Could bosses be doing more to help employees decide how to spend their cash?46 per cent of workers want their employers to offer them financial education, while 49 per cent think their companies could assist in helping them to make informed savings and investment choices.
The survey of over 6,000 people also found that 58 per cent of savers and investors are not putting away as much money as they would like, with 19 per cent saying this is due to not being certain as to where to best invest their hard earned cash.
“Of the people we surveyed, many of them got into investing through their employer when they joined a company share plan,” said Phil Ainsley, managing director of Equiniti’s employee services business. “It shows that these schemes are a valuable gateway to saving and creating wealth for the longer term for many employees and – coming from the same source as their salary and pension – it’s unsurprising they look to their employer for further guidance.
“The government has taken steps to address financial literacy in schools, particularly focusing on debt issues for those continuing in education, but this research shows that more can and should be done in the work place.”
Andrew Woolnough, Equiniti’s director for employee platforms and engagement, added:
“This isn’t about telling people what to do, but equipping them to better understand their options. It’s in the employers’ interest, it helps build loyalty and mitigate financial stress in the workplace which could affect the bottom line with increased absenteeism or presenteeism affecting employee productivity.”
Lower for longer interest rates are likely influencing many employees with cash left over at the end of the month to rethink how they could save it.
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