CEO Monthly Oct

CEO MONTHLY / OCTOBER 2017 25 As Savings Crisis Looms, Employers Failing To Tackle Employee Knowledge Gap g providers able to help individuals look across the savings landscape in its entirety and choose what’s best for them. “Employers have a key role to play in solving this Lifetime Savings Challenge, but despite them seeing it as their responsibility to enhance the financial education of their workforce, far too few are adequately addressing the issue amongst their employees. If we want employers to be adding real value, their efforts need to reflect the challenges that individual employees are facing at each stage of life. “A huge part of the challenge therefore, is to encourage the provision of good financial education in the workplace that looks at savings as a whole and the different options available. Employers are hugely trusted and perfectly placed to close this knowledge gap. By working closely with them to develop impactful education, we can help employees secure a solid financial future for both themselves and their families.” Nigel Peaple, Deputy Director of DC, Lifetime Savings and Research at the PLSA discusses the findings. “Regular income from full-time employment is the building block for many people’s financial stability so it makes sense that they would also look to their employers for support with financial education, pensions and lifetime saving. Today’s report highlights not only the low levels of saving amongst the workforce but also their interest and desire to do more. “It also raises important questions about the role employers can play in helping employees to be financially prepared for retirement. It is encouraging to see that almost two thirds of employers believe that it is their responsibility to help employees to make the most of the benefits packages they offer. We hope that companies will feel able to help their employees reach their savings aspirations.”