13% look to employer for retirement planning support

A folder with the label Retirement Plan

More than one in ten (13%) employee respondents look to their employer for support with retirement planning, according to research by Baring Asset Management.

Its survey of 1,548 employees also found that 14% think it is an employer’s responsibility to help them understand the asset allocation of their pension fund.

The survey also found:

  • 17% of respondents aged 18-24 years old look to their employer for retirement planning support, compared to 8% of respondents aged 55-64.
  • 56% believe understanding the asset allocation of their pension fund is their own responsibility and 22% believe it is the responsibility of their pension provider.
  • Around a quarter (23%) of respondents ask their friends and family for retirement planning advice, compared to 16% in 2014 and 12% in 2013.
  • 27% of respondents turn to financial advisers as a source of advice for retirement planning, and 20% look to a bank or building society.
  • 20% of respondents do all their financial planning themselves.

Rod Aldridge, head of Europe, Middle East and Africa (EMEA) wholesale distribution at Baring Asset Management, said: “Once again our survey shows more people relying on their employer for financial advice; an indication of the central role our work plays in our lives and its role as an increasingly significant distribution challenge.”