Research from Jelf Employee Benefits has found that 72% of respondents do not see the need to invest in retirement education for employees.
It questioned 124 employees during May 2013, discovering that only 28% of those believe that the removal of the Default Retirement Age (DRA) will lead to an increased demand for later life workshops and education of mature staff.
Highlighting reasons why it believes that organisations are currently not embracing retirement education, it notes three particular barriers.
According to Jelf Employee Benefits, businesses are concerned about infringing age-related discrimination laws. In addition, it says that auto-enrolment means company culture has shifted towards engaging younger people in pensions.
Finally, it states that austerity measures mean that limited budgets are not targeted at people nearing the end of their working life.
What are the benefits to using a scheme such as this though?
Commenting on its findings and providing advice for employers, Lee Coles, Head of Jelf’s Money after Work, said:
“Improving communications about this, sometimes taboo, subject means that employers can gauge the position of their staff, which is of real commercial benefit.
“Employees who lack confidence in what the future might bring will be less likely to open dialogue regarding their retirement plans. Knowing which individuals are planning to retire and when they intend to do so, means that an organisation can plan more accurately for the future.”
Mr Coles added:
“Any employer that wishes to make considered strategic decisions should attempt to anticipate the profile of its workforce. Not only does offering later life education aid this process, it is also positive evidence that the organisation is embracing anti-age discrimination regulation, as well as providing a valuable resource to employees.”
