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Research: The Lifetime Savings Challenge 2017

This research offers insights into savings levels, how these are preventing many people from accumulating assets and how financial education can help.

The Lifetime Savings Challenge 2017 1

Key findings:

  • A third of employees are saving less than £50 a month. This includes one in five who admit to not saving anything at all.
  • Only two-fifths of employees are confident in their ability to choose the right financial product to help them achieve their savings ambitions.
  • Around a third of employers think that it is their responsibility to help their employees access advice on how to achieve their savings goals. However, three quarters of employees say that their employer has not provided any financial education.
  • 59% of employees trust what their employer says about their workplace pension, share plans, and other savings tools.

This research from Close Brothers and the Pensions and Lifetime Savings Association raises important questions about the role employers can play in helping employees to be financially prepared.

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