As this latest research shows, over 75% of employers are seeing a growing demand from their staff for financial education.
They cite the main reason as employees' continuing concerns with regard to increased uncertainty for their future, particularly in dealing with the risks involved in managing a defined contribution pension pot. Other key factors reported were pensions auto-enrolment, reductions to the lifetime and annual allowances and the introduction of pension freedoms.
These concerns and many others relating to making the most of workplace benefits and the requirement to improve financial wellbeing have been growing year on year. This evidence adds more weight to employers urging them to put financial education up their priority lists and to ensure it doesn't only focus on pensions but wider financial wellbeing.
A new report from REBA, New Model Reward 2017 New Model Reward 2017, says that more than three-quarters (76.2%) of respondents report growing demands from their employees for pensions advice, whilst a similar proportion (75.6%) are seeing staff demand for financial education on pensions.61% said that they are experiencing higher demand for wider financial education. The figures come against a background of increased uncertainty for employees over their future – leading to a greater demand for help from employers in dealing with the risks involved in managing a defined contribution pension pot. When the figures are analysed further they show that up to a third of employers reported that pensions auto-enrolment, reductions to the lifetime and annual allowances and the introduction of pension freedoms had all led to greater pressure to offer pension advice and financial education.