52% do not provide financial education

However, the research also found that two-thirds (67%) of the 1,013 UK employees surveyed claim that they do not receive financial education, and 76% of those aged 55 and over, said they had not received any financial education.

In addition, less than 20% of employee respondents have a solid financial plan for their future, while 38% have a vague idea about how to manage their money and only 11% know how much they require to retire on. Most have no idea how much their pension is worth.

Darren Laverty, Director of Sales and Marketing at Foster Denovo, said: “Clearly employee demand for financial education is not being met. Organisations need to place real emphasis on the need for financial education in the workplace; the trends are worrying. This is an excellent opportunity for employers to engage their staff and reap the benefits.

“The market has changed, the economy has declined and wages have flat lined as cost of living has gone up. People are feeling less well off than they used to be. The appetite for financial education is so strong that the market cannot deal with it.

“It can be achieved at a relatively small cost and should be seen as an investment, because benefits significantly outweigh the costs.

“It is particularly important to provide financial education to young people, who may be saddled with student debts and struggling to get on the housing ladder. If [organisations] help younger members of staff, they are inclined to be more loyal.”

Click here to read Secondsight’s press release or  the full article on Employee Benefits.