73% of respondents aren’t offered financial education at work

Three-quarters (73%) of respondents said their employer offers them no form of financial support or advice, according to research by the Chartered Institute of Personnel and Development (CIPD).

The CIPD’s Summer 2012 employee outlook focus, which surveyed 2,000 UK employees, found that 59% of respondents reported that, among respondents who said that they were offered advice or support, the most common offerings were: employee assistance programmes (13%), access to an independent financial adviser (IFA) (7%), workshops on financial self-management (4%), online financial guidance (3%), access to a credit union (3%), and access to hardship loans (2%).

The research also found:

  • 53% of respondents said they are concerned about their financial plans for retirement.
  • 20% of respondents from the private sector said they have no financial plans for retirement.
  • 39% of respondents said they are concerned about just about making ends meet, rising to 43% among women.
  • 27% of respondents said they are concerned that they are not saving enough.

The CIPD has also launched a guide on workplace financial education, which highlights the risks of a financially ill-educated workforce.

Charles Cotton, reward adviser at the CIPD, said: “Employers may think that the financial savvyness of their employees is not their responsibility, but the impact of not providing financial education can mean a workforce pre-occupied or overwhelmed by their own financial worries, and unable to appreciate the value of their organisation’s pay, benefits and pensions package.

“A little financial education can go a long way. It can improve performance by giving employees the means to alleviate stress and pressure they’re under because of financial difficulties.

“It can help boost motivation and staff retention by helping employers to get across the value of the financial benefits they offer to their employees.

“And, by heightening general financial awareness, it can create a workforce that better appreciates the business pressures faced by their employers.”

Read more articles on financial education