Jonathan Watts-Lay, Director, WEALTH at work, a leading provider of financial education, guidance and advice in the workplace, comments: “By introducing financial education into the workplace across all career stages, including for younger employees who are just getting started out, more people will be able to learn the basic principles of money management which will benefit them not only throughout their careers, but also later in life.
The pension is of course a valuable workplace savings vehicle but employers also need to think about the bigger picture as younger employees will have different savings priorities, such as buying a first home. For example, providing a range of saving vehicles such as a Lifetime ISA (a great option for those who want to save for a deposit on their first home due to the guaranteed bonus), ISAs and share schemes alongside a pension, can help employees with their short, medium and long term savings goals.
Financial education is then useful to help employees understand their company’s benefits programme and how it can maximise the total value of their wealth.”