Research: Realigning the workplace savings offering to meet the needs of millennials
The concept of ‘financial wellbeing’ has received a great deal of publicity in the past couple of years – and many employers are now starting to develop strategies to support staff in this area. However, Smarterly's research shows that the strategies employers are implementing are not meeting the needs of all employees – particularly millennials.
Financial support in the workplace continues to focus on providing pensions and pension guidance, but this is not a priority for 18- to 35-year-olds. This group instead would welcome more support on making savings in the short- to medium-term and to help them buy their first home. Employers need to recognise this and realign their priorities to ensure they provide workplace savings support for employees at every stage of their lives – not just those for whom pensions are a focus. Offering workplace Lifetime ISAs alongside pensions, together with a robo-guidance or robo-investment service, would go some way to bridging this gap.
This research is based on responses to an online survey conducted in March 2019. Usable responses were received from 1,248 employees and 508 employers.