As people start their spring cleaning, planning finances comes far down the list of unpopular ‘chores’ for most
As we get nearer to Easter, many people in the UK take the time to refresh their house and garden: sometimes not the most popular tasks – but cleaning up finances is even more unwelcome, according to Lemonade Reward.
In fact, according to a recent survey from the employee benefits firm, financial planning is only as popular as ‘putting out the bins’.
In the ‘spring clean’ online poll, people ranked everything from window cleaning and re-decorating to clearing out the garage as more of a priority than dealing with their personal finances.
Indeed while 39% said that completing their most dreaded chore can take more than a day, 36% can take from three months to a year to review their personal finances – and 10% never undertake such a review.
David Pugh, managing partner at Lemonade Reward, comments: “I’m concerned to find sorting out your finances is as much a despised chore as putting out the rubbish, particularly as it’s something that can be addressed with employer support. Our survey last year found 94% of employees think their bosses should set aside budgets to provide financial education in the workplace, confirming this provision should be a necessity rather than a perk.”
With over a third (37%) saying they don’t know where to start when managing their finances, common concerns include not having enough savings to fall back on (24%), not having enough in retirement to live on (20%) and not being able to save on a regular basis (18%).
The survey shows the real and immediate need for employers to put some financial education in place for their staff.
Jonathan Watts-Lay, director, WEALTH at work, a leading provider of financial education, guidance and advice in the workplace, says: “Learning how to manage money is an important life skill. Financial education can help employees understand how they could save money on bills, manage spending and debt, and how to maximise the value of their workplace savings and benefits – all in order to support their short, medium and long term savings goals; whether that be saving for a first home or to generate income in retirement.”
Reward and WEALTH at work are blogging about financial education, savings and retirement options. FOLLOW THE SERIES HERE