Most employees want finance training, survey finds

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5th January 2016 10:51 - Financial Services

According to market research by the Open University Business School (OUBS) and financial education station, Share Radio, 2 in 3 Most employees want finance training, survey findsemployees in the United Kingdom have never been through financial training, suggesting that money management skills are learned ad-hoc.

The research revealed that 64 per cent of workers in the United Kingdom have never been educated on personal finance, such as how to manage spending and savings.

The results indicated that there is scope for employers to support employees with finance training, with just 7 per cent having ever received any help from their workplace.

Of the places where individuals seek money management advice, the top place was family and friends, closely followed by the media, the internet, employers, schools, university and personal finance self-help books.

The research revealed that financial skills were often learned as a result of life events such as buying a house.

Of the workforce in the United Kingdom, 4 in 5 said that they would prefer their employer to support them through training about personal finances and 1 in 3 said that finance education would help them to plan their finances for the future. As well as this, 25 per cent said that personal finance training would help them to understand their pension.

26 per cent of the respondents said that they would like their workplace to help them with one-on-one training and 22 per cent would like the provision of free financial courses to be implemented in their workplace.

Employees being uneducated on personal finance can result in individuals getting in debt or making poor financial decisions, which can result in ill-health and stress.

The Open University Business School and Share Radio spoke to 3,040 employees in the UK prior to the announcement of a collaborative agreement. Share Radio is set to broadcast 25 minute episodes to work alongside the Open University Business School’s personal finance course.

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