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Financial education is needed earlier
5th July 2010
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, 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.
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