Brexit could drive demand for financial education, research shows

Over 60 per cent of employers in the UK believe that the impact that Brexit has on the UK’s economy could lead to more demand for financial education in the workplace, according to Nudge’s Financial education yearbook 2016/17 report.

The report surveyed over 300 employers and found that 32 per cent already provide their staff with financial education in the workplace, whilst 54 per cent are planning to introduce it or have already started introducing it.

Support

The report also found that over 80 per cent of employers wish to offer more financial education support to their staff through an online education platform.

The different methods that employers would like to use to provide their staff with financial education were also identified. 67 per cent wish to use an employee assistance programme (EAP), whilst 57 per cent want to offer support using a financial advisor.

The finance-related topics that employers are already covering to provide their workers with financial education were also revealed, with 66 per cent educating their staff on savings and investment, 56 per cent on budgeting, and 48 per cent on topics such as co-habiting and bereavement.

Priority

Nudge Director Tim Perkins said: “It’s clear that we now have agreement that financial education is a lifelong priority that should start in school and continue through a person’s working life and beyond.”

He added that though it is good to see widespread comprehension of the case for offering financial education, the gap between aspiration and support currently provided is wide.