Many employers now offer their workforce financial wellbeing support including financial education workshops, one-to-one guidance or coaching and digital tools and helplines, to help them understand the key financial issues affecting them.
WEALTH at work’s latest poll has found that 95% of respondents believe that it is becoming increasingly important to provide financial education and guidance to employees who are approaching retirement.
Rising inflation, increased bills and energy costs, and interest rate rises are all putting pressure on household finances.
What financial education programmes and support can employers offer to help employees make the most of their pay packets? Also, what budget planning and debt management support could help staff?
The need to support employees to engage with their pensions and retirement savings has never been more important. Many workplaces now provide financial wellbeing programmes to help their employees engage with their pensions and understand the choices to be made at retirement.
Many employees face financial worries at one time or another during their lives, and concerns over retirement can be a big part of this. In fact, our research found that 32% of working adults worry about being unable to afford to retire when they want, and 41% know they are not saving enough for a comfortable retirement.
The Wealth at Work group (“the Group”) – a leading financial wellbeing and retirement specialist has acquired technology firm Death by Design Limited (“DBD Digital”), based in Alderley Edge, Cheshire.
According to WEALTH at work research, a substantial proportion of employees have significant financial worries.
Jonathan Watts-Lay, Director, WEALTH at work, a leading financial wellbeing and retirement specialist, comments; “Death in service benefit is generally paid as a tax free lump sum, calculated as a multiple of the employee’s salary.
Many people are aware that they should be paying off their debts, saving more, or spending less, but actually taking control of your finances and making decisions, can be daunting.