All Financial wellbeing articles – Page 120
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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Article53% of over 40s unsure of guidance guarantee eligibility
More than half (53%) of respondents over the age of 40 do not know if they are eligible for the guidance guarantee, according to research by retirement provider Partnership. Its research, which surveyed more than 2,000 people aged over 40, also found that 18% of respondents said they were not ...
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Article45% able to provide pension flexibility
Less than half (45%) of respondents believe that they have the resources and systems in place to provide pensions flexibility once changes announced in this year’s Budget come into force, according to research by Wealth at Work.Its report, Do your employees need to rethink retirement? which surveyed 105 HR, reward ...
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Article
Financial education in the workplace: engaged employees better for business
This article has been supplied by our channel sponsor, Foster DenovoBy Darren Laverty, director of sales and marketing at Foster Denovo, the parent company of employee benefit adviser SecondsightIn early October, we released the results of some research (1) we undertook on the theme of workplace financial education.According to the ...
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AnalysisHow to motivate staff through the January blues
If you read nothing else, read this…In January, employees may be suffering from the effects of their excessive festive spending, overindulgence and the dreariness of the winter season.There are plenty of low-cost benefits that employers can use to motivate staff .But employees may value their manager’s time more than any ...
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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 ...
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ArticlePensions research 2014
The Employee Benefits/Close Brothers Pensions research 2014, examines the latest pensions industry trends and issues, enabling employers to keep up to date on the changing needs of their workforce, particularly for staff approaching or at retirement. The research includes the following articles:Jeanette makings: Financial education provides essential retirement guidance Clare ...
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Article36% predict future need for at-retirement support
Just over a third (36%) of respondents think that employers will need to offer at-retirement support to their staff in the future, according to the Employee Benefits/Close Brothers Pensions research 2014.The research, which surveyed 216 respondents in September 2014, also found that 30% of respondents are in the throes of ...