Prudential calls for employer financial involvement

Tuesday, October 4, 2005

Businesses should be working harder to encourage their workers to save for their pension.

The claim has come from financial services group Prudential following research into the retirement plans of around 600 people in the latter stages of their careers.

Of the 55-64 year olds surveyed, 31 per cent of them did not think they would be able to retire when it became time to collect their state pension, sparking Prudential to call for greater employer involvement.

"We believe that employers need to play a bigger role in helping their staff with their financial planning. This could take a number of forms such as providing them with access to professional advice or even time at work to sort out their finances," said Andy Curran, business development director of Prudential UK.

The survey revealed that a meagre 23 per cent had begun saving for their future before the age of thirty.

Another survey for the same company last month revealed that many did not have a suitable pension fund due to large personal debt, with some looking for a gambling win to boost their pension fund.