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Companies 'not providing financial education'

1 August 2012

Some three-quarters of UK employees have claimed their firm does not provide them with any financial support or education according to the Chartered Institute of Personnel and Development's (CIPD's) summer 2012 Employee Outlook Focus.

This is despite widespread concern among many workers over their fiscal situation, with 53 per cent of respondents worried about their retirement and pension plans and one in five private sector workers admitting they have not got any plans for finishing work.

Charles Cotton, reward adviser at the CIPD, acknowledged that many businesses may not feel their employees' financial situations are anything to do with them.

"But the impact of not providing financial education can mean a workforce that is preoccupied or overwhelmed by their own [monetary] worries," he added.

This means they are unwilling or unable to benefit from the company's pension or pay package, Mr Cotton suggested.

A survey from assessment and development consultancy Cubiks recently urged managers to motivate their employees through development schemes.

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Categories: Functional Practices, Human Resources

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