We pride ourselves on the quality of our work and commitment to service which has resulted in many of the UK’s largest companies retaining our services. We have educated tens of thousands of employees over many years, covering a range of subjects. Subjects covered range from long term income planning to share scheme diversification and from general financial awareness to retirement planning.
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It is also increasingly acknowledged that one of the biggest financial decisions most people will make in their lives is how they will maximise their income at retirement. This is crucially important, as making a poor decision can result in lower income throughout retirement. Financial education can help ensure that employees understand the options available.
In August 2012, the Chartered Institute of Personnel and Development (CIPD) conducted a survey which states that 53% of UK employees are concerned about finance in retirement and 39% of employees are only just making financial ends meet.
WEALTH at work also conducted a retirement survey in December 2014 to help identify the approaches and opinions of a range of companies to see how, and if, they are recognising the growing need to support employees at retirement. The results found that only 15% of employers believe their employees are making sufficient retirement savings and 88% consider professional retirement planning including financial education crucial for their employees.
Together with insufficient retirement savings, over indebtedness and a general lack of knowledge, employees have a pressing need for financial education in the workplace.
This is of special concern for those considering retirement. Employees save for many years to fund their retirement income but are often left without any guidance at the point of retirement. This is especially important as the decision an individual makes at retirement is probably one of the biggest financial decisions they will make in their life.
WEALTH at work has helped employees from many companies to understand not only their options at retirement but also to help them to understand how retirement income can be maximised whether the income is generated through an annuity, drawdown or perhaps a combination of both. Income in retirement may not just come from pension but other assets such as shares received through employment or perhaps other savings gathered outside the workplace. It is important that all savings are considered to determine the best option or options for each individual.
It is therefore crucial that employees are provided with the right guidance and support to ensure that they understand what their retirement options are and how to maximise their income.
With recent changes to pensions legislation, more and more employers now see professional retirement planning for their staff as critical to their business. A combination of financial education and advice is essential to any retirement planning programme which should be supported by Internet tools and help desk support, which will ensure employees make the most of their retirement income options.
Our advisory service is provided by my wealth who is a part of WEALTH at work. my wealth helps individuals to understand how to save for a better financial future by providing practical guidance and advice on investing tax efficiently and general money management. The investment advice is without charge or obligation.
WEALTH at work and my wealth are trading names of Wealth at Work Limited which is regulated by the Financial Conduct Authority.
WEALTH at work has outlined the top 5 considerations for employees before cashing in their pension.
6th December 2017
The flexibility to withdraw pension income as and when needed has seen an increasing number of employees and members wanting to transfer their defined benefit (DB) scheme into something more accessible.
29th November 2017
Financial education delivered in the workplace can help individuals understand the basic principles of money management, including how to set budgets and manage finances.
24th November 2017