New research launched today amongst 236 companies representing 1.3 million employees has uncovered insightful findings on current financial wellbeing provision, as well as foresight into future trends.
Between the 9th and 15th of September is UK Savings Week. In the current environment, it has become difficult for a lot of people to save as much as they would like, in fact, our research of over 2,000 workers found that the biggest financial concerns for the year include not having enough savings for unexpected costs (40%) and not being able to save enough for the future (38%).
In the last year, more than one in five UK employees (22%) have had to borrow money from family and friends because of money worries, and a fifth have taken on debt (20%).
WEALTH at work, a leading financial wellbeing and retirement specialist runs financial education seminars for graduates and those early on in their career for some of the UKs leading companies, to provide guidance on managing their money and explain the many workplace benefits on offer.
According to CIPDs Labour Market Outlook, 21% of employers are planning to make redundancies in the three months to September 2024.
As a result of the new Pensions Bill, announced in the King’s speech, it will be interesting to hear more of the plans for trust-based schemes to be legally required to offer retirement income solutions to members, including default investment options.
According to WEALTH at work’s latest research of over 2,000 workers, the biggest financial concerns for the year include not having enough savings for unexpected costs (40%), not being able to save enough for the future (38%),
The number of people in full-time employment who believe they will never be able to afford to retire because of the impact of the rising cost of living is on the rise, with two fifths (39%) of workers claiming they will never be able to afford to stop working, up from one in three (33%) twelve months ago.
The government has published statutory guidance setting out the staged timetable by which it expects pension schemes to connect to the Pensions Dashboards.
