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Isio insights: Home sweet home

Isio’s latest paper into maximising value from employee benefits explores what tends to be the most generous (and expensive) part of the employee benefits package in the UK – pension

Setting aside our love for pensions, in this report Isio asks the question no one else does: when it comes to long-term saving and retirement planning, is pension too narrow a focus?

The research looks beyond the conventional path to retirement and considered whether there are other ways of saving for the long-term future and might they be more popular than pensions?

The findings include:

  • There are clear cut segments of the population who prioritise other long-term savings objectives, such as home ownership, over saving for a pension. This population looks set to continue to grow.
  • There is an opportunity for employers to support these groups by taking on a Bank of Mum and Dad role. This would promote a more inclusive reward package, and a better ‘return’ on money spent on benefits for the employer, in addition to creating long-term loyalty.
  • A fresh design perspective could incorporate offering a level of pensions flexibility to employees or providing support tools and education around retirement planning options.

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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