More than half of UK employees are embarrassed about their level of financial literacy, a survey has revealed.
Research by employee benefits provider Pluxee UK found just 46 per cent of HR professionals encourage a culture of openness about financial concerns, with only 16 per cent of employees saying they have this support at work.
It also revealed 48 per cent of employees said there was a lack of financial wellbeing support from their employers, highlighting a gap between employer initiatives and employee needs, according to Pluxee.
Financial concerns are also having an impact on the mental health of the UK workforce, with 75 per cent worrying about money once a month or more.
According to Pluxee, there has been an increase in demand for financial education initiatives from employees, with 68 per cent of HR professionals saying they received a request.
Burcin Ressamoglu, chief executive at Pluxee UK, said: “As leaders, we must educate and empower our workforce by building a culture of financial knowledge and offering tangible support where we can through workplace benefits and initiatives. Let's make financial literacy a shared conversation and responsibility.”
This comes as research by the Money and Pensions Service revealed yesterday (February 19) that three in four teachers say most students leave school or college without key financial skills.
A poll of 1,021 teachers by YouGov found 96 per cent of teachers think financial education should be provided at school with 76 per cent deeming it “very important”.
Lisa Davis, senior policy manager for children and young people at Maps, said: “Teachers have a unique insight into young people’s lives and their message is clear; too many miss out on the money skills they need.
"This could mean that every year, hundreds of thousands exit the school gates for the last time completely unprepared for managing their finances.
“It leaves them less likely to understand financial products, save or talk about money. They’re also more at risk of making poor financial decisions, leaving the UK’s future financial wellbeing hanging in the balance.”
Maps is aiming to increase the number of children receiving financial education by two million to 6.8mn by 2030 through its UK Strategy for Financial Wellbeing initiative.
alina.khan@ft.com
