40% feel let down by lack of access to financial advice

Wealth Wizards Andrew Firth

Four in ten (40%) respondents feel let down if their employer fails to support them with access to advice on their pensions and future finances, according to research by online pension advice provider Wealth Wizards.

Its survey of 1,000 UK employees also found that two-thirds (67%) of respondents believe it is irresponsible for organisations not to provide access to pensions advice to staff.

The research also found:

  • 57% of respondents would be more likely to stay with an organisation that cared about their pension and future finances.
  • 39% of respondents actively seek out employers that care about the financial health of their workforce.
  • 47% of 18-24 year old respondents look for an employer that offers access to financial advice when job hunting.
  • 21% of respondents say access to pensions and financial advice is only given to senior staff.

Andrew Firth (pictured), chief executive at Wealth Wizards, said: “With auto-enrolment and the shift towards individual responsibility for pension saving, employers need to take a more active role in providing access to advice for their workforce on how best to manage pension and retirement plans.

“Staff recruitment and retention is no longer just about a salary; employees are increasingly looking for benefits packages that meet their requirements, and this research tells us that employers that care about the financial health of their workforce come out on top.”