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Financial advice for staff could save employers money

Employers who do not help their staff secure financial advice may be faced with succession planning issues and an inability to retain younger staff, according to new research.

Findings from Chase de Vere and research provider Lightbulb show financial advice programmes can cost as little as £5,700, and help get employees contributing more to their pensions.

McSweeney says National Insurance savings would likely cover the entire cost of a programme around £5,000.

Chase de Vere corporate advice manager Sean McSweeney says: “The presence of a decent financial advice programme will almost certainly boost these contribution levels and, if the company uses salary sacrifice, each extra pound invested will mean a National Insurance saving for the employer.”

In August figures from Chase de Vere and Lightbulb, only 33 per cent of firms said they are willing to fund advice programmes.

Intrinsic chief: Can banks complete the advice gap puzzle?

McSweeney says: “Employers could actually make a profit from offering financial advice in the workplace, especially if their current level of employee engagement and employee pension contributions are low.”

According to Aegon research findings reported by Money Marketing in May, only 10 per cent of people in the wider public are seeking financial advice.

New figures from Zurich this week also show that three in five people feel that a financial shock would damage their mental wellbeing. A one in six adults in the UK lack disposable income, while a quarter have no savings.

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