5 Things The Employee Benefits World Taught Us This Week – April 17th
This week in our employee benefits round-up, we look at 5 recent benefits news stories that Human Resources Directors will want to know.
1. Only 1% Of Employees Are Planning To Spend Whole Pension Pot On Luxury Goods
Despite fears of savers cashing in their pension pots to splash out on luxury goods after luxury goods, it has been shown in recent research by PwC that only 1% of staff between 55 and 75 plan to spend their whole pot on luxuries. Only 27% said they planned to spend any of their retirement savings on such goods.
2. Staff Think Employers Should Pay Living Wage If Possible
87% of respondents to a Nationwide Building Society survey have said that they believe employers that can afford to pay the living wage should do so. The current living wage is £7.85 and £9.15 in London.
3. 121% More Employers Are Offering Workplace Financial Education
Nudge Global has discovered that more than double the number of employers than last year are currently offering or considering offering financial education for employees in the workplace. 75% all employers are now providing financial education.
4. Workplace Pensions More Popular With Men
Another study from PwC has shown that pensions are 5% more popular with men than with women. More women, on the other hand, prefer medical insurance as an employee benefit, with 32% rating it highly while 24% of men did so.
5. Women Asking For Less Pay Than Men
As we reported in a blog post earlier this week, research from Reed has shown that women are on average stating their expected salary to recruiters as £3,900 less than men are. The industry where the largest gap existed was in accountancy where men asked for £10,600 more than women.