Younger workers more likely to discuss their financial wellbeing with employer

A new report has revealed that 73% of workers have never spoken to their employer or line manager about their financial wellbeing.

However, Aviva’s Working Lives Report 2022: The Big Squeeze found that younger workers, in particular 25-34-year-olds (39%), were more willing to have these discussions with their employers. This was closely followed by those aged 18-24 (31%).

Emma Douglas, Aviva’s Director of Workplace Savings & Retirement, said, “Talking money with an employer appears to be one of the last workplace taboos. Young workers are clearly breaking down the stigma associated with talking to the boss about the ‘m’ word, but it is important that all generations of workers feel they can talk about their financial wellbeing with their employer.

“One of the areas that employers can offer important support is retirement savings. Pensions are designed to be a long-term investment and any decisions made today will echo throughout a person’s retirement.”

The report also found that many employees had great concerns about their pension and whether it will provide them with the lifestyle they would like when they retire. Just 19% said they feel able to retire comfortably on their workplace pension – 34% feel their pension will not be enough.

Emma Douglas, added, “It is a shame that so many people who have a workplace pension and are worried about not being able to retire comfortably have never spoken to their manager about their concerns.

“This is an unusually tough time for people and the extent of financial hardship will be unique for everyone. It is more important than ever that employers encourage their people to talk to them about money worries, and employees take-up any financial education or guidance their employer is able to offer.”

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