Research: Changing trends of financial wellbeing
This research from Close Brothers Asset Management sets out to provide answers to many questions around financial wellbeing in the workplace. It aims to add to the body of work that continues to enhance the depth of understanding and insight on financial health and it’s link with mental and physical wellbeing, to inform, guide and support both employees and organisations across the UK as they continue on their journey to improve their employee wellness.
- Around a quarter of employees don’t know the value of their pension savings. However, this rises to a third of employees aged 55+.
- 28% of UK employees are actively unhappy with their finances, and less than half say they are happy with them.
- Among those aged 55+ who are struggling, 62% don’t think they’ll ever be confident when it comes to their retirement.
- Only 46% of those female employees that have already taken money out of their pension pot were aware about the annual pre-tax limit (vs 65% of male employees).
- Only 11% of employees say that their employer has provided them with financial education in the past 12 months.
This research also consider the impact of coronavirus on employees’ financial wellbeing. It found that only 54% of respondents consider they were financially prepared for the coronavirus crisis and subsequent lockdown.