48% say financial education would help them save for retirement

Just under half (48%) of respondents believe that financial education would help them to save for retirement, according to research by Capita Employee Benefits.

Its Insight report, which surveyed 1,801 UK employees aged 16 or over, also found that 73% of respondents expect their employer to provide tailored guidance on the benefits available, as well as information on how appropriate each benefit might be to them and their family.

The research also found:

  • 76% of respondents believe employer-provided financial education would significantly help with coping with life issues, such as saving for retirement or towards a mortgage deposit.
  • 22% of respondents think financial education will help them learn how to live within a budget, and 21% cite learning how to manage and pay off existing debts as a benefit of having employer-provided financial education.
  • 37% of respondents aged between 16 and 34 want financial education to give them a better understanding of their overall income, and 30% would use financial education to learn how to save for a mortgage.
  • 36% of respondents are anxious about their financial future following the UK electorate’s vote to leave the European Union.
  • 21% admit that financial worries affect their work, while 34% of respondents feel stressed because of their current financial situation.
  • 58% of respondents do not know how much they should be saving for retirement.
  • 35% of respondents aged over 55 prefer to receive financial education through one-to-one meetings with their line manager or the HR department, compared to 35% of younger to middle-aged respondents who prefer to access this information via a website.

Gareth Davies (pictured), research and engagement manager at Capita Employee Benefits, said: “The case for financial education is compelling. A workforce that is more financially-aware and educated with less stress can only be a good thing for an organisation.

“Our research found that one in five admitted that their financial worries affected their work, with a third saying they had lost sleep worrying about their finances. We recognise that better guidance and improved education will help ensure people are more effective as an employee, versus someone who’s worrying about making sure they can afford the roof over their head or putting dinner on the table each night.”