If employers only offer education at retirement, it is too late, because at that point they cannot do anything about it. The key to education is taking people through the options they have as they go through their working lives.
Some 84% of employers provide financial education, access to financial advice, or both, to support staff when they reach retirement, but just 38% offer education on more general topics.
However, WEALTH at work’s report Is the financial wellbeing of your employees important? shows 76% of employers think this is likely to increase, and 22% believe it will stay the same.
Also, 68% believe responsibility for employees’ long-term financial wellbeing should be shared by staff and employers, and 80% say action is needed to ensure staff realise the need to save.
Jonathan Watts-Lay, director of WEALTH at work, said: “If [employers] only offer education at retirement, it is too late, because at that point [they] cannot do anything about it.
“The key to education is taking people through the options they have as they go through their working lives.”
Please see the Employee Benefits website.
