All Financial wellbeing articles – Page 113
-
ArticleFinancial education boosts staff engagement
How financial education can boost employee engagement and employers’return on investment (ROI) will be the focus of a session at Employee Benefits Connect 2015.In a session titled ‘Boost employee engagement and ROI using financial education’, Darren Laverty (pictured), director at financial education provider Secondsight, will discuss why and how workplace ...
-
Article
96% believe pension flexibilities create need for financial education
Some 96% of employers think that the new pension flexibilities creates a need for more financial education in the workplace, according to research by Jelf Employee Benefits. Its research among 250 employers also found that nearly three quarters (73%) believe workplace financial education should be employer funded.Of this 73%, more ...
-
Article68% of over-50s would retrain to work longer in retirement
More than two-thirds (68%) of over-50s would consider retraining to work longer in retirement, according to research by MetLife. Its research, which surveyed more than 2,500 employees, found that financial pressures and a lack of sufficient retirement savings are the drivers behind employees working longer.Just over half (55%) of respondents ...
-
Case StudiesBecton Dickinson personalises financial education for staff
As part of the programme introduced in November 2014, the firm uses Nudge’s Global Quantum technology, which uses HR and benefits data to profile employees and pre-empt their individual financial needs.Employees are then sent a number of messages about how to save money or set and track financial targets. These ...
-
ArticleGovernment names guidance guarantee service
The government has today (12 January) revealed that its guidance guarantee service will be called Pension wise. The creation of Pension wise follows measures announced in the 2014 Budget to provide access to free and impartial guidance on how savers can make the most of the new pension freedoms, which ...
-
AnalysisFinancial education in numbers
52% of employers do not provide financial education for employees (Source: Secondsight, October 2014)55% of employers do not offer staff support at retirement (Source: Employee Benefits/Close Brothers Pensions research 2014, November 2014)43% of respondents say 90% or more of their employees are active pension scheme members (Source: Employee Benefits/Close ...
-
AnalysisWhat does an effective financial education strategy look like?
If you read nothing else, read this… Employers must identify employees’ financial concerns.Financial education strategies should be based on employers’ existing benefits.Strategies must be ongoing to maintain their impact.The abolition of compulsory annuitisation for defined contribution (DC) pension scheme members could be challenging for employers that do not have any ...
-
AnalysisTop tips for communicating a financial education strategy
If you read nothing else, read this…Financial education programmes must be integrated with organisations’ workforce planning strategies. Employers must consider their audience, because many young staff will have experienced financial education at school.Face-to-face learning can be highly effective. 1. Consider employees’ existing knowledgeMany young people will have experienced financial education ...
-
ArticleCenter Parcs incentivises financial education take up
EXCLUSIVE: More than 500 employees attended financial education seminars after Center Parcs introduced an incentive scheme to help boost take up. The leisure resort firm, which has a workforce spread across six sites, encouraged staff to attend by offering the chance to enter a prize draw to win an iPad.The ...
-
AnalysisWhen will we see an increase in demand for workplace financial awareness?
There has been much speculation about how much money employees will take from their pension pots since the decision to scrap compulsory annuitisation was made in the 2014 Budget last March. The Chancellor announced that staff over the age of 55 with a defined contribution (DC) pension will be able ...
-
ArticleLess than half of employers provide at-retirement support
Less than half (45%) of respondents provide staff with support at retirement, according to research by Close Brothers Asset Management.Its study of 218 UK employers also found that the most popular way of supporting employees at retirement is through workplace seminars (26%), while 23% of respondents provide access to information ...
-
Analysis
What are employers' primary concerns around April's pension reforms?
This 10-minute video above covers:Why the new pension reforms are driving the need for employee guidance Which pensions decisions staff struggle with the mostHow employers can support staff to overcome these challenges How employers can overcome any fears they have about straying into the realms of advice when attempting to ...
-
OpinionAndrea Finney: Improving financial wellbeing
This is largely because of the global financial crisis of 2008, which has resulted in a sustained increase in the cost of living, coupled with a fall in real earnings.Increased diversity in financial services, constriction in consumer lending and a growing pensions crisis have also put new burdens on employees.We ...
-
ArticleHow far should employers go in recommending financial advice?
In April 2015, the government will introduce the most radical pension changes in almost 100 years.From the age of 55, all staff will be able to access their entire defined contribution (DC) pension flexibly, whether taking it as a lump sum, buying an annuity, drawing down, or a combination of ...
-
ArticleCitizens Advice names guidance delivery sites
The Citizens Advice Bureau has named its first 44 sites that will deliver face-to-face sessions as part of the government’s guidance guarantee, Pension Wise. People will be able to book guidance appointments at any Citizen Advice office but will have to travel to a designated delivery centre for the session ...
-
Article
40% to introduce financial education
EXCLUSIVE: Just under 40% of employers are ready to implement a financial education strategy in 2015, according to research by Hargreaves Lansdown.The investment firm’s report HL corporate pensions, based on a survey of 250 respondents, also found that almost half are concerned about whether their employees will be able to ...
-
Article21% say their employer has contacted them about the pension freedoms
Less than a quarter (21%) of UK employees stated that their employer has contacted them regarding the new pension laws coming into force in April 2015, according to research from employee benefits consultancy Portus Consulting.The study, conducted online by Consumer Intelligence, surveyed 1,154 staff over 18 in December 2014, also ...
-
ArticleFinancial Education report 2015
View all stories from the report below:Jonathan Watts-Lay: Three steps to freedomNew flexibilities in pension access increases the need for workplace financial education.Financial education in numbersA round-up of the latest facts and figures about financial education.Andrea Finney: Helping to ease the burdenThere are a number of steps employers can take ...
-
ArticleIsa tax advantages extended to partners
Autumn Statement 2014: The government has announced that, from April 2015, if an individual savings account (Isa) holder dies who is in a marriage or civil partnership, their spouse or civil partner will inherit the Isa tax benefits.For deaths on or after the 3 December, surviving spouses will receive an ...
-
ArticleCompetition in retirement market is not working
A failure by many consumers to shop around or switch provider to get the best annuity deal proves that competition in the retirement market is not working as well as it could be, according to research by the Financial Conduct Authority (FCA).The regulator’s Retirement income market study, which examined products ...