Financial wellbeing experts WEALTH at work says new research shows that, as the cost of living continues to stretch household budgets and economic uncertainty persists, how people save their money is becoming increasingly important for long term financial security.
Financial wellbeing experts WEALTH at work say that while pensions can be one of the most valuable ways of saving for the future, many people don’t realise that saving just a bit more can make a significant difference to the overall size of their pension pot at retirement.
Almost a third (29%) of workers worry about being unable to afford basic living costs, while 26% are worried about being in debt, according to new research of 2,000 workers from financial wellbeing experts WEALTH at work .
New research from financial wellbeing experts WEALTH at work, conducted among 2,000 UK workers, has uncovered a stark generational divide in people’s financial resilience and outlook.
Many people want to feel more secure about their financial future, yet investing is often seen as complicated, intimidating, or something best left to experts.
New research from financial wellbeing experts WEALTH at work, conducted among 2,000 UK workers, reveals workers are experiencing growing financial pressures and a widening disconnect between their needs and the level of support they feel they are receiving in the workplace.
“Planning how to pay for retirement is one of the biggest financial decisions people make. It is important individuals understand all the options available, make informed decisions and avoid making expensive mistakes with their hard-earned savings,” says Jonathan Watts-Lay, Director, WEALTH at work
For those starting their first job in the new year/this new year, this chapter often brings the responsibility of managing money for the first time. It is important that those entering the workplace are taught about budgeting and responsible borrowing, as well as understanding the many workplace savings and benefits on offer so they can take control of their finances and build financial resilience.