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.
Julia Turney, head of platform and engagement at Barnett Waddingham, says: “Our research shows that early financial education is critical – the earlier someone starts to save, the easier it should be.
“However, age and affluence play a significant role when it comes to saving for the future. Those who earn more might be able to afford to seek financial advice, but what about those who cannot afford it?
“Will this group be left to find out things for themselves and make mistakes along the way? Or, will employers step in to provide more financial education, recognising the significance of personal financial health in overall employee wellbeing?
“We believe this is the way it should be. There are encouraging signs that employers are investing into the overall wellbeing of their employees, spending time to ensure they have financial wellness and rectifying any financial issues that may arise.
“Supporting employees in this way should result in happier and less stressed individuals, which can only be good for the employer.”
Tags: Pension
