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19 May 2016

Poll: staff don't understand retirement income needs

Fewer than one in five (18%) organisations believe that their employees know how much they should be saving into their pension to get a good retirement income, according to a recent poll from Wealth At Work.

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Jonathan Watts-Lay, director of Wealth at Work, said the figures were a concern. “It is a worrying problem," he said.

"Employees simply don’t understand how much they should be saving for retirement. It could lead to many individuals realising that they have not saved enough to meet their expectations in retirement, at a time when it’s too late to do anything about it.”

Watts-Lay said that companies should ensure they are doing more to help their employees make the right decisions. “The findings indicate to me that many employees are not getting the financial support they need to enable them to make informed decisions around their retirement," he said.

"I believe that it’s in the employer’s best interest to support employees in understanding what they need to do to achieve a secure retirement income. The best way to do this is through the provision of financial education followed by advice, ideally provided via the workplace.

This article was provided by Wealth At Work.