Just over a third (35%) of organisations provide financial education for all employees, a two percentage point drop year on year, according to research by Employee Benefits.
The Employee Benefits Pensions research 2020, which surveyed 94 pension strategy decision-makers, found that although it has decreased slightly, this figure is still much higher than the 28% of respondents that said they provided financial education for employees in 2016. In addition, 13% are planning on offering financial education for staff, while a further fifth (22%) of organisations are considering it.
Among the respondents that offer a financial education programme to either some or all staff, the most popular method of doing so has inevitably changed to a more digital form of delivery. Online tools and modellers are now the most popular method of doing so, with almost half (48%) of respondents’ organisations offering this, overtaking face-to-face seminars for the first time (42%).
Online seminars have also risen in popularity, rising from 22% in 2019, to 42% this year. Other popular forms of providing education are intranet sites (42%), face-to-face seminars (42%), promotional literature (39%) and one-to-one sessions (36%).
Do respondents’ organisations provide financial education?
The tools respondents use to provide financial education.