More than half (51%) of employers are failing to provide any extra help for staff approaching retirement beyond contributing to their pensions, a new survey has found.
Research carried out by Punter Southall discovered that a third of organisations were unhappy with the retirement support they offered, with most (96%) willing to consider assisting staff in improving their retirement incomes if it was free to do so.
Punter Southall Aspire CEO Steve Butler said: “Our survey found pensions are considered the number one employee benefit. However, many are just not saving enough, and their pension pot may not be sufficient for the life they anticipate. For those approaching retirement there is a huge advice gap too, with many over 50s not seeking help despite money worries.
“Employers have an opportunity to address this. They are in a position to encourage people to save more and support those heading towards retirement with financial education or digital tools that can help people plan for their future with greater confidence.”
Butler’s views echo those of the government’s Money and Pension Service, which has established a 10-year strategy to boost the state of the nation’s financial health. It wants to encourage people to engage with their future and feel empowered to make informed decisions regarding their later life.
“We urge employers to get behind this government strategy. While budget can be a barrier in the current economic climate, there are free tools and support services available, which can be a cost-effective way for employers to start offering support and advice, helping their workforce better plan for their future,” Butler added.
