Report: Beyond Pensions

Barnett Waddingham’s latest report reveals that, despite a widespread desire from employers to support employees’ financial wellbeing, many are not hitting the mark.

Key findings

• 88 per cent of organisations are concerned about the financial issues their employees are struggling with and agree that there is a need for guidance.
• However, just under half of organisations have no defined financial wellbeing strategy in place and 60 per cent do not provide any sort of financial education or guidance.
• The three major obstacles to implementing a financial wellbeing provision were: cost (61 per cent), measuring return on investment (33 per cent) and board level buy-in (19 per cent).
• Even though only eight per cent of employees believe employers are responsible for their future savings, almost three quarters (74 per cent) of UK businesses contribute more than the minimum auto-enrolment rate.

Barnett Waddingham approached two separate groups for its research. The main group was formed of 200 anonymous organisations representing UK plc and the public sector (referred to as “the main group” in the report). The other group were 43 of its own clients (“the client group”).