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News Article

Staff ‘Wouldn’t Ask Employer For Pensions Advice’

Apr 10, 2018

The majority of staff in the UK wouldn’t think to go to their employer to get advice about their pension or other financial affairs, a new survey has revealed.

Barnett Waddingham surveyed 3,000 people for its Generation WHY? - Money Matters in 2018 report, in which it found that just seven per cent would consider going to their employer to get advice about their finances.

Despite the fact that many are struggling to meet day-to-day living costs, and are therefore not saving enough towards their retirement, 43 per cent of those surveyed still expect to retire before the age of 65.

Head of workplace health and wealth at the firm Damian Stancombe said that the reason many people don’t want to talk to their employer is because of a breakdown in their relationship.

“Employees don’t trust the company they work for to help them or have their interests at heart,” he explained. As a result, many people are struggling needlessly with financial problems when their employer may be able to support them.

He added that, alongside a pension provider, “education should form the basis of a holistic workplace financial wellbeing strategy that will benefit both the employer and employee”.

When you’re searching for offices to let in Northumberland Business Park, you may want to choose a space that has separate consultation rooms where people can speak to their managers about sensitive matters, like their finances, in confidence.  

Although work was identified as the most common cause of stress among UK employees in a recent survey by Perkbox, this was closely followed by family issues (among 46 per cent of respondents) and money, 45 per cent.


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