6% of employers provide debt consolidation as part of benefits package


Less than one in 10 (6%) of respondents state that their employer provides debt consolidation via workplace lending and counselling services as part of their employee benefits package, according to research by Thomsons Online Benefits.

It surveyed 2,000 UK employees working in private sector organisations with more than 500 staff, and also found that 10% of respondents currently seek financial help and information from their employer.

The research also found:

  • 88% of respondents are open to using financial education and products delivered via their employer.
  • 25% of respondents have little or no confidence in their financial future, and a further 25% believe they have little or no chance of saving adequately for their retirement.
  • 28% of respondents cite that their income only just covers their living expenses, or that they have to borrow money to cover all of their living expenses.

Neil Atkinson (pictured), head of pensions and financial wellness at Thomsons Online Benefits, said: “There’s a temptation for people to brush poor financial health under the carpet, but 25% of people admit to money problems so substantial they affect their ability to do their job. Employers have a vested interest in helping their employees address these.

“We’ve already witnessed UK employers take on an integral role in people’s financial futures with the introduction of auto-enrolment, but there is clearly huge scope for them to do more.

“Employees today are dealing with a huge range of financial pressures preventing them from meeting their day-to-day living expenses, let alone saving into a pension. They are hungry for help and willing to accept this from their employer. All that remains now is for UK employers to augment and diversify the financial support they offer their people. The benefits of doing so will be felt threefold; by their employees, themselves and the UK economy.”