Brits are feeling let down if their company doesn’t provide financial advice on pension and future finances.
New research has revealed that approximately a fifth (21%) of British workers believe that pension and future financial advice is only being given to senior staff. This figure rises to 25% in London and the West Midlands, according to Wealth Wizards.
Over 40% of Brits feel let down and two-thirds (67%) believe it is irresponsible of companies not to provide their staff with pension advice. In addition to this, the report also looked at how pension advice could impact employee loyalty. Over half (57%) said they would be more likely to stay with a company that cares about their future finances. More than a third (39%) said they actively seek employees that consider the workforce’s financial wellbeing when looking for a job.
Andrew Firth, chief executive of Wealth Wizards said: “The research shows that many employers are reserving the provision of financial and pension advice in the workplace for senior management, despite the demand for this kind of advice to be accessible to all. With auto-enrolment and the shift towards individual responsibility for pension saving, employers need to take a more active role in providing access to advice for their workforce on how best to manage pension and retirement plans.
“Staff recruitment and retention is no longer just about a salary – employees are increasingly looking for benefits packages that meet their requirements, and this research tells us that employers that care about the financial health of their workforce come out on top.”