- 68% of UK workers would prefer their employer to put more money in their pension than give them common employee benefits like discount vouchers for shops or gym memberships
- Two thirds (66%) would be keen to hear about a way of saving that meant they would still have enough money left over to enjoy life
- Over a third (37%) of those in the UK have become more concerned with their pension following recent focus in the news on the subject.
New research from online pension advice experts, Wealth Wizards, indicates that inertia around pensions may be starting to subside with over a third (36%) of those surveyed reporting that they now prefer to save more into their pension, even if it means taking home less pay. Undoubtedly, recent changes to the political landscape and the subsequent level of media focus has influenced this shift.
The research revealed that over a third (37%) of Brits have become more concerned with their pension following recent focus in the news on the subject. A further sixty-eight percent went as far as to say they would now prefer their employer to put more money into their pension than to give them common employee benefits like discount vouchers for shops or gym memberships. Overall, the research indicated that people generally seem to be more open to saving with two thirds (66%) saying that they would be keen to hear about a way of saving that meant they would still have enough money left over to enjoy life.
Encouraging though this may be, it appears that many employers are still dragging their heels when it comes to meeting demand for increased focus on pensions from employees. There were still thirty percent of respondents who said they wouldn’t know where to start when it came to saving for retirement and twenty-nine percent who have never had a conversation at work around their pension. In fact, only twenty-three percent said their employer has increased focus on their pension at all in recent months.
Phil Blows, Director, Wealth Wizards said: “With a looming pension crisis on the horizon, and the expectation set for many that they are likely to be working into their eighties, it’s great that people are becoming more tuned into their financial future. Getting employees to be enthusiastic about their pension and to think about it in the real-life terms of the benefits it will yield in later life, is half the battle.
“But it is also the responsibility of employers to ensure that their employees are fully equipped with the right information to make the right decisions. Technology has made it easier than ever for businesses to offer their employees accessible advice that isn’t going to break the bank. While advances like auto-enrolment have meant that most employers are duty bound to provide their workers with access to a pension facility, it is equally important that they provide access to advice so that employees can ensure that they are making the most of their assets”.