81% want employers to help with financial education

Financial education

More than eight in ten (81%) respondents would like personal finance help from their employer, according to research by the Open University Business School (OUBS) and Share Radio.

The survey of 3,040 employees also found that 64% of respondents have never received financial education.

The research also found:

  • A third (33%) of respondents say financial education would help them plan their financial future, and a quarter (25%) believe it would boost their understanding of their pension.
  • 26% would like their employer to provide them with access to one-to-one financial education sessions, while 22% favour free financial courses.
  • Just 7% receive financial education from their employer.
  • 12% of respondents learn personal finance education through family and friends, 10% are self-taught through the media, 8% are self-taught through the internet, and 6% learn it while at school.

Martin Upton, director of the True Potential Centre for the Public Understanding of Finance (True Potential PUFin) at the Open University Business School, said: “It’s clear that many generations have suffered from a lack of formal financial education, and, while it was finally added to the school curriculum [in England] last year, there is a real need for many to increase their knowledge of, and confidence in, financial matters.

“By 2018 all employers will have responsibility for offering access to pension schemes, and there should be guidance on the schemes offered and the desirability for employees to augment their state pensions. Assessing how much income is needed in retirement requires budgeting skills and an understanding of taxation.”