Employees missing out on pension advice

Millions of Britons are missing out on vital retirement advice, with more than a fifth of workers saying that only senior staff in their companies are offered help with pension investments.

In London and the West Midlands, meanwhile, a quarter of workers feel this way, according to research by online pension adviser Wealth Wizards.

Andrew Firth at Wealth Wizards said: "The research shows that many employers are reserving the provision of financial and pension advice in the workplace for senior management, despite the demand for this kind of advice to be accessible to all.

"With auto-enrolment and the shift towards individual responsibility for pension saving, employers need to take a more active role in providing access to advice for their workforce on how best to manage pension and retirement plans."

The findings of the research also indicate that employers may come to regret the lack of advice made available to employees, as more than half of those who responded said they would be more likely to stay with a company that cares about their pension and future finances.

"Staff recruitment and retention is no longer just about a salary," Firth added.

Employees are increasingly looking for benefits packages that meet their requirements, and this research tells us that employers that care about the financial health of their workforce come out on top."

Other findings included that more than a third of jobseekers actively look for employers that care about the financial health of their workforce.

This is particularly common among younger people, with 47% of 18 to 24-year-olds seeking a company that provides access to financial advice.