Talking about our generation – why?

Published by Julia Turney on

We have recently launched our second Generation why? survey. Following the success of last year’s survey we are looking to identify and understand what financial challenges workers in the UK face and how these have changed since 2014.

People of all ages face financial issues on a daily basis. Many are trying to decide whether paying off debt, saving up for a house deposit or putting money into their retirement pot should come first. We discovered from our results last year that spending priorities in young people are much different from the other cohorts. Younger employees for example viewed saving for a pension on par with saving for a car.  So, in reality, can everyone afford to save for later life?

Good advice and information is becoming increasingly difficult to access as the price for this guidance is increasing.  In turn, this may create a barrier for those people wanting to use the service. Another key factor is the way in which communication plays a part in financial education. Our inaugural survey in 2014 found that two thirds of respondents preferred face to face communication, though there is also a place for online and hard copy support. People need to be guided and supported along their journey, so they can take personal responsibility for their own future.

Me2

Our online tool designed to guide members through the decisions they face at any stage in their ‘pension’ life cycle

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The new pensions freedoms have seen people given more options for using and spending their retirement pot than ever before. We think it's important to know if they fully understand these options and what each means to them personally. This is particularly important for those who are approaching retirement, and especially those aged 55 who are now able to access their money.

With all this in mind, we hope this year’s survey will give a clearer picture of how employers can best provide the right level of support to their employees and help them to make the right decisions now - ultimately enabling them to retire in the way they have always hoped.

Barnett Waddingham is honored to be partnered with Contact the Elderly for their Golden Jubilee as they celebrate 50 years of dedicated work in combating social isolation among the older community, and for every survey completed, the firm will donate £1 to them.

Please note that the survey is now closed - may thanks to all those who participated.

"People need to be guided and supported along their journey, so they can take personal responsibility for their own future"