- Homebuyer Hub – a free service to help pension scheme members plan the purchase of their first property
- First to market in pension industry with in-app Home Buying Digital Coach
- Roll-out started for Standard Life workplace clients, supporting financial wellbeing for scheme members
In a first to market move for the pension industry, Standard Life has launched Homebuyer Hub, making it available to its pension scheme clients and their members on a phased roll-out basis.
Homebuyer Hub has been developed in conjunction with Life Moments, a leader in digital coaching software, who has also supported significant testing with pension scheme clients and their employees.
Homebuyer Hub, available on the Standard Life app, offers personalised guidance and coaching to members embarking on the journey to buy their first home. The digital step-by-step home buying guide is unique to each user and tailored to their own specific circumstances, taking account of income, savings goals, location and timeframe to purchase.
Commenting on the phased roll-out of Homebuyer Hub, Gail Izat, Workplace Managing Director at Standard Life said: “Buying your first home is hugely exciting but can also be highly complex, confusing and stressful. It can be littered with potential pitfalls but Homebuyer Hub pulls together all the information first-time buyers need into one place, and coaches them along the journey to buying their home.
“With 67% of employees wanting more financial wellness support from their employers*, Homebuyer Hub is designed to remove one of the big financial stresses in life, and help scheme members get on the property ladder for the first time. As pensions and property are significant assets for many people, financial wellness in the workplace is no longer a nice to have, it’s vital for employee engagement and productivity. Through Homebuyer Hub we’re delivering this support to employers as we continue to broaden our proposition to meet the evolving needs of scheme members” *Nudge Global Research 2021
Homebuyer Hub guides pension scheme members along their own specific home-buying journey with nudges, reminders and next step options, while highlighting factors such as affordability and borrowing power, leading to the creation of a savings plan designed to help the user secure their first home.
It contains everything that a prospective homeowner needs to know about home buying, in a single place. It tackles the full range of topics and issues faced by first-time buyers, taking them through the range of factors to consider ahead of embarking on house buying, and all the steps required to see them eventually pick-up the keys to their new home.
Features of Homebuyer Hub include:
- tools, articles and checklists that cover everything a member needs to know throughout the journey to securing their first home
- education resources – understanding mortgages, borrowing calculators, financing options
- the type of home to work towards, while also helping the user choose the right savings account for them to achieve their home buying goal
- information on a wide range of home buying considerations from commissioning a survey to getting home insurance
Ben Leonard, CEO and Co-Founder of Moments said: "We are delighted to be able to support Standard Life with their financial wellbeing agenda and introduce an innovative new employee proposition. Buying a home is a significant life moment and we are confident Homebuyer Hub will support scheme members on their journey to home ownership in the months and years ahead."
Homebuyer Hub, which is available free of charge to members of participating workplace pension schemes through the Standard Life app, is also uniquely transaction free and does not promote or recommend any product or service, or offer financial advice. It is purely focused on employee engagement and financial wellness.
About Standard Life
- Standard Life is a brand that has been trusted to look after peoples’ life savings for nearly 200 years
- Today it proudly serves millions of customers who come to Standard Life directly, through advisers and through their employers’ pension scheme.
- Standard Life is part of the Phoenix Group, the largest long-term savings and retirement business in the UK. We’re proud to be building on nearly 200 years of Standard Life heritage together
- Our products include a variety of Pensions, Bonds and Retirement options to suit people’s needs, helping our customers to invest and save for their future. We’re proud to offer a leading range of sustainable and responsible investment options.
- We support our customers on their journey to and through retirement with comprehensive, easy-to-understand guidance so they can invest in the right way for their needs, and plan a future they feel confident about.
- The value of investments can go down as well as up, and may be worth less than originally invested.
About Life Moments
Life Moments is a profit and purpose business set up in 2018 to help people play life better by enabling organisations to become customer obsessed. The business was founded to close the advice gap in society and is leading the way in delivering digital coaching solutions for organisations wanting to help their customers to make smarter decisions in life. Our approach is grounded in behavioural science and the role of data to empower citizens whilst balancing privacy and personalisation. You can find us here: