Beyond Pensions Report: pension and financial wellbeing

Thu, August 23rd, 2018

Our report looks at Employer attitudes towards Employee financial needs

UK companies struggle with how to implement financial wellbeing strategies

• 88% of organisations are concerned about the financial issues their employees are struggling with, but 49% do not have any sort of financial wellbeing strategy in place for employees.

• 84% of employers feel that there is need for financial education and guide amongst their employees

• 60% of employers do not provide any sort of financial education or guidance.

Launched today, Barnett Waddingham’s Beyond Pensions report, reveals that UK employers care about the financial needs of their employees and want to help alleviate their financial stress, but are not hitting the spot. Most UK employers care about the financial wellbeing of their employees beyond their statutory pension obligations. But are organisations creating effective strategies to manage the financial stress of their workforce?

Our research of 200 employers reveals, 88% of organisations are concerned about the financial issues their employees are struggling with and agree that there is a need for guidance. However, when it comes down to it, 49% of organisations currently have no defined financial wellbeing strategy in place and 60% do not provide any sort of financial education or guidance.

Paul Leandro, Partner at Barnett Waddingham, said: “Regulatory fatigue around pensions is lessening and, given there has been no policy changes for three years, employers feel they have more freedom to be creative with the wider pension and financial benefit strategy for employees. However beyond pension provision, companies are struggling to implement the right level of financial wellbeing support and provisions."

Barnett Waddingham’s Beyond Pensions report questioned 200 HR decision makers and Pension managers from UK companies.

For more information or to download the report please visit the Barnett Waddingham website: https://www.barnett-waddingham.co.uk/comment-insight/research/2018/08/22/beyond-pensions/

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