This is the 3rd edition of the independent research that dissects, analyses and challenges the fastest growing employee benefit – Financial Education.
- The number of organisations now providing Financial Education increased by 45% over 2015
- A further 50% of organisations are considering introducing a program
- Only 1% of organisations have actively decided not to offer Financial Education – down from 3% last year
- Swathe of pension changes that require better member understanding
- Workforce planning to help people retire
- Broader focus on employee wellbeing
- Proactive management of escalating insurance premiums
- Increasing importance of the Corporate Social Responsibility (CSR) agenda
The data shows that as the market matures, Reward, Pension and HR leaders have increasing clarity on what they want their Financial Education to include and how they want it to run.
Whilst this clarity is great, it creates a problem – there is a gap. A gap between what employers currently do and what they want to do. For example, 96% of respondents say they want their Financial Education to be independent from provider and product pushing, but only 18% actually are independent.
Looking forward, the message is clear – Financial Wellbeing has come of age but this is only the beginning.