Some 76% of employees believe improved financial education at work would significantly help them cope with life issues like planning for retirement, according to research by Capita Employee Benefits. It reveals that 20% think their work has been affected as a result of financial worries, while a third have lost sleep because of them – which is thought to be having a negative impact on business productivity. Other benefits that employees believe they could receive as a result of financial education at their organisation include helping them to live within a budget, as well as managing and paying off existing debts.
“The case for financial education is compelling,” Capita Employee Benefits research and engagement manager, Gareth Davies, said. “A workforce that is more financially aware and educated, with less stress, can only be a good thing for an organisation.
“Better guidance and improved education will help ensure people are more effective as an employee versus someone who’s worrying about making sure they can afford the roof over their head, or putting dinner on the table each night.”
As part of this financial education, 73% of employees expect their employer to provide tailored, detailed guidance, on the work benefits they offer, and how appropriate each one might be to them.