95% Of staff want advice on retirement
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Scottish Widows says 95 per cent of employees would like either financial advice or general information on their retirement savings options.
The latest workplace pension report from Scottish Widows show this percentage has increased from 76 per cent in 2009.
The research also highlights the very low levels of long-term savings among the under 30s but head of marketing communications Ann Flynn says workplace education or advice can be a good way to engage this section of the workforce.
She says: “Something is clearly not working here and we need to work hard to make sure the younger section of the workforce is catered for properly.”
Flynn suggests that expanding the range of financial services offered in the workplace is one way to get younger people involved in pension saving.
She says: “Most young people come into the workplace with student debt or maybe aspire to get on the housing ladder, so they have different needs.
“The challenge for employers to get effective engagement, to get the long term savings habit going, could be to help address their short-term needs.”
She says this could be done in a number of ways, including offering workplace Isas, but adds that education is more important than specific products.
She says: “The thing they want in the workplace is financial education, support and advice. There is a huge increase in people saying just help me understand some of this stuff first before we look at a product.
“If we can help people to understand finance and grow their confidence they will engage in the right products.”
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Readers' comments (2)
Paul Evans | 1 Oct 2010 9:30 am
Experience shows that when employees receive guidance on comlpicated financial matters such as pensions through their employer, the employee immediately feels more positive about their job. So the potential benefits to the company can be huge.
Additionally, it is essential that any guidance is not only on offer while pensions are being built up but is then incorporated in to the years leading up to retirement. Individuals will then form a better picture of their retirement options and will then be able to optimise their income in retirement through the (usually) cost effective route offered through their employer/scheme.
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Paul Evans | 1 Oct 2010 9:30 am
Experience shows that when employees receive guidance on comlpicated financial matters such as pensions through their employer, the employee immediately feels more positive about their job. So the potential benefits to the company can be huge.
Additionally, it is essential that any guidance is not only on offer while pensions are being built up but is then incorporated in to the years leading up to retirement. Individuals will then form a better picture of their retirement options and will then be able to optimise their income in retirement through the (usually) cost effective route offered through their employer/scheme.
Unsuitable or offensive? Report this comment