The proverbial ‘rainy day’ that we have long been told to prepare for has arrived. The coronavirus crisis has engulfed the UK economy in ways no one could have foreseen – and the need for that ‘nest egg’ has become clear. People’s financial resilience is being put to the test – and, unfortunately, many are failing.
Viewed in this light, the Government’s job retention scheme could be seen as delaying the inevitable – and employees should be using this time to ensure they are fully prepared. Unfortunately, our research suggests that many will reach this ‘cliff edge’ woefully unprepared. Come November, we fear many employees will be asking themselves “Why didn’t I save more?” or “Why didn’t I cut down on my
The current crisis presents an opportunity for employers to reconsider how they support the financial wellbeing of their employees. Simply helping them to save for retirement is clearly no longer enough – instead, they need to take a more holistic approach: one that takes into account employees’ short-, medium- and long-term savings needs in an integrated, easy-to-understand fashion.
Download now to discover opportunities for employers to introduce a holistic approach to pensions and workplace savings with this free whitepaper from Cushon.