More than half of UK adults (51%) say that the coronavirus pandemic has made them more conscious of the need to save better, with over a quarter (26%) saying it has forced them to recognise that they do not have enough to fall back on.
The findings are from a new survey of working adults by WEALTH at work, which provides financial education and guidance in the workplace.
The research discovered that just over a fifth (22%) of workers said the global health crisis made them realise they need to improve their understanding of how best to save money, while 14 per cent said it made them think they need to save more into their pension.
Conversely, only 18 per cent of those surveyed said it has not changed their view on savings.
Despite these findings, more than two out of five (41%) employers don’t offer any support to help their employees understand their finances.
For those who are supported by their employers, nearly a quarter (23%) said they put on financial education seminars or webinars, a fifth (20%) said they provide financial guidance on a one-to-one basis, and nearly a fifth (18%) said their employer had organised for staff to speak to a regulated financial adviser.
Commenting on the findings, Jonathan Watts-Lay, Director, WEALTH at work, said: “The pandemic forced many people to stop and think about their finances, and the majority realised that they needed to save more.
“Unfortunately, reduced work or redundancy has meant that many have faced a fall in their overall household income. Without having sufficient savings to fall back on, many may have struggled to make ends meet.”
He continued: “The research has shown us that people do want to learn how to save more money, and some realise that they need to save more into their pension.”
WEALTH at work maintain that financial education and guidance delivered in the workplace can help people understand how to make the most of the various saving vehicles available depending on their individual saving needs
It can help people realise how they could free up more money for their savings by shopping around for car insurance suppliers rather than auto-renewing, or by utilising discount vouchers.
Financial education can also help with other important financial skills such as how to best manage debt, understanding the importance of having an emergency fund set aside for unplanned life events, as well as having sufficient savings for retirement.
Jonathan added; “These uncertain times have highlighted the need for people to become more financially resilient so that they are better able to manage any financial shocks, many will need support on how to go about this. Individuals should speak to their employer to see what support they can offer.”
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