Nearly half of UK adults (47%) say that financial worries impact their life and more than a quarter (26%) say that it makes them feel depressed and anxious, rising to more than a third (35%) of 35-54 year olds.
Cryptocurrencies are rapidly gaining popularity amongst investors due to being advertised as ‘get rich quick’ investments. They have particularly increased in attractiveness since the pandemic, with many people feeling obliged to take on greater risks to compensate for the economic uncertainty and concerns caused by the rising cost of living.
WEALTH at work has conducted a survey with the Pensions Management Institute to investigate the concerns pension Trustees (the people responsible for ensuring that a pension scheme is run properly) have have for their scheme members in the run up to their retirement and what support provisions they have in place.
Many employers now offer their workforce financial wellbeing support including financial education workshops, one-to-one guidance or coaching and digital tools and helplines, to help them understand the key financial issues affecting them.
WEALTH at work’s latest poll has found that 95% of respondents believe that it is becoming increasingly important to provide financial education and guidance to employees who are approaching retirement.
Rising inflation, increased bills and energy costs, and interest rate rises are all putting pressure on household finances.
The need to support employees to engage with their pensions and retirement savings has never been more important. Many workplaces now provide financial wellbeing programmes to help their employees engage with their pensions and understand the choices to be made at retirement.
What financial education programmes and support can employers offer to help employees make the most of their pay packets? Also, what budget planning and debt management support could help staff?
Many employees face financial worries at one time or another during their lives, and concerns over retirement can be a big part of this. In fact, our research found that 32% of working adults worry about being unable to afford to retire when they want, and 41% know they are not saving enough for a comfortable retirement.
The Wealth at Work group (“the Group”) – a leading financial wellbeing and retirement specialist has acquired technology firm Death by Design Limited (“DBD Digital”), based in Alderley Edge, Cheshire.