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Money at work

Employees ‘want workplace to help with retirement planning’

People aged over 40 worried about their financial futures.

March 11  |  3 min read

Many people are looking to their employers for help managing their finances, a new survey has found.

According to My Pension Expert, one in three employees would like their workplace to give them access to independent financial advice.

Meanwhile, almost half want their employer to offer more generous contributions to their workplace pensions.

Over-40s keen to get support

Interestingly, the desire for employers to offer support is particularly strong among over-40s, many of whom will have one eye on retirement.

Nearly four in ten over-40s admitted that retirement planning made them feel anxious.

And many are pessimistic about their financial futures, with more than a third saying they think they’ll still be working when they’re over 70.

At the same time, less than two-fifths said they felt confident that their pension would let them enjoy a comfortable retirement.

1 in 4 say employers should give more pensions information

The survey found that one in four employees believe their workplace doesn’t provide adequate information about their workplace pension, such as how well it’s performing and who the provider is.

Lily Megson, policy director at My Pension Expert, said that while “the onus shouldn’t lie solely on employers”, people are right to want more support when it comes to retirement planning.

“Pensions are one of the biggest financial commitments a person will make, yet many feel they are left to figure it out alone,” she said.

“Naturally, people are looking to their employers for support. 

“The workplace plays a huge role in our lives, so it makes sense that it should also be a source of financial confidence.”

Ms Megson said that “too many” employees are enrolled into workplace pensions and then hear nothing more.

This, she stated, means they don’t know how their “hard-earned savings” are performing or what their future options are.

“Greater transparency, engagement and access to financial education are all absolutely vital in ensuring workplace pensions are delivering what employees need,” Ms Megson added.

James Glynn

Written by James Glynn

Senior Financial Content Writer


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