The research, carried out with employees and investors from Equiniti’s clients* which includes about half the FTSE 100, also showed that half of those surveyed first acquired shares through a company share scheme.
A similar number felt that their employer doesn’t do enough to support informed financial decisions on savings and investments and would like to see them offer financial education, 49% and 46% respectively.
Phil Ainsley, managing director of Equiniti’s employee services business, said: “Of the people we surveyed, many of them got into investing through their employer when they joined a company share plan. It shows that these schemes are a valuable gateway to saving and creating wealth for the longer term for many employees and - coming from the same source as their salary and pension - it’s unsurprising they look to their employer for further guidance.”
“The government has taken steps to address financial literacy in schools, particularly focusing on debt issues for those continuing in education, but this research shows that more can and should be done in the work place.”
Phil added: “I wouldn’t expect to see employers venturing into financial advice but many are starting to focus more on education.”
Andrew Woolnough, Equiniti’s Director, Employee Platforms and Engagement, is keen to support that corporate initiative and allow employees to make informed decisions. “People save or invest with our schemes through some of the biggest employers in the country, and they offer huge government backed incentives through tax savings and different investment options.”
He continued “This isn’t about telling people what to do, but equipping them to better understand their options. It’s in the employers’ interest, it helps build loyalty and mitigate financial stress in the workplace which could affect the bottom line with increased absenteeism or presenteeism affecting employee productivity.”
Andrew concluded: “For the people we surveyed it is clear that Britain is still a nation of savers, but uncertainty is holding them back”.
* The Equiniti 2016 Savings and Investments Survey was conducted among shareholders of Equiniti clients with over 6,000 complete responses captured via an online survey. The survey was completed in August 2016.
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Equiniti is a specialist outsourcer delivering technology-enabled solutions to large enterprises. It processes £90bn in payments every year, handles 88 million documents and pays 20 per cent of pensioners in the UK. We provide sophisticated administration, processing and payments services powered by up-to-the-minute technology.
We are acknowledged leaders in many of our markets and keep things running smoothly for some of the UK's best-known brands and public sector organisations. Equiniti's services, which are delivered by over 3,500 employees across 28 locations, benefit 27 million people in the UK and 180 countries around the world.