Most employers are getting serious about ensuring their employees’ long-term financial wellbeing, but some feel they should be doing more, says Debbie Lovewell
Despite sensationalised press coverage to the contrary, employers appear to take their responsibility for employees’ long-term financial wellbeing seriously. Nine years ago, 51% of respondents said they felt responsible for this issue, but this year 70% say so, although the figure has been higher in previous years.
It is also telling that 72% say they need staff to retire when they want to. Otherwise, they may have to deal with disengaged employees and have no capacity to take on new talent.
Respondents continue to encourage pension membership and ensure employer contributions are adequate, but many feel they should do more. Some 43% say they should proactively educate staff about pensions, 42% feel they should include the value of pensions in total reward statements and 40% say they should actively encourage staff to look at other workplace savings options, such corporate Isas.
Read more from the workplace savings and pensions research