Almost three-quarters (73%) of employees have never spoken to their employer or line manager about their financial wellbeing, according to a report by workplace pension provider Aviva.
The Working lives report 2022: The big squeeze found that a quarter were more likely to trust their own research to guide them on pensions and long-term savings, with 19% trusting their pension scheme provider and only 15% their employer, HR or line manager.
The report did find, however, that employees aged between 25 and 34, followed closely by 18-24 year olds, showed more willingness to speak to their employers about financial concerns.
Of those employees eligible to join a workplace pension scheme provided by their employer, 17% did not know what proportion of their salary was paid into their pension. Only 19% felt they would be able to retire comfortably on their workplace pension, and 34% were certain their workplace pension would not be enough.
Emma Douglas, director of workplace savings and retirement at Aviva’s, said: “Talking money with an employer appears to be one of the last workplace taboos. It is important that all generations of workers feel they can talk about their financial wellbeing with their employer. One of the areas that employers can offer important support is retirement savings. Pensions are designed to be a long-term investment and any decisions made today will echo throughout a person’s retirement.
“It is a shame that so many people who have a workplace pension and are worried about not being able to retire comfortably have never spoken to their manager about their concerns. This is an unusually tough time for people and the extent of financial hardship will be unique for everyone. It is more important than ever that employers encourage their people to talk to them about money worries, and employees take up any financial education or guidance their employer is able to offer.”