Lack of workplace financial coaching leaves employees at risk, report reveals
A report from TrinityBridge’s Workplace Financial Wellbeing Services, found that just 26% of employees would turn to a financial adviser, while 87% have never had access to financial coaching.
Most UK employees are navigating their personal finances without professional guidance, with new research warning that this could leave them vulnerable to poor decisions and even financial scams.
A report from TrinityBridge’s Workplace Financial Wellbeing Services, The Value of Financial Coaching, found that just 26% of employees would turn to a financial adviser, while 87% have never had access to financial coaching.
Only 19% of workplaces currently offer such support, despite demand growing in the context of the cost-of-living crisis.
Instead, more than half of employees (53%) have turned to the internet for financial answers, while a third (34%) relied on family and friends.
One in 10 (9%) said they would not know where to turn, and 6% admitted they would do nothing at all if faced with a financial challenge.
Jeanette Makings, head of workplace financial wellbeing services at TrinityBridge, said: “Most financial scams start online, and even when advice is well-intentioned, personal finance decisions are often complex and unique to the individual.
“Without professional guidance, people could be funnelled into bad financial decisions or missed opportunities.”
The study also revealed that pensions (48%), retirement planning (39%) and investments (36%) were the areas employees most want guidance on, alongside savings (32%) and mortgages (26%).
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