- Financial education
- 1 minute read
With so many savings choices available, it’s understandable that people find saving difficult. To illustrate the issue, Close Brothers invited ten employees to take part in a simple challenge. Take a few minutes to see what happened in a short video.
Addressing lifetime saving issues by increasing employees’ confidence in their own decision making must now sit at the heart of financial wellbeing design.
The challenge of insufficient saving and poor understanding requires a holistic approach. Programmes that only focus on a single savings product, such as pensions or share schemes, are now outdated. Employees need to have the opportunity to understand and evaluate what is best for them, as their priorities change over time.
Helping people to raise their overall standard of financial awareness doesn’t have to be expensive and can be done in a variety of time and cost-effective ways.
Financial wellbeing benefits everyone, with employees likely to better engage with an employer who is supportive, as well as helping to equip individuals to meet their personal savings goals. However, time is running out. If we are to avoid the lifetime savings challenge turning into a future wealth crisis, we need to take action now.