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Britons call for employer-funded financial advice

A third of UK workers believe their employers should pay for full, holistic financial advice in the workplace, a survey by a British pensions and investments company has found.

The latest Workplace Pensions Report by Scottish Widows, a subsidiary of Lloyds Banking Group, surveyed more than 5,000 UK workers and found that 37 per cent think their boss should provide financial planning services.

The survey also found that 57 per cent of respondents believe employers should provide general information about retirement planning and access to a workplace pension scheme, while 94 per cent said their employer “ought to give some form of guidance around finances in retirement” – a year on year increase from 2012, when the figure was 74 per cent.

“The pensions industry, government and employers have to educate the UK workforce about the importance of saving adequately for retirement, and how their workplace pension scheme can help them to be comfortable in old age,” said Scottish Widows' corporate pensions head of business development Lynn Graves.

“Alongside encouraging better employee engagement around workplace pensions, we are committed to achieving greater access to information and guidance, as well as improving transparency around pricing and governance of pension schemes.”