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Firms to 'help staff with finance'

19 Jun 2008

Firms to 'help staff with finance' Employers could begin to take greater responsibility for helping staff achieve financial security, one business consultancy has said.

A new study by Watson Wyatt found nearly three quarters (73 per cent) of large UK firms want to offer staff financial education and planning assistance.

Students who are working part-time for a large employer to support their studies could be pleased to hear their firm may well be taking more interest in their financial wellbeing.

Gary Smith, a senior consultant at the firm, said many businesses invest a "significant" amount of payroll in pensions and other benefits.

"But they are frustrated that the value of these benefits is too often not fully understood or appreciated, and that some employees make financial decisions that they will later come to regret," he added.

Mr Smith concluded that while many firms care for the welfare of their staff, this is not to be mistaken for "old-fashioned paternalism", it is aimed at increasing the productivity of workers.

Nearly two thirds (63 per cent) of businesses polled said they would be offering employees a wider range of savings and investment opportunities over the next 15 years.

It was reported by the Recruiter Magazine earlier this month that a Gfk NOP survey found firms that offer non-monetary perks to their staff are more likely to enjoy a loyal workforce.

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