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07 Jan 2022

Why workplace financial education could be the answer to employees’ top financial worries

Our latest research of more than 1,000 working adults has uncovered the top financial worries that people have:

  • being unable to afford to retire when they want to (32%)
  • not having enough savings aside for unexpected costs (32%)
  • getting into debt in the future (30%)
  • not being able to reach future goals (e.g. buying a house) (27%)
  • being unable to manage household bills and expenses including the mortgage (27%)
  • not being able to afford their lifestyle (25%)
  • the level of debt they are in now (22%)
  • not being able to keep up with friends and family (21%).

 

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“Many people have real financial worries, whether that be questioning whether they can comfortably retire when they would like to, coping with debt, not being able to manage household bills, or a lack of savings,” says Jonathan Watts-Lay, Director, WEALTH at work. “A big part of the battle is finding the help and support needed to tackle these issues.”

The role of workplace financial education

“Financial education delivered in the workplace can help individuals understand the basic principles of money management, including how to set budgets and manage finances and debt, and how to build a personal savings plan for unexpected costs or to reach future goals  – whether that is saving for a first home, holiday or for retirement,” explains Watts-Lay.

“The methods of delivering financial education can vary depending on the needs of employees. Many employers now offer their staff access to workshops, helplines and digital tools such as our ‘Financial Healthcheck’ platform. Building a good financial wellbeing programme is vitally important to help employees improve their financial resilience and take control of their finances,” he concludes.

Read the full survey results: Helping employees tackle their financial worries.

This article is provided by WEALTH at work.

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In partnership with WEALTH at work

We are a specialist provider of financial education&guidance in the workplace.

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