Financial Education

Many employees can often struggle to understand some aspects of financial issues that relate to them and often fail to understand the various benefits on offer in the workplace. The reasons for this are not hard to find. Our experience shows that passively delivered information – through booklets or intranet sites – is largely ineffective. Our approach to education revolves around a proactive and interactive delivery, aiming to create a deep and lasting understanding to each cohort of the employee population.

The needs of every organisation are different. Our experience shows that classroom-based delivery is the best way to enhance understanding of financial matters for most employees; but this may not always be possible.

In view of this we also have a range of online education formats which include webinars, webcasts, animation and tailored company specific interactive microsites.

We also provide pre-retirement open courses to smaller companies looking to educate their employees. Our open courses provide employees with the opportunity to have a one day seminar gaining guidance on retirement. These one day seminars are offered as an open course around the UK.

Tailored financial education

We tailor financial education to suit the individual needs of your company and its employees.

Our three stage approach to developing a financial education programme includes:

Stage 1

A review of your reasons and objectives for looking at financial education and how this fits with the company benefits you have on offer.

We also look at the profile of your employee population e.g. demographics and take-up rates of existing company benefits.  This means that we can identify potential opportunities for your employees, e.g. creating more value from the new pension flexibility rules; as well as identifying weak points, e.g. poor tax planning for executives.

Stage 2

Having completed the review, we will work through our findings with you to illustrate what we believe needs to be done.

Stage 3

We will then create a financial education programme tailored to your company and its employees.

Following a retirement seminar, employees will receive the opportunity to download a workbook which will enable them to put what they have learnt into context following financial education.

Financial education topics

All education programmes we deliver are tailored to the needs of each organisation whether it is:

  •  A programme to encourage increased pension savings
  •  A series of share scheme seminars to highlight key benefits and risks
  •  Support at retirement

Typical topics covered include:

At RetirementPre-retirement planningShare schemesPensionsMoney managementExecutive serviceGraduate / new entrantRedundancyAnnual 'flex' windowsBespoke modules
Aimed at those who are looking to retire within the next year or two. The subject matter includes various aspects of income generation in retirement and key issues to consider.
Aimed at those who are still a number of years away from retirement but who would like to consider whether their retirement plans are on financial track for the retirement they want.
An explanation of different types of scheme(s) and how employees can make the most of their contributions, tax allowances and links to pension planning and ISA savings on maturity.
Topics include the features of the Company scheme(s) contribution levels, investment choices, risk versus reward, tax implications and how to access pension savings.
Exploring ways in which to manage income effectively including debt management and money saving ideas.
For senior employees with more complex benefits, e.g. executive share plans, pension opt-outs and lifetime allowance complexities.
Designed to support employees in the early stages of their career by explaining benefits provided by the employer.
Managing future finances, understanding benefits on leaving, and exploring ways in which to support day to day finances during what may be a very difficult time.
Helping employees understand the benefits available to them and the tax and savings advantages of employer led benefits.
E.g. TUPE transfers and pension scheme changes.

Enhancing Value

Value can be added by providing tailored financial education programmes for your employees. Here are a few examples:

RetirementTax savingsDouble tax reliefSupporting financial education
For example our annual Retirement Income Options Survey consistently shows that year after year employers believe their employees are largely unaware of the various retirement income options available.

With more choice available, it is important for employees to understand the options available so they can make good decisions at retirement. Our education seminars highlight the main income options, their advantages and disadvantages and where to get further help and advice.

For example, understanding how linking maturing benefits from a Save As You Earn (SAYE) scheme with an ISA will allow your employees to mitigate potential capital gains tax liability and allows for future tax free growth.
For example, transferring Share Incentive Plan (SIP) stock into a pension would let your employees benefit from double tax relief.
We offer a number of other ways to support financial education. These are briefly described below:

One to one guidance

Having a one to one conversation is a key part of our service to help employees clarify elements of their financial situation. This can be via clinic sessions in the workplace, which typically last 30 minutes, or by telephone. For many this guidance will answer their questions; however others may need full regulated advice.  Please see below for more information.

Regulated advice

Some employees will need personalised support to make important financial decisions, particularly if they have complex investment and tax considerations or are looking to retire.

For further information please contact us now.

If tailored financial education is not suited to your company, you may be interested in our retirement open courses, please click here to find out more.