The majority of UK businesses are failing to offer employees adequate workplace pension support.
Over a third of millennials’ job performance is being negatively impacted by concerns over their financial situation. Employers are failing to offer employees adequate support to help them better understand and manage their workplace pension contributions and savings.
Our research on attitudes of employers & employees toward workplace pensions has found that:
- 66% of millennials do not check their pension savings regularly
- 55% of millennials want their employer to do more to improve engagement with their workplace pension scheme.
- Almost half (48%) of employers do not hold internal discussions about employees’ pensions scheme
- Over a quarter (28%) prioritise other workplace benefits (e.g., free food and drink in the office, gym memberships, socials) above workplace pension schemes
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