Less than a quarter of staff confident about retirement savings

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Less than a quarter (24%) of UK employees are confident about their retirement saving plans, according to research by MetLife Employee Benefits.

Its UK employee benefits trends study, which surveyed 300 HR directors and 300 UK employees, also found that just under half (47%) of respondents said their biggest financial concern is the principal wage earner no longer being able to work, followed by financial security to cover serious illness costs (45%) and financial security for their family if they were to die prematurely (43%).

The research also found that just 11% of respondents are covered by group income protection through the workplace. 

Tom Gaynor, employee benefits director at MetLife UK, said: “The option to cover pension scheme contributions as part of an income protection scheme shouldn’t be underestimated or overlooked. The fall of defined benefit pensions has left a big gap.

“However, there is an opportunity for employers to address this gap by offering full or part-paid life cover to employees who are clearly worried about what would happen to their families if they were to die prematurely.”