Almost two thirds (65%) of employee respondents cite financial wellness in the workplace as important to them, according to research by Thomsons Online Benefits.
Its Future of financial wellness report, which surveyed 200 HR and reward professionals and 500 employees in the UK, also found that less than one in 10 (7%) employer respondents offer any type of retirement planning support to staff.
The research also found:
- 15% of employer respondents have a financial education programme in place.
- 47% of employer respondents are considering implementing a financial wellness programme in 2017.
- 38% of employee respondents who work at an organisation with a financial education programme are likely to be very or extremely engaged in their organisation, compared to 19% of employee respondents who work for an employer that does not offer a financial education programme.
- 97% of employer respondents provide a pension scheme for staff.
- 68% of employee respondents want a single place to access all of their benefits, and 16% of employer respondents offer this.
- 52% of employee respondents want single sign on access to their benefits, and 54% want access to their benefits via a mobile device.
David Dodd (pictured), consulting director at Thomsons Online Benefits, said: “Employers have a responsibility to improve employee financial wellness not just as a duty of care, but to optimise employee engagement and business productivity. Only offering a pension and life assurance won’t cut it with a multi-generational workforce who need broader financial support beyond retirement options.
“The good news is that the market is responding with new types of financial products to meet employee demand at different life stages. Now employers must listen to their people, understand their needs and tailor financial wellness programmes with relevant solutions for different demographic groups. Employers who prioritise employee wellness now have the tools available to meet these complex needs and support their people to make sound financial decisions.”