock says: “We’re delighted to be launching a new partnership with Fidelity International. We know that pensions are a crucial part of people’s financial future and therefore its essential that everything possible is done to help people understand the key information. Working together, I’m confident that Fidelity International and Plain Numbers will help thousands of customers achieve better outcomes.”
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