Employers must do more to help employees understand money
Almost half of the working adults (49)% asked in a survey said their employer does not do anything to help them understand their finances, according to financial wellbeing and retirement specialist WEALTH at work.
In the survey of 2,000 UK adults, only one in 10 (12%) said their employer puts on financial education seminars or webinars and a similar number said their employer provides access to a regulated financial adviser.
Meanwhile, more than one-third (37%) of UK adults said they wished they had started saving or investing at a younger age and almost one-quarter (24%) wished they had been more careful when it came to spending money.
Benefits of saving
One-fifth (21%) wanted to have set aside more money for emergencies and nearly one-fifth (18%) wished they had been taught about the benefits of saving when they were younger. Almost one-fifth (18%) wished they hadn’t got into debt and 17% wanted to have researched or been taught about the importance of budgeting and how to manage money when they were younger.
However, 29% said they would not have done anything differently.
The most popular ways of learning about financial matters such as managing a monthly budget, debt and managing savings were through friends or relatives (35%), by searching online (32%), through TV programmes (18%) and through formal education including school, college or university (17%).
Nearly one-fifth (17%) had never learnt about financial matters.
Crucial life skills
Jonathan Watts-Lay, Director, WEALTH at work, says; “It can be easy with hindsight to look at the financial decisions made in your life and wish that you had done things differently. But many people lack the knowledge to understand their finances as they’ve never been taught about it, or rely on information from their friends or relatives who are unlikely to be financial gurus.”
He continues; “Understanding how to budget, the importance of saving, and how mortgages, debt and pensions work, are crucial life skills. Our research shows that unfortunately, many people have never learnt about financial matters and whilst some workplaces offer support, there is still some way to go.
“It therefore isn’t surprising that so many people have regrets about not starting to save earlier and getting into debt.”
Watts-Lay adds: “With the cost of living crisis putting pressure on household finances, this support is needed now more than ever. Financial education and guidance delivered in the workplace is key and could be provided as workshops or even one-to-one coaching sessions - digital tools and helplines can also be a great source of support.
“For employers who aren’t able to offer this themselves, they should be aware that there are specialist financial wellbeing providers available who can put bespoke programmes together to meet the requirements of the workforce.”
The survey of 2,000 UK adults was carried out by Opinium from 8-11 April 2022.
In partnership with WEALTH at work
WEALTH at work is a leading financial wellbeing and retirement specialist - helping those in the workplace to improve their financial future.
