Employees not saving enough for retirement

Only 16% of respondents believe their employees are saving enough for their retirement, according to research by Wealth at Work.

Its Rethink retirement survey 2012 found that just 18% of respondents said their employees are aware of the various retirement income options available to them.

The research also found that 71% of respondents believe there will be an increased requirement for specialist advice at retirement.

Jonathan Watts-Lay (pictured), director at Wealth at Work, said: “It is critical that employers offer financial education to ensure employees save towards their retirement and understand the various retirement income options available to them at the point of retirement.

“It is vitally important for employees to seek specialist advice and guidance, whether preparing for retirement or requiring help to generate income at the point of retirement. After all, if an employee makes the wrong financial decision with their pension savings, it could have a detrimental financial effect, impacting the rest of their life.”