94% believe employers should set aside a budget for financial education


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.”