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The Analysis Comment
Financial fears?
Over a third of millennials say fi nancial anxiety is hindering job performance
Chieu Cao Chief executive, Mintago
A new survey has revealed how full-time workers in the UK aged 18-34 are managing their workplace pension. It found: Over a third (36%) of millennials feel their job performance is being negatively impacted by fi nancial worries. 66% do not check their pension savings regularly. 60% of millennials said they would engage more with their pension if it was easier to check in on savings and adjust their contributions. 55% want their employer to do more to improve engagement with their workplace pension scheme.
Negatively impacted Over a third of millennials’ job performance is being negatively impacted by concerns over their fi nancial situation, according to our new research. The fi nancial platform surveyed 436 UK
adults, all in full-time employment and aged between 18 and 34. It found that while 48% consider their
workplace pension to be a signifi cant workplace benefi t, 51% do not know how much they pay into their pension each month. However, 66% of young employees do not
check on their pension savings regularly. The majority (54%) say they fi nd pension savings to be daunting. Over a third (36%) of 18-34-year-olds feel
their job performance is being negatively impacted by fi nancial worries. Conversely, just 9% of employees aged 55 and over feel this way.
Engage Our research also revealed
that 60% of younger employees would engage more with 50
www.CCRMagazine.com
their pension if it was easier to check in on savings and adjust their contributions. Over half (55%) want their employer to do more to improve engagement with their workplace pension scheme.
Struggling to engage Workplace pensions are extremely important – for millions of Britons, they are the primary method of saving for retirement. However, our research shows that
employees, particularly younger ones, are struggling
to engage with their company’s
pension schemes. An employer should not just auto-enrol staff
in a workplace pension and then consider this box to be ticked.
Businesses must help employees
understand their pension scheme, the benefi ts of saving and make it easier for employees to change their contributions
to better
Businesses Businesses must help employees to better understand their pension scheme, the benefi ts of saving and make it easier for employees to change their contributions. Improving access to fi nancial information
for employees, such as the size of their pension pots and how best to manage them, needs to be prioritised by organisations. Doing so will benefi t employees by putting their mind at ease and enhancing their overall wellbeing.
Control It
will put them in better control of their
fi nances, and it will allow them to plan for their eventual retirement more eff ectively – something the majority of young people feel is daunting because they do not know where to start. Ultimately, improving pension engagement will help to ease a major cause of stress within the workplace, creating a happier and healthier workforce. CCR
March 2022
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