Market Research

HSBC Announces Two-Year Research Fellowship With Wellbeing Research Centre

Editorial Staff 19 July 2023

HSBC Announces Two-Year Research Fellowship With Wellbeing Research Centre

Both organisations wants to gain a deeper understanding of the geographical, cultural, demographic differences and similarities with the aim of producing a set of recommendations for how to improve holistic wellbeing.

HSBC and the Wellbeing Research Centre at the University of Oxford have launched the HSBC Research Fellowship – a two-year programme which seeks to advance the understanding of the relationship between financial health and general wellbeing.

The partnership will also conduct interdisciplinary research on the role and impact that different themes such as financial fitness and mental wellbeing play in the overall quality of life.

As part of the fellowship, the University of Oxford will host a post-doctoral researcher for the duration of the programme. The insights from this academically-independent fellowship will be used to inform HSBC’s health and wealth business model.

Areas of interest for the collaboration will include exploring the behavioural drivers and obstacles for each of the key dimensions of human health. The organisations also want to gain a deeper understanding of the geographical, cultural, demographic differences and similarities in order to produce a set of recommendations for how to improve holistic wellbeing. The HSBC research fellowship will take an interdisciplinary approach based on economics, behavioural science and psychology, as well as incorporating state-of-the-art artificial intelligence (AI) and machine learning tools.

This research also aims to build on the findings of the HSBC Life +Factor Study which offered six key insights into how physical, financial, and mental health affect our daily lives and future plans. It assessed the link between various aspects of wellbeing and confirmed the relationship and compound effect of mental, physical and financial health for overall wellbeing.

HSBC and the Wellbeing Research Centre are founding members of the not-for-profit World Wellbeing Movement2, which seeks to place wellbeing at the heart of both business and public policy.

“The Wellbeing Research Centre at the University of Oxford is a leader in its field, specialising in interdisciplinary wellbeing research as a driver for public policy, interventions, and for improving the wellbeing of future generations. At HSBC, we are fully aligned with these objectives and are delighted to partner with them on such an important area of study for the financial services and insurance industry,” Greg Hingston, CEO of HSBC Global Insurance and Partnerships, said.

“Health, wealth and life insurance play a key role across a universe of customer needs. Demand for life solutions is continuing to grow, globally, as ageing populations and rising healthcare costs continue to be an issue leading to the widening of the protection gap. Through this partnership and subsequent research, we aim to grow awareness of the benefits of healthier living and wellbeing, the need for protection and the cross over to wealth, as well as inform our health and wealth strategy to provide enhanced and market-leading solutions to our customers,” he added.

“Our research already suggests that our financial situation is a key component of how we feel about our lives, and this collaboration will enable us to dig deeper into those factors which impact upon quality of life,” Professor Jan-Emmanuel De Neve, director of the Wellbeing Research Centre at the University of Oxford, said.

“By using the Wellbeing Research Centre as an independent platform for knowledge exchange, it is our hope that this research fellowship, and subsequent research, will enable meaningful and sustainable positive change in the sphere of financial wellbeing.”

This news service is increasingly examining the intersection of wealth and health. The HSBC/Wellbeing Research Centre collaboration is an example of how wealth managers need to take health into account, not just as a spending item for their HNW clients, but as an important area requiring financial and estate planning – see a previous article here.

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