Only one in 10 bosses provides access to financial advice

Only one in ten UK employers provide access to a regulated financial adviser to their employees.

This is revealed by a survey conducted by the retirement specialist Wealth.

A highlight of the research is that 49% of UK adults do not receive any help from their employer to understand their finances.

Additionally, one in ten said their employer organizes financial education seminars or webinars.

Wealth Management Director Jonathan Watts-Lay said: “On-the-job financial education and advice is essential and could be provided in the form of workshops or even individual coaching sessions. Digital tools and helplines can also be a great source of support.

“For employers who are unable to offer this themselves, they should be aware that there are specialist financial wellness providers who can tailor programs to meet the demands of the workforce. -work.”

The survey also asked if there was anything employees would have liked to have done differently regarding their finances and what they would have liked to know.

More than a third of UK adults wish they had started saving or investing at a younger age.

Additionally, 24% would have liked to be more careful when it came to spending money.

A fifth wish they had set aside more money for emergencies. Another 18% wish they had been told about the benefits of saving when they were younger.

Nearly a fifth wish they had not gone into debt. Another 17% regretted not doing research or learning about the importance of budgeting and money management when they were younger.

Only 29% said they didn’t wish they had done anything different.

Watts-Lay said; “It can be easy in hindsight to look at the financial decisions made in your life and wish you had done things differently.

“But many people lack the knowledge to understand their finances because they have never learned about it, or rely on information from friends or relatives who are probably not financial gurus. .”

The survey also asked where people get information about financial matters. This includes managing a monthly budget, savings, and debt.

The most popular ways include through friends or relatives. It was closely followed by online research.

Other channels include television programs and formal education at school, college, or university.

Almost a fifth have never heard of financial matters.

Watts-Lay added: “Understanding how to budget, the importance of saving and how mortgages, debt and pensions work are essential life skills.

“Our research shows that unfortunately many people have never heard of financial matters and although some workplaces offer support, there is still a long way to go.

“It is therefore not surprising that so many people regret not having started saving earlier and go into debt.

Financial Wellness Series – Importance of Financial Education