Most of the UK workforce (81%) want personal finance education from their employers, with half of those surveyed admitting that a major life event, such as buying a property or leaving school, was the last time they revised their financial knowledge. The new survey was commissioned by The Open University Business School (OUBS) and Share Radio – who are partnering to deliver a broadcast finance course - to reveal the gaps in personal finance education, particularly in relation to pensions.
Employers are in prime position
Two thirds of UK staff surveyed disclosed that they have never received personal finance education from their employers. Martin Upton, Director of the True Potential Centre for the Public Understanding of Finance – a new research centre at The Open University – said:
“Employers are in a prime position to help their employees get a better understanding of how to deal with their personal finances effectively. By 2018 all employers will have responsibility for offering access to pension schemes and there should be guidance on the schemes offered.”
Financial education has just been added to school curriculums through the UK so in the future the situation will improve – but for now there is a clear need for education amongst the current workforce. A third of those surveyed said that financial education would help them plan their future, with many favouring free courses or one-to-one sessions from their employers.
Free radio course on finance
True Potential PUFin has now partnered with Share Radio to broadcast its popular ‘Managing My Money’ personal finance course each week. The course is free and includes an online tests, with those who complete all the tests getting a statement of participation certificate from The Open University.
Managing Director of Share Radio, Gavin Oldham said:
“In today’s society consumers must not just be thinking about the month ahead but for the long term, including retirement. Employers now have a huge responsibility to ensure their workforce understand and have the knowledge to make those important life changing decisions.”
Anyone looking to boost their pension know-how, or their overall personal finance knowledge can find out more about relevant courses here. You can also download the course as a podcast from Share Radio.