Standard Life research: A quarter of employees are not making full use of benefits

A quarter (25%) of employees are not making full use of their benefits package, according to research from Standard Life.

Part of the Insights into Financial Responsibility report which polled 8,500 people, the research also found that 31% of respondents are not confident about their financial security at age 60, while 69% said they do not have enough information or would like more when it comes to planning their financial future.

John Lawson, head of pensions policy at Standard Life, said: “We all have goals we want to achieve in life, travelling the world, retiring in style and staying financially secure: it is why we look forward to the future.

“Yet our research shows that very few of us get round to planning ahead to make sure these goals are achieved. This is a huge challenge for providers and employers.

“The good news is that the result of the poll shows people are able to look ahead and invest the time for a greater reward. The challenge is encouraging them to apply the same forward-planning and patience to their finances.

“It is clear there is still work to be done within our industry. We hope our poll has encouraged those who took part to think about their future goals and how they are going to finance them.

“Unfortunately life is not like winning a free prize draw and employees need more support when it comes to long-term financial planning and making their life goals a reality.”

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