Following the announcement of a new Minister of State at the Department for Work and Pensions, Jelf Employee Benefits is looking for financial education in the workplace to rise up the agenda.
There have been great changes impacting pensions in recent years from the removal of the default retirement age through to Pensions Freedoms and auto enrolment. The implications of such changes can be complicated and confusing for those affected, and the company has found that there has never been a greater need for financial education at work.
Jelf’s research shows that 93%* of employers believe there is a need for financial education, and the company has seen it play an increasingly important part in the engagement of staff. Not just about pensions, this is about how financial planning fits into the wider multi-generational lifestyle – at every stage of an employee’s life.
Alan Millward, managing director – financial services for Jelf Employee Benefits says, ‘We know that good financial health can improve stress, mental and physical health and wellbeing, productivity and employee engagement. Employers know that it makes sense to offer financial education to their employees and we would like to see them given greater support to make this happen.’
The company would like to see greater tax-incentives to encourage employers to offer financial education, and believes this would help it become a mainstream route to improve financial awareness for better outcomes, rather than a nice-to-have for the lucky few.
*93% of companies believe recent changes affecting benefits increase the need for financial education
149 respondents, 2015