John Lewis has partnered with digital wealth manager Nutmeg to launch three digital investing propositions.

John Lewis will offer customers a Junior ISA, Stocks and Shares ISA, and General Investment Account with a minimum £100 investment.

The products will all invest in funds with high ESG standards so John Lewis customers’ investments are “aligned with the values we know are important to them”.

The launch forms part of John Lewis’ plans for 40% of its profits to come from outside retail by 2030. The firm has committed £100m over the next five years to quadruple its financial services business.

Amir Goshtai, director at John Lewis Financial Services, said: “The pandemic has been tough for many, but others have managed to save more every month.  They’ve also reassessed how they want to spend their money - more than ever, they want to secure their financial future and that of their families.

“Our products allow people to put money aside and to take that first step into what is often perceived as the complicated world of investments. This is where the trust and love that customers have for our brand combined with Nutmeg’s expertise can make a difference, while making John Lewis even more relevant for life’s big moments; whether that’s saving for a home or preparing for the arrival of a new baby.”  

A survey conducted with 2,000 UK adults on behalf of John Lewis last month by OnePoll has found that the Coronavirus pandemic has made people reassess how they spend and save.

Those continuing to save £1,000 or more has increased by almost 20% according to the survey, and over two thirds of people now want to spend that money on new and bigger goals like starting their own business or renovating their home.

One in five said they want to move to a bigger house or relocate to the country, over a quarter said they are now planning a future dream holiday and over a third said they want to do some of “life’s big moments” more quickly, including buying a home, getting married or starting a family.

The survey also showed that 72% of people said they would consider investing in stocks and shares rather than just putting their money into a current account, yet 59% of people said they were put off as they had no idea where to start or it was like a ‘different language’ to them. 

Fewer than 10% of those surveyed said they already invested.   

JP Morgan Chase acquired loss-making digital wealth manager Nutmeg in June as it looks to expand its retail digital wealth management offering.

JP Morgan said the acquisition will complement the firm’s UK digital bank due to be launched under its Chase brand later this year.

Nutmeg has over 140,000 clients with over £3.5bn of assets under management. It claims to have been the first ‘digital wealth manager’ in Europe to reach £2bn in assets under management.

The digital wealth manager offers a range of investment and pension products and was launched in 2012.