Over three quarters of employees seek financial education on issues including retirement planning

Over three quarters, 76 per cent, of employees claim that improved financial education would significantly help with important life-issues such as planning for retirement, Capita Employee Benefits has found.

According to Capita Employee Benefits’ new Insight Report series, assistance with saving for retirement was the most popular benefit that employees believed they would gain from financial education. This was chosen by almost half, 48 per cent, of those surveyed, and was followed by education on: learning how to live within a budget, 22 per cent, and paying off existing debts, 21 per cent.

The survey highlighted that 73 per cent of employees expect their employer to offer tailored, detailed guidance on their benefits and how appropriate each benefit might be to them.

Capita Employee Benefits research and engagement manager Gareth Davies 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.”

In addition, the report found that over a third, 35 per cent, of younger and middle-aged employees want to access to financial information online, while this was the fourth most popular option for over 55 year olds. In contrast, 35 per cent of over 55s said they would prefer to have one-to-one meetings with their line manager or HR department. Leaflets and brochures came second for both groups with 31 per cent and 34 per cent respectively.

Capita Employee Benefits head of benefits strategy Alex Tullett, emphasised: “A one-size-fits-all approach now looks severely outdated. Employers need to know their staff, and their circumstances, better and this means that guidance also needs to become personal. Employees expect context, they want benefits to be relevant to their circumstances, and this means benefits need to be targeted to the end user, not just ‘catch-all’.

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