Financial security now important for all ages to prevent workplace stress and help productivity
When does the need for financial security start and end? From student loans, through marriage, children and mortgages, to pensions and retirement – the financial burden on the workforce is huge.
In this week’s blog, Carl Chapman explored how financial security is key to employee wellbeing, and how is can have an all-encompassing effect on a workforce’s stress levels and productivity.
As Carl explored, there are various avenues open to employers who wish to help their employees gain better financial security.
The basics in financial education are now coming to the fore with the pension freedoms, as the need for employees to understand their retirement savings are more important than ever before.
However, there is still a long way to go. Recent research from The People’s Pension, for example, showed that almost three quarters (74%) of working age people with a pension either do not understand or have never heard of the tax relief that they receive on their pension contributions – despite 50% saying that if they realised they were receiving tax relief they would increase their contributions.
According to MyBenefitsAtWork, the vast majority of employers (95 per cent) believe the responsibility lies with them to keep their staff informed about changes to pensions legislation.
However, there is more to financial understanding than pension savings – and to ensure an engaged and stress-free workforce of all ages. Carl will report back in a few weeks’ time on how he has addressed his own financial security, and how his employer has helped him.