On the go: In a survey conducted by Wealth at Work, more than half (51 per cent) of UK adults said the pandemic has made them more conscious of the need to save more.
Furthermore, more than a quarter (26 per cent) of adults said the pandemic has made them recognise that they do not have enough saved for their retirement.
More than a fifth (22 per cent ) of respondents approaching retirement (aged 50-plus) said the pandemic has made them realise they need to improve their understanding of how best to save money, while 14 per cent said it has made them think they need to save more into their pension.
Another 22 per cent of respondents said the pandemic has made them want to retire earlier. Just over one in 10 (11 per cent) have had to delay retirement as they can no longer afford to retire.
Conversely, only 18 per cent said the pandemic has not changed their view on savings.
Despite these findings, more than 41 per cent of employers do not offer any support to help their employees understand their finances.
For those employees who are supported in the workplace, 23 per cent said their employers had put on financial education seminars or webinars.
A fifth of employers also said they provide financial guidance on a one-to-one basis, while 18 per cent of respondents said their employer organises for staff to speak to a regulated financial adviser.
Jonathan Watts-Lay, director at Wealth at Work said: “The pandemic forced many people to stop and think about their finances, and the majority realised that they needed to save more. Unfortunately, reduced work or redundancy has meant that many have faced a fall in their overall household income.
“Without having sufficient savings to fall back on, many may have struggled to make ends meet.
“The research has shown us that people do want to learn how to save more money, and some realise that they need to save more into their pension.”
Watts-Lay continued: “Financial education and guidance delivered in the workplace can help employees understand how to make the most of the various saving vehicles available depending on their individual saving needs; whether that be to purchase a car, house, for retirement, or even to cover unexpected eventualities such as being made redundant.
“It can help employees realise how they could free up more money for their savings by shopping around for car insurance suppliers rather than auto-renewing, or by utilising discount vouchers.
“Financial education can also help with other important financial skills such as how to best manage debt, understanding the importance of having an emergency fund set aside for unplanned life events, as well as having sufficient savings for retirement,” he added.
“These uncertain times have highlighted the need to support employees to become more financially resilient so that they are better able to manage any financial shocks.”
