Since the pandemic, people have been faced with a multitude of challenges impacting their finances and none more so than the cost of living crisis. Recently, the pressures on household income has raised concerns that members will look at their pension contributions as a way of cutting back on their monthly costs.
With increasing costs continually putting pressure on household finances, 2023 is set to be a financially challenging year for many. It’s therefore now more important than ever to support employees to take control of their finances to successfully navigate the cost-of-living crisis.
To help employees manage their money over this expensive time of year, WEALTH at work, a leading financial wellbeing and retirement specialist, has outlined some top money management tips for the festive season.
Inflation in the UK was at a 41 year high in October at 11.1% and is expected to remain high for some time, intensifying the existing cost-of-living crisis.
The Chancellor Jeremy Hunt has today delivered his Autumn Statement setting out details of his proposed tax rises and spending cuts to raise £55bn to support the UK’s public finances.
This October has marked the 10th anniversary of auto enrolment. Jonathan Watts-Lay, Director, WEALTH at work, a leading financial wellbeing and retirement specialist, answers some key questions on the topic and gives his thoughts on how the cost of living crisis could impact pension savings.
The Reward & Employee Benefits Association (REBA) in association with WEALTH at work has launched its new workplace Financial Wellbeing Research 2022, with responses from nearly 300 companies representing around 1 million employees.
Nearly half of adults (47%) say that money worries affect their life, yet 49% say their employer does not do anything to help them understand their finances.
Following the government shake-up in the wake of Liz Truss taking over the reigns as Prime Minister, the new Chancellor Kwasi Kwarteng has today delivered his first ‘mini’ budget.
We are deeply saddened by the passing of Her Majesty, Queen Elizabeth II. Our thoughts are with the Royal Family at this sad time.