More employers are now regularly engaging with their workforce around retirement planning and future proofing their finances, offering an opportunity for the financial advisers who partner with them, according to national financial advice firm Continuum.
This week marks Pension Awareness Week, a week where employers are encouraged by Pension Geeks, the Department for Work and Pensions, and Money Helper to provide retirement planning education sessions to their employees.
Forming partnerships with local employers around these kind of initiatives can be a win-win situation for both employers, employees, and financial advisers.
Richard Watkins, Chartered Financial Planner at Continuum, said:
“Most people understand that their financial future in retirement needs to be addressed, but life’s daily grind occupies their thoughts and actions. Many focus on today and ignore the future.
“Many of us are terrified to talk about money because it is stressful and a social taboo. Others fear retirement planning as they are uneasy talking about numbers and have had a woefully inadequate financial education.
“As more employers recognise their role in helping their employees approach retirement planning, it can help break down barriers. This offers a real opportunity for financial advisers to work with employers to help their workforce be in control of their finances and secure their financial future.
“One of the main barriers holding back Britons from seeking financial advice is the myth it is expensive. By partnering with employers, financial planners can illustrate how their methodology can guide clients to the life they want. Potential clients can have a no-obligation discussion about what their best life might look like and explore the paths available to them. And employers can be sure they are doing what they can to ensure the financial wellbeing of their workforce.”
To help support employers and encourage better engagement across the workplace, Continuum have recently launched our Continuum Workplace solution, which is designed to help employers provide better benefits packages and employees achieve better financial outcomes, with the aid of ongoing financial awareness campaigns, in support of the employers pensions and other benefits being provided.
The Continuum Workplace solution can both review existing schemes and arrange new ones, where required, along with a full range of protection such as Income Protection, Health Plans and Life Insurance.
Previous research from Continuum has found that many Brits are missing out in retirement due to leaving it too late to seek professional financial advice on their retirement planning.
Only 5% of 35-44 year olds have sought advice from an independent financial adviser about their financial preparation for retirement.
This figure increased to 10% of 45 to 54 year olds, and 21% for those over the age of 55, but by this point those who have not sought advice could have missed out on many tax breaks and other opportunities designed to help Britons save for retirement.
