A further 17 per cent left because they felt unsupported by their bosses. Only 49 per cent were debt-free (excluding a mortgage) – such a waste of talent and loss of wealth, both to the nation and their household.
If SPA becomes nearly 70, employers must no longer edge people out of the door at 50 but retrain them – not put them on the scrap heap.
It should also become a legal requirement to provide financial guidance and better still regulated financial advice as a standard employee benefit at all firms with more than 100 employees.
What goes around, comes around
Employers have largely farmed off pension risk to their employees who also face a cost of living crisis and some have a battle with poor mental health related to debt and financial worry. They need financial advice.
I am not alone in advocating this; 20 years ago The Actuarial Profession’s report “In Place of Micawber: Empowering Financial Consumers”, advocated free, confidential financial advice as part of the employment contract at a rate of two hours a year, per employee. Whatever happened to that report?
Employers offering free financial advice (just a couple of hours a year) would gain from being seen as caring and supportive. They would also attract and retain a better calibre of staff. The advantages are obvious for workers.
And for IFAs, it could be a new opportunity to help create the financially secure workforce that Britain needs today. They can then look forward to tomorrow free of fear, regardless of the impending SPA decision.
Stephanie Hawthorne is a freelance journalist
