Employees want help with pension, retirement planning: survey

Globally, the majority (85 per cent) of employees want help with their pension and retirement planning, according to a new survey by Accenture.

The report, which surveyed workers in 10 countries in Asia-Pacific, Europe and South America, also found 82 per cent of respondents said they’d like retirement coaching. Millennial workers expressed the most interest in support, citing planning help (87 per cent) and coaching (84 per cent).

However, despite strong employee support for these services, less than half (41 per cent) said their employer offers them. About the same amount (43 per cent) said their employer doesn’t make those services available while 16 per cent said they don’t know.

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Employees also expressed an interest in receiving their pension and retirement information through digital channels, but very few said they currently do. More than half (57 per cent) said they’d like to receive information through an interactive web page, but only 23 per cent said they’ve done so. A slim majority (53 per cent) of respondents said they’d like to access information through a mobile app, but only 18 per cent said they have. Another 47 per cent would use a digital retirement coach, but only 12 per cent have used the service.

Again, millennials were more interested in digital retirement education and coaching, with 63 per cent saying they’d use a mobile app, followed by interactive web page (60 per cent) and digital retirement coach (53 per cent).

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“People around the world are increasingly using digital services to make their lives easier and more productive,” said Owen Davies, global pension practice lead at Accenture. “Employers should ensure that their pension and retirement organizations find ways to close the gap between the digital life that members seek and what is currently available. As part of that, they should focused on enhanced planning and education for workers.”

The survey also found 68 per cent of workers with pension or retirement plans said those benefits were a key factor in making the decision to accept a new job. And 62 per cent said pension and retirement benefits were critical for deciding whether to stay with their current employer.