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Isio insights: The power of knowledge

This fourth paper from Isio dives into the detail on financial confidence and understanding

As part of its series on maximising the value of employees benefits, this fourth report of eight from Isio asks whether there a disconnect between financial confidence and understanding, and why are they so important when it comes to getting value from your benefit spend?

Key findings

  • Nearly 1 in 4 employees don’t understand their benefits, and hence undervalue them. This includes a good proportion of people who consider themselves financially confident.
  • There is a link between poor financial understanding and confidence, and not being satisfied with your benefits package and/or wanting to move jobs.
  • Alongside having the right benefits, a financial engagement programme (that includes education and support) can be important tools in helping to improve financial understanding and confidence.

Isio’s research reveals eye-opening insight into the UK workforce’s attitudes towards work, finances, moving jobs and employee benefits. It aims to help employers, particularly senior HR leaders, understand how their organisations can maximise value from their benefits packages and even harness the benefit package to address staff turnover challenges.

In conjunction with YouGov, Isio surveyed 7,674 private sector employees in June 2023 on a range of issues surrounding employee benefits and personal finance concerns. Responses for don’t know or prefer not to say answers have been removed, unless explicitly shown.

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