Education and advice brought to the fore this week in the UK.
With so many financial decisions facing all age groups in today’s workforce, it is of vital importance that employees engage with their savings in order to make the choices that will keep them secure.
Last week, 6th – 10th June, marked Financial Planning Week 2016: organised by the Chartered Institute for Securities & Investment (CISI), the week encouraged people to manage their finances and seek the advice they require.
In line with the week, many companies offered free financial planning surgeries regionally to allow people to discuss their personal situations with no obligation to act further or pay for any advice.
Jeanette Makings, head of financial education at Close Brothers Asset Management commented about the week: “In a world of considerable changes to our personal finances, whether pension freedoms, alterations to the tax system or interest rates at record lows – prudent financial planning to help improve financial wellbeing now and for the future is becoming ever more prevalent and an important part of our daily lives.
“Initiatives such as Financial Planning Week are key to encouraging individuals to look at their finances, to understand their choices and to make the most of what they have for their immediate needs and for the longer term. Whether through financial education, a dedicated financial wellness programme or access to financial advice, all of these will support a more financially secure workforce and will encourage engagement, productivity and retention, so benefitting your business as well as individual employees.”
Over the past five months, WEALTH at work, a leading provider of financial education in the workplace, supported by guidance and advice, has been blogging with Reward on various topics that employers and employees need to consider when it comes to financial planning: from avoiding pensions scams to fully understanding all their pension flexibilities.
Jonathan Watts-Lay, Director, WEALTH at work comments; “The need to save, combined with recent regulatory change has put financial education on the map. Often, the workplace is the best place to promote this. After all, this is where employees receive their salary and benefits package. It’s in everyone’s interest to support good financial planning and saving and anything which encourages this can only be a good thing! Employees who are engaged with their finances and feel secure about their future can lead to a happier and productive workforce.”
WEALTH at work has been blogging about the key areas of employer consideration when helping employees through retirement in Reward's financial education hub.
The hub examines the changes in pensions and looks at how you can help your employees with financial education across all their savings. CLICK HERE to access the hub
For further information about WEALTH at work, please CLICK HERE