One in three employees lose sleep over retirement money worries

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One in three employees lose sleep over retirement money worries

Lifetime news

Posted on: 01/01/2019

Employees need help with their finances.

A report prepared by the Financial Advice Working Group for HM Treasury and the Financial Conduct Authority [March 2017] revealed that almost half of all employees worry that they will be unable to retire, and one in three actually admit to losing sleep because of this.

Research by the Chartered Institute of Personnel and Development (CIPD) found that money worries were the biggest source of stress to UK employees [CIPD, 2016].

That research also indicated that 90 per cent of employers agreed that financial concerns have an impact on workplace performance.

And forty-one per cent of people feel they do not have good control of their money, or manage it well.

While employees are often hesitant to ask their employers for direct support with financial issues and concerns, they like the idea of getting impartial support. Fifty-seven per cent of employees would like to see financial advice provided in the workplace.

Both employers and employees agree that if employees knew where to go for help and guidance they would have much better control over their money, and would seek help when they needed it.

Our vision at Lifetime is to help employees take better control of their finances, understand what their money can and cannot do for them, make healthier financial decisions, and plan for the future in a strategic, longer-term way.

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