Do respondents’ organisations provide financial education?
They do to all staff: 41%
They do not and have no plans to do so in the future: 24%
They do not but they are considering offering it: 18%
They do not but they plan to offer it: 13%
They do to some staff: 6%
Sample: All respondents (160)
The tools respondents use to deliver their financial education strategy
Face-to-face seminars: 60%
One-to-one sessions: 45%
Intranet site: 41%
Promotional literature (such as workplace posters, leaflets, desk drops): 36%
Online tools and modellers: 36%
Web-based seminars: 19%
Other: 8%
Do not know: 1%
Sample: All respondents that provide financial education for staff (73)
The providers of respondents’ financial education
Internal departments or resources: 41%
Employee benefits consultant: 34%
Pension provider: 26%
Local independent financial adviser: 23%
Specialist financial education provider: 15%
Other: 4%
Pension Wise: 3%
Do not know: 1%
Sample: All respondents that provide financial education for staff (74)
The proportion of respondents that provide financial education for all staff has seen a marginal rise from previous years. This year, 41% do so, compared to 28% in 2016 and 32% in 2015.
A further 13% of respondents said that while they do not currently offer financial education, they are in the planning stages to do so, while an additional 18% indicated they are considering introducing some form of financial education for staff. It will be interesting to see if this converts into action given that 31% of respondents to last year’s survey said they were planning on introducing some form of financial wellbeing support but this does not yet appear to have occurred.
As in 2016, face-to-face seminars remain the most popular delivery tool that respondents use to provide financial education to their staff, provided by 60%. One-to-one sessions remain in second place, offered by 45% of respondents. The popularity of online tools and modellers appears to have declined slightly year or year, this year being overtaken by respondents' intranet sites and promotional literature this year as a method of delivering financial education.
Local independent financial advisers (IFAs) have continued to see a decline as respondents' financial educator of choice. Last year saw a significant drop in popularity for this method of providing financial education for staff, with IFAs falling from the top spot in 2015 to fifth place last year.
The use of pension providers has seen a dip in popularity this year, after taking the top spot in 2016. Just over a quarter (26%) of respondents say they use their pension provider as a means of educating staff, compared to 40% last year.
The proportion of respondents using their own internal resources to do so, meanwhile, has risen slightly year on year, topping the list of methods used by this year's respondents. Just over two-fifths (41%) now provide financial education in this way, compared with 37% in 2016.