Research shows employers' awareness of the need to provide more generic financial education for staff

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Employers admit they need to raise the bar when it comes to financial education, according to new research.

The study conducted by Wealth at Work, revealed 68% of employers provide financial education in relation to retirement planning but only 38% of employers provide generic financial education for all employees.

The survey indicates more than three quarters of employers (76%) think the provision of financial education is set to increase. This was agreed upon by 100% of the FTSE 100 companies surveyed.

Jonathan Watts-Lay, director, Wealth at Work, said: "The survey revealed even though currently the majority of employers are only providing education at retirement, a large proportion of companies think this will increase.

"But many employees do not understand many of the complex issues surrounding financial issues in the workplace, whether they are in the boardroom or on the shop floor. This could include such items as the new recent capital gains tax rates and their effect on company share schemes following the Emergency Budget. Financial education is imperative to ensure employees take action now to avoid potential tax liabilities and plan for a better financial future."