More than nine in 10 (94%) respondents think their employer should set aside a budget to provide financial education for staff, according to research by Lemonade Reward.
Its survey of 83 HR and reward employees also found that almost two-thirds (61%) of respondents cite not having enough money to live on in retirement as a key financial concern.
The research also found:
- 41% of respondents worry about not being able to save on a regular basis, 42% are concerned about having enough savings to fall back on, and 28% identify the inability to get on the property ladder as a key financial concern.
- 13% of respondents cite growing debt as a key financial concern, and 24% worry about not having enough money to live on each month.
- Just 1% of respondents would currently turn to their employer for financial advice, with many preferring to use websites, ask family or friends or speak to their bank.
- 83% of respondents cannot access financial advisors because of the associated costs.
- 46% of respondents endeavour to review their financial health on a quarterly or monthly basis, and 36% prefer to look at their financial health once or twice a year.
- 18% of respondents do not bother to review their financial health.
David Pugh, managing partner at Lemonade Reward, said: “The need for employers to provide financial education has never been greater. Respondents tell us they favour face to face and online/digital support, something that can easily be delivered in the workplace.
“This survey shows financial education is a necessity rather than a perk and I urge bosses to include this vital tool within their employee benefits armoury. Only then will [employees] have the time and inclination to take control of their finances and address their concerns.”
