Employers should provide financial advice, urges report

Employers need to provide staff
with access to financial advice according to an independent inquiry established
by the actuarial profession.

The Inquiry into the Provision
of Financial Information and Advice urges employers to help improve the
public’s access to financial advice by offering it in the workplace.

Later today Sir John Banham,
chairman of the inquiry, will present the findings to an audience of Government
representatives, regulators, financial organisations and consumer groups.

He said, “British society is,
in effect, sleepwalking into a financial future for which it is ill-prepared.
Less than one family in five is making anything close to adequate financial
provision for old age.

“The history of consumer
overspending makes it all the more important that the public plan for their
retirement more seriously. The inquiry’s findings must be seen as a wake up
call for more to be done to provide financial advice and information to the
wider public.”

By Katie Hawkins. Click here to respond

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