UK companies struggle with how to implement financial wellbeing strategies 24 August 2018
Recent research reveals that UK employers care about the financial needs of their employees and want to help alleviate their financial stress, but are not hitting the spot.
Barnett Waddingham, an independent UK consultancy, has published a report ‘Beyond Pensions’. The research of 200 employers reveals that 88% of organisations are concerned about the financial issues their employees are struggling with and agree that there is a need for guidance. However, when it comes down to it, 49% of organisations currently have no defined financial wellbeing strategy in place and 60% do not provide any sort of financial education or guidance. UK companies understand having a financial wellbeing strategy in place will help optimise the performance of their workforces, but taking action to implement the strategy is proving difficult. Cost [61%], measuring return on investment [33%] and board level buy-in [19%] are three of the major obstacles when considering the implementation of financial wellbeing provision. The research also reveals that employers believe that the employee (28%), the Government (27%) and the employer (24%) are almost equally responsible for ensuring their workforce has the minimum living wage income at retirement. Even though only 8% of employees believe employers are responsible for their future savings, almost three quarters (74%) of UK businesses contribute more than the minimum auto-enrolment rate.
Paul Leandro, Partner at Barnett Waddingham, said:
“Regulatory fatigue around pensions is lessening and, given there has been no policy changes for three years, employers feel they have more freedom to be creative with the wider pension and financial benefit strategy for employees. However beyond pension provision, companies are struggling to implement the right level of financial wellbeing support and provisions…”
Read more from Barnett Waddingham’s website, where you can also download the full ‘Beyond Pensions’ report.
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Join in as TaxAid celebrates its Silver Anniversary 24 August 2018
2018 marks the Silver Anniversary of TaxAid which was set up 25 years ago by tax professionals who were concerned that people on low incomes were suffering significantly because they could not afford tax advice. Since then the demand for help has grown because the tax system has become much more complex for those on low incomes. TaxAid are keen to run a pilot scheme with a willing London employer whereby they provide free tax ‘surgeries’ for eligible staff at a suitable venue which will include the provision of a free review of their tax position and training in “tax basics” to give them a better understanding of how the tax system works and common pitfalls to avoid. In some cases, this may end up being a simple PAYE Code review but other staff may be renting out a room in their flat, be self- employed at the weekends or have an historic tax issue that they need advice on. In cases where particular employees needed ongoing or detailed support with a complex or historic tax issue, a one-to- one hour long appointment with an adviser in the TaxAid Kennington office can be arranged. Telephone support for employees not able to attend a surgery would also be made available. TaxAid would like to hear from employers who would like to take up this free opportunity for their employee support programme in 2018. Employers working in hospitality, retail or care or a sector within which employees wouldn’t normally have ready or affordable access to tax professionals are encouraged to consider this free celebration opportunity.
If you are a London based employer and are interested in putting your name forward to the benefit of your employees please contact Samantha Mann CIPP senior policy and research officer at policy@cipp.org.uk.
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