Financial Resilience & Protection

Financial pressure is affecting the performance of almost one in six UK employees, with managers and working parents among those particularly likely to report an impact on their productivity.

Rising living costs, mortgages and household bills clearly contribute to the strain, but they don’t tell the whole story.

Employers could face growing workforce health, productivity and planning challenges as employees increasingly struggle to build sufficient savings to retire when they want to, according to analysis from Hymans Robertson.

More than one in four UK employees are relying on unregulated sources, such as AI tools, social media and friends for pension guidance, amid growing demand for workplace financial wellbeing support.

One in 10 UK employees have used their annual leave to deal with financial stress, administration or burnout rather than to rest, highlighting the growing impact of money worries on workforce health and wellbeing.

Aviva is expanding access to its specialist mortgage guidance through its workplace pension proposition. The move comes as employers are increasingly being called upon to support employees with immediate financial challenges alongside long-term retirement planning.

More than one in three UK employees fear they will never be able to afford to retire, yet one in five have taken no action to review or manage their pension over the past year. 

Nearly two-thirds of UK workers now have more than one pension pot, with experts warning that fragmented retirement savings are making it harder for employees to engage with long-term financial planning.

The cost of living isn’t a crisis anymore - it’s an everyday reality. It’s evident in the price of bread that suddenly increased by 50p almost overnight. It’s evident in the multi pack of diet Coke that was £3.50 a short time ago but is now £5. Or in the price of fuel that fluctuates wildly from one week to the next. It’s evident in the huge numbers of people who are struggling to afford the basics. It’s evident in the numbers of people relying on food banks or sleeping rough.

Almost two in five employees approaching retirement do not have a clear retirement income goal, raising concerns that many are making important financial decisions without fully understanding what their pension will provide.

Just one in five UK employers are planning inflation-beating pay rises this year, despite growing concern over the financial resilience of the workforce.

Private medical insurance has emerged as the UK's most sought-after employee benefit, as a new study suggests employees are looking for more personalised support that reflects both their health and financial needs. 

Buy Now Pay Later became regulated last week. From 15 July, lenders must carry out proper affordability checks before approving new borrowing, as they would for a credit card or a loan, and some of the millions of people who have come to rely on these products will be declined for the first time.

More than one in four UK employees with a defined contribution pension are unaware that their pension savings are invested, highlighting growing concerns about financial literacy and retirement preparedness, according to new research from WEALTH at work.

Zurich UK has launched a free 24/7 virtual GP service for partner brokers and their employees as it expands its wellbeing offering through its Club Blue programme. 

More than a third of UK employees fear they may never be able to afford to retire, as rising living costs continue to put pressure on long-term savings.  

More than half of UK employers now consider financial wellbeing a major business priority, yet many continue to struggle to translate investment into measurable employee and business outcomes, according to a new report from the City of London Corporation and nudge. 

A new employer-led coalition has been launched to help more UK workers build emergency savings through workplace savings schemes.