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Barnett Waddingham
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Beyond Pensions: pension and the provision of wider financial wellbeing

Published by Paul Leandro on

Our Beyond Pensions report 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.

Key findings


of organisations are concerned about financial issues of employees


do not have a financial wellbeing strategy in place for employees


of employers feel there is need for financial education amongst employees


of employers do not provide financial education or guidance

Our research of 200 employers shows, 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.

"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.

Obtaining Board level buy-in is a priority for HR and pensions managers, but proving the value of having a well thought-out financial wellbeing strategy which provides a tangible return on investment is key to this. Only 50% of organisations actually have measures in place to address this.

 Until financial wellbeing enters the board level agenda, and overarching strategies are agreed and monitored, employees will continue to receive employer paid benefits that are not effective at helping them with the financial issues they face today or tomorrow … or the ‘one day’."

Paul Leandro, Partner, Workplace Health and Wealth

Download the research below

Beyond Pensions 2018

About the authors

  • Paul Leandro

    Paul leads the firm’s Workplace Health and Wealth team in the North of England and Scotland and specialises in advising corporate and trustee clients in the design and ongoing governance of defined contribution pension arrangements.

    View Biography

  • Riaan van Wyk

    Riaan is responsible for the analysis tools used in workplace consulting, as well as analysis and write-up of survey results for thought leadership research.

    View Biography

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