Employees demand financial education

New research, conducted by employee benefits adviser Secondsight on behalf of financial advisers Foster Denovo, suggests that there is an urgent need for greater money management in the UK, as the majority of employees have no plan to provide for their future.

Just 11 per cent of employees understand their pension pot, and only 38 per cent have a vague idea how to manage their money. According to further research from the Institute for Fiscal Studies (IFS) the typical student entering the workplace today leaves university owing more than £44,000.

Hugh Jory, Partner at Secondsight, said that as the demographic of the UK population changes, demand for more financial education would come from employees of every age.

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