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Unconscious incompetence
9th March 2016
Jonathan Watts-Lay, Director WEALTH at work recently spoke to Reward about the theory of unconscious incompetence; this is when employees don’t know what they don’t know so are prone to making poor decisions.
Watts-Lay believes that when employees go through a pre-retirement seminar the aim is that they become ‘conscious’ and start to recognise all the complex things they need to understand around their pensions, savings, longevity, health and so on.
While historically finding and funding regulated advice was mainly down to the individual, more companies are now considering paying for, or contributing to, that advice.
In doing so, the employer is also managing their own risks. By paying for advice employers know they have done what they can to help their staff make the right choices!
Jonathan Watts-Lay, Director WEALTH at work, says: “For the past year, there’s been a ‘wait and see’ attitude, while the changes take place around their members and employees.”
The onus is now on the employer to initiate financial education with supporting regulated advice, embed it in the company culture, and engage their employees with it. And if they do, it is win-win – there’s a shared goal in making sure employees are on the right path to retirement.
To read the full article in Reward, please click here.
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