Pensions & employee benefits roundup - February 2018
Young adults feel that that they weren’t offered enough information about money management in school, placing an even greater need for some form of financial education in the workplace.
According to a report published by the Money Advice Service, 85% of adults aged 16-25 feel that they weren’t taught enough about money management in school while just 12% thought that the money management education they received was adequate. Furthermore, 22% of young adults say that they are not confident in managing their money.
61% of respondents agreed that their life would be better if they could manage their money better, illustrating the positive impact successful money management can have. Encouragingly, most young adults are optimistic with regards to how financially savvy they could learn to be. 95% of respondents agreed with the statement “managing money well is something you can learn” while a mere 3% thought that managing money is something that cannot be learned.
In our Educate and Engage report we surveyed employees to see what their preferences regarding financial education were and found that 87% of respondents aged 16 to 34 highlighted at least one thing they’d hope to get out of financial education offered by their employer. Interestingly, young employees highlighted a wide range of benefits that they felt they would get out of workplace financial education, from learning how to save for retirement, to learning how to live within a budget and how to manage and pay down debts.
Knowing that learning to better manage one’s money can have a significant positive impact on people’s lives, promoting financial wellness and education in the workplace can employees feel more confident in dealing with financial matters; this is crucial considering Google was the most popular source amongst employees hoping to learn more!
Throughout the month our research team keep a close eye on what is happening in the pensions and employee benefits industries. Here is a roundup of the best news articles and stories for January 2018.
Poor management driving nearly half of UK workforce to seek a new job
Investors in People, 2 January
Nearly half of the UK workforce (47%) will be looking for a new job in 2018, with nearly 1 in 5 people already actively searching for opportunities, according to new research produced by Investors in People (IIP) in their annual Job Exodus Survey 2018.
Healthier at 40 than in your mid-20s
Prudential, 3 January
Over-40s are turning to healthier lifestyles with more than half rating themselves as more health conscious than they were in their mid-20s, according to new research by Prudential.
Esther McVey appointed secretary of state for work and pensions
Employee Benefits, 10 January
Conservative member of Parliament (MP) Esther McVey has been appointed as the new secretary of state for work and pensions.
Cost of divorce and separation surpasses £14,500 for UK couples
Aviva, 11 January
The hidden cost of divorce and separation continues to spiral with UK couples spending an average of £14,561 on legal and lifestyle costs when they break up, an increase of 17% since 2014, Aviva’s Family Finances Report shows.
Unhealthy employees now cost British firms six working weeks a year in lost productivity
Vitality, 15 January
Study shows employees lose an average of 30.4 working days each year due to sickness and underperformance in the office as a result of ill-health.
DWP: Women and men on equal footing for workplace pension participation
Money Marketing, 15 January
The same proportion of men and women now contribute to a workplace pension, according to the Department for Work and Pensions.
Young people ‘wish they’d be taught more about money at school’
Health Insurance Daily, 16 January 2018
The majority (85%) of young people with they had been taught more about money management while they were at school, research shows.
British employees want pay rise of £7,200 to lead a comfortable life
Employee Benefits, 23 January
Employees in Britain believe they need a pay rise of £7,200 in order to lead a comfortable life, according to research by Indeed.
Online searches result in half of Brits diagnosing themselves with cancer
Bupa, 24 January
Millions of people across the UK are potentially misdiagnosing themselves with cancer. Online data shows that 47% of searches for an illness brings up at least one cancer result.
92% say financial wellness best delivered through financial education
Nudge, 25 January
Nine out of ten (91.8%) HR and reward professionals believe that a Financial Wellness strategy is best delivered by an ongoing programme of Financial Education, combined with access to appropriate employee benefits.
Tuesday most popular day of the week to call in sick
Health Insurance Daily, 29 January
Tuesday was the most popular day of the week for employees to call in sick last year, an analysis reveals.
British employees are in the dark over sick pay
Reward Guide, 30 January
Research from Direct Line Life Insurance has revealed that more than 2.5 million workers are unaware that they would face a significant reduction in their salary if they were unwell and unable to work.
Almost 50% of pension schemes are unaware of how much GDPR will cost them
Pensions Age, 30 January
Almost half, 48 per cent, of pension schemes are unaware of how much the implementation of the new GDPR rules will cost them, ITM has found.
21st century gender inequality as pension gap widens with age
Aegon, 31 January
Aegon’s research shows the gap between men and women’s saving pots, which grows dramatically with age, will result in a gender divide in pensions income and means women will be considerably worse off in retirement.
Our research reports are aimed at Pension Trustees and HR Directors, covering topics such as pensions, health, flexible benefits, engagement and wellness. They are free to download!Find out more