Mind the gap: Age a major factor in financial knowledge
By Kirsten Hastings, 29 Apr 16
There are key generational differences in attitudes towards financial priorities and money management in the UK, but employees of all ages have major gaps in their financial knowledge, according to consultancy and actuarial services firm Barnett Waddingham.
The survey of over 500 respondents found that more than 70% of Millennials and Generation X employees feel that they don’t understand pension investments.
Furthermore, a rather concerning 94% of Baby Boomers who earn between £20,000 ($29,133, €25,696) and £39,999 are not aware of the retirement choices available to them.
The research also found that nearly half (49%) of all employees would prefer face-to-face financial advice, indicating a major need for workplace financial education to improve employees’ knowledge about their pension planning options, the financial opportunities open to them, and their overall wellbeing.
Tags: Pension
