Majority of people are not saving enough for retirement despite overestimating financial ability: Wealth at Work

Financial education can help employees understand value of workplace pensions

clock • 1 min read

People overestimate their financial ability and are not saving enough for retirement, research by Vital Research for Wealth at Work found.

Six in ten people (63%) think their financial knowledge is either 'excellent' or 'above average' according to a new survey that quizzed 1,015 UK working adults. The survey found more than two in five (41%) know they are not saving enough for a comfortable retirement.  Wealth at Work found that respondents overestimated their financial ability on general financial issues including managing a monthly budget, debt and managing savings.  A quarter (25%) of respondents said their financial ability was 'excellent', 38% said 'above average', and 33% 'average', while only 4% said 'below...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Employee Benefits

Partner Insight: The Importance of Inclusive Health Benefits at Pivotal Moments

Partner Insight: The Importance of Inclusive Health Benefits at Pivotal Moments

A Conversation with Wendy Sherry, CEO, Global Health Benefits within International Health, Cigna Healthcare and Tammy Sun, Founder and CEO of Carrot Fertility.

Wendy Sherry, International Health and Tammy Sun, Carrot Fertility
clock 10 December 2024 • 7 min read
Lime Health to consult on NHS plan

Lime Health to consult on NHS plan

Collaboration with ministers

Cameron Roberts
clock 02 December 2024 • 2 min read
Standard Life sells employee benefits business

Standard Life sells employee benefits business

More than 140,000 employees join Benefex

Jaskeet Briah
clock 28 November 2024 • 1 min read