Strategic report Governance Financial statements Other information CHIEF EXECUTIVE OFFICER’S REVIEW CONTINUED We have launched the “5 to We have made our service easier to use in a Building financial resilience help improve it. This is needed now more than Thrive” campaign, the five number of ways, by actively analysing our client At HL, building financial resilience is at the heartever. So, we intend to help by launching a new data to understand what they want from us. of what we do. The COVID-19 pandemic has Savings and Resilience Barometer in January key buildingblocks needed As a result, we improved the functionality of our reinforced the importance of effective savings 2022, as a regular tracker of the nation’s progress for financial resilience. mobile app which has seen an 81% increase in and the need for individuals to be financially on resilience dimensions to create a dataset for average daily users accessing our service over resilient but, while it has led many to engage regional and national policy makers to highlight prior year. We made it easier for clients to view more with their savings, we also recognise that where help is needed. and engage with individual investment this extraordinary yearhas reinforced a financial Outlook information including purchase and sale history, divide in this country. Every year millions of Our performance in 2021 reinforces our position average prices, total income values received and people experience life events that can cause a as the UK’s leading digital wealth management next expected dividend dates. Fund switching sudden loss of income or increase in expenditure. service. It has also undelined the significant functionality was introduced in March and we Yet many households lack the financial resilience r used banners on the app to guide and nudge to withstand such an event and have little opportunity ahead for us to transform what it client engagement. protection against falling into difficulty. means to be truly ‘market-leading’. Our past The impacts can be severe. investment has helped us meet the demands of For clients approaching retirement we added an exceptional year in a way that has left us with a new online drawdown journey, with 76% of According to a national representative survey of an expanded client base of 1.65 million clients, applications now using this route and providing 10,030 UK adults by Focldata 18 months into tha e record-breaking levels of trading and a broader positive client feedback that allows us to continue pandemic, just a third of Britons believe they’re suite of services. We have continuously advanced to improve the experience and engagement in good financial shape. And a quarter say their our service as client needs have changed and we with this key group. As the wealth management situation has worsened over the last six months. will continue to do so in the future to retain our platform with the broadest suite of products Those with the lowest levels of savings resilience leading position as the wealth market broadens to manage retirement, we will continue to invest are seeing their situations worsen. and digitises further. to ensure we have the best tools. I believe that we have a responsibility to play The size of the opportunity ahead is significant our part, so we are looking to add value to this and our ambition to extend our position as the important debate through additional insights, leading digital wealth management service as the tools, guidance and advice. We launched the market faces a structural shift in growth is clear. “5 to Thrive” campaign, the five key building We expect the UK addressable wealth market to blocks needed for financial resilience. Before grow from £1.4 trillion in 2021 to £1.8 trilli2on by2 the pandemic in 2019 the Financial Resilience 2025, with the Direct Platform Marketmaking up Taskforce called for the development of a new almost a quarter (23%) of this future pool. index to track the nation’s financial resilience to 16 Hargreaves Lansdown Report and Financial Statements 2021