A total of 16% of employees plan to increase their workplace pension contributions as a result of the Covid-19 (Coronavirus) pandemic, according to findings from Close Brothers.
The new report, Expecting the unexpected: a spotlight on preparing for a crisis, was compiled based on data from 2,000 UK-based staff at companies with 200 or more staff in order to highlight the extent to which the past 12 months have changed the financial plans of workers across the UK.
The research revealed that 19% of employees wanted to save more into their personal pensions and almost two-thirds (61%) are saving into an emergency fund in order to prepare for the unexpected.
Around three-quarters (73%) of UK female respondents said they either plan to or have already started keeping a closer eye on their day-to-day spending as a result of the pandemic, compared to more than half (52%) of their male counterparts who answered the same.
Additionally, 30% of staff plan to move to part-time remote working and almost four in 10 (39%) employees anticipate a shift to full-time remote working.
Jeanette Makings, head of financial education at Close Brothers, explained that the impact of the pandemic and the experience through multiple lockdowns have been a catalyst for some significant lifestyle changes and in employees taking steps to improve their mental, physical, and financial health.
She said: “At this moment in time, employees are more focused than ever about the importance of better managing their finances. It is therefore the perfect time for employers to push harder on their financial wellbeing strategies and better support their employees’ financial health. More employees need it and more employees are ready, willing and able to listen.”
Makings believes that for those organisations doing more to improve their financial wellbeing strategies now, the rewards won’t just be felt by their employees but there will also be tangible benefits to business performance, which she describes as “a double win”.