Financial education
Financial education helps employees to understand the value of benefits such as pensions and share schemes. Employers can help staff make wise decisions about money and investments through workplace workshops or seminars and information. Tools such as benefits modellers, meanwhile, can help staff to calculate the impact of decisions they make around particular perks, for example, when setting pension contribution levels or selecting which options to take in a flexible benefits scheme. Some companies include the added perk of personal debt management, which can help to reduce employees' stress levels and so indirectly contribute to improved performance. Many believe that financial education is going to become more common in the workplace as organisations want their staff to get to grips with making their own investment decisions under defined contribution schemes (such as group personal pension (GPP) or stakeholder). Alternatively, some companies provide access to financial advice, bringing in IFAs to advise employees on their financial benefits.
Definitions of common financial education terms
Key research on financial education in the workplace (PDF 56kb)
How to manage financial education
Buyer’s guide to financial education
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News
GSK to offer financial education to support staff after job cuts
GlaxoSmithKline is aiming to offer financial planning and career support to workers who are made redundant or take early retirement from its Dartford factory.
01 Dec New product offers staff advice on annuities
05 Nov CIPD Reward Forum: Corporate Sipps are the new flexible benefits
03 Nov Tesco launches financial education for staff
01 Nov Online platform to help staff manage their financial perks
15 Sep Financial education needed to encourage staff to save
Analysis
How far should employers go in providing financial education?
The need for financial education in the workplace has been highlighted by the credit crunch, but how far should employers go, asks Laverne Hadaway
02 Jun Supporting staff in times of crisis with perks
06 May Greater onus on employers to look after staff needs
07 Apr Otto Thoresen on his review into generic financial advice
07 Apr Focus on delivery as much as cost in delivering financial education
Case Studies
Case Study: Certegy rationalises pension arrangements
Following its merger with Certegy, financial technology firm, Fidelity National Information Services had three pension schemes: a stakeholder plan, a contracted-in money purchase plan and a group personal pension (GPP).
03 Apr Case study: Siemens uses modelling tools for pension education
01 Oct Alliance & Leicester runs financial education seminars
01 Oct GSK outlines perks for staff via financial education
03 Sep British American Tobacco offers financial education to those in share schemes
04 Jun Coda launches group Sipp
Research
Employers likely to help staff with finances
Employers are likely to take a greater role in the future in helping employees with their personal financial planning, according to research by Watson Wyatt.
15 Sep Financial education needed to encourage staff to save
01 Sep EAP use rises in downturn
20 Aug Stockmarket turbulence prompts care over pensions
05 Mar A quarter of workers want employer pension presentations
