New Model Reward Research: Huge rise in demand for financial education
A new report from REBA, New Model Reward 2017 New Model Reward 2017, produced in association with JLT Employee Benefits, says that more than three-quarters (76.2%) of respondents report growing demands from their employees for pensions advice, whilst a similar proportion (75.6%) are seeing staff demand for financial education on pensions.
61% said that they are experiencing higher demand for wider financial education.
The figures come against a background of increased uncertainty for employees over their future – leading to a greater demand for help from employers in dealing with the risks involved in managing a defined contribution pension pot.
When the figures are analysed further they show that up to a third of employers reported that pensions auto-enrolment, reductions to the lifetime and annual allowances and the introduction of pension freedoms had all led to greater pressure to offer pension advice and financial education.
“With so much change in the market in recent years it’s little wonder that employees are confused and are therefore putting more pressure than ever on their employers to help them understand what financial decisions and actions they should be taking,” said Debi O’Donovan, director at REBA. “What’s important is that employers respond to the challenge,” she said.
Download the full 46-page PDF report here: New Model Reward research 2017. REBA members access the research for free.
For further in-depth discussion of this topic with senior HR and reward professionals, sign up for REBA's Reward Leaders' Forum on 27 April 2017. REBA Members can attend for free.
