Wednesday, 11 July 2012 10:47
Firms failing to offer financial advice for employees approaching retirement
Pre-retirees are keen to seek financial advice for retirement as 64 per cent of businesses offer no retirement support for their employees, according to Aviva.
The Aviva Real Retirement Report questioned over 13,000 people aged over-55 and found some 23 per cent of those aged 55-64 said they would like to receive a list of approved financial advisers in the run up to the retirement.
This is an initiative the Institute of Financial Planning has been working on with its Accredited Financial Planning Firms register which recognises the best Financial Planners nationwide.
Only 11 per cent of businesses offered financial advice to their employees and nine per cent offered employees literature on the financial issues surrounding retirement.
The majority of support offered for retirement tended to focus on allowing the employee to stay longer or move to part-time work.
However, 70 per cent of employees who did receive support said they found it useful and 16 per cent said it was the most important part of their retirement planning.
Clive Bolton, 'at-retirement' director for Aviva, said: "While in this tough economic environment, employers have made great strides in supporting their employees with a range of financial benefits in the run up to retirement.
"However, employers now need to consider how they can increase staff engagement and productivity by helping them to feel secure about their later life finances and use their retirement funds wisely."
The Aviva Real Retirement Report questioned over 13,000 people aged over-55 and found some 23 per cent of those aged 55-64 said they would like to receive a list of approved financial advisers in the run up to the retirement.
This is an initiative the Institute of Financial Planning has been working on with its Accredited Financial Planning Firms register which recognises the best Financial Planners nationwide.
Only 11 per cent of businesses offered financial advice to their employees and nine per cent offered employees literature on the financial issues surrounding retirement.
The majority of support offered for retirement tended to focus on allowing the employee to stay longer or move to part-time work.
However, 70 per cent of employees who did receive support said they found it useful and 16 per cent said it was the most important part of their retirement planning.
Clive Bolton, 'at-retirement' director for Aviva, said: "While in this tough economic environment, employers have made great strides in supporting their employees with a range of financial benefits in the run up to retirement.
"However, employers now need to consider how they can increase staff engagement and productivity by helping them to feel secure about their later life finances and use their retirement funds wisely."
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