樱桃涩福利姬

By Heather Hazely, Head of Distribution, West Brom Building Society

Less than 9% of the UK population accessed financial advice in 2024, according to data published this year by the Financial Conduct Authority.¹

For the rest of us, decisions about saving and planning for the future are often made without proper guidance or not made at all. That gap is something 樱桃涩福利姬 could be well placed to help address.

At West Brom Building Society, our commitment to helping others save and plan towards their financial futures, has led to us trialling a money coaching service with Octopus Money. It’s a way of helping support both our customers and colleagues. The idea behind the coaching is to help bridge the gap between doing nothing and paying for regulated financial advice.

Money coaching is deliberately designed to be straightforward, and affordable, giving people the structure and confidence they need to take control of their finances.

It involves three sessions with a coach, firstly to understand personal circumstances and goals, then to agree a plan, and finally to check in on progress. The overall aim? Well, it isn’t about products or investments. It’s about helping people build clarity, confidence and momentum in their saving habits.

Lessons from the trial

Responses from our customers who tried the coaching has shown there’s appetite for this kind of support, particularly among those looking for reassurance that they’re making the right decisions. But the strongest feedback so far has come from some of our West Brom colleagues who took part in the trial.

One colleague described the experience as “a lightbulb moment”. The coaching helped her reframe her everyday spending, set up a dedicated savings pot and start planning for family milestones that had previously felt out of reach. Others reported similar outcomes, whether saving for a first home, building a rainy-day fund or simply feeling more confident about where their money was going.

For us as a Society, the feedback helps us see the value of offering guidance that sits somewhere between everyday conversations in-branch and formal financial advice. Coaching has proven it can translate good intentions into concrete steps, with even small changes making a tangible difference.

Although we found this kind of coaching might not meet everyone’s needs, as many of our older client base are already at retirement and drawing on their pensions, while others might not have the level of income to plan in this way.

But for some people who are at a stage in life where savings goals could help them achieve certain milestones, like buying a car, putting down a deposit on a house, or planning for a family or big holiday, then this sort of service makes advice about finances far more accessible.

Wouldn’t it be great if the near 91% of consumers who didn’t access financial advice last year, could easily access money coaching and more importantly achieve some of their financial goals.

Why it matters

The partnership with Octopus Money is part of the West Brom’s wider commitment to supporting long-term financial wellbeing. It also speaks to a challenge facing the sector, how to meet members where they are, rather than waiting for them to seek out advice they may never feel ready for.

As UK Savings Week highlights, encouraging saving is more than just education and awareness, it’s about giving people the right tools, confidence and encouragement to act. Money coaching is one way we can help people do that, in a way that is understandable, relatable and financially accessible. And, if positioned in the right way money coaching could play a valuable role in the mix of support that a building society has to offer both to its members and staff.

Next steps

To find out more about the West Brom’s partnership with Octopus Money visit:

Footnotes

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