Financial education needed earlier

Some 84% of employers provide financial education, access to financial advice, or both, to support staff when they reach retirement, but just 38% offer education on more general topics.

However, Wealth at Work’s report Is the financial wellbeing of your employees important? shows 76% of employers think this is likely to increase, and 22% believe it will stay the same.

Also, 68% believe responsibility for employees’ long-term financial wellbeing should be shared by staff and employers, and 80% say action is needed to ensure staff realise the need to save.

Jonathan Watts-Lay, director of Wealth at Work, said: “If [employers] only offer education at retirement, it is too late, because at that point [they] cannot do anything about it.

“The key to education is taking people through the options they have as they go through their working lives.”

Read more news stories