Question: What are the best ways to help improve pension savers’ financial literacy?
Jonathan Watts-Lay, Director, WEALTH at work – a leading financial wellbeing and retirement specialist comments;
“It’s exceptionally important that schemes, Trustees and employers collectively work together to ensure that pension scheme members and employees are making the right decisions when it comes to their pensions.
Firstly, supporting individuals with their day-to-day needs, especially in the current environment, should be an area of focus. This should sit alongside support around longer-term needs such as pensions and retirement savings. Offering financial wellbeing programmes that help with a full range of money matters from debt and money management to preparing for retirement can really help. Many leading companies now deliver this sort of support through financial education workshops, one-to-one guidance or coaching sessions, digital tools and helplines, as well as providing access to regulated financial advice.”