More than two-thirds of workers would prefer employers use costs of other perks to top up pension pots

 
Hayley Kirton
Follow Hayley
Money Does Grow On Trees
Employees are more interested in pensions, but employers do not appear to have got the memo (Source: Getty)

More than two thirds of UK workers would be happy to forgo various perks if their boss put the extra cash into their pension instead.

Research by Wealth Wizards found 68 per cent of workers would happily pass up benefits like shopping discount vouchers or gym memberships in return for a bit more in their pension, while 36 per cent said they are now more focused on pouring money into their retirement fund, even if it means taking home less pay.

Recent press about pensions, such as the size of the black hole in the UK's combined final salary pension funds or possible sharp rises to state pension age on the horizon, has also encouraged more than a third (37 per cent) of workers to become more concerned about their own pension.

Read more: Good news for pensions? We aren't going to live as long as we thought...

Although employees have more appetite for pensions, employers might not have got the memo. Of the employees surveyed, 29 per cent said they had never had a conversation at work about their pension and less than a quarter (23 per cent) said their employer seemed to be increasing their focus on pensions.

"With a looming pension crisis on the horizon, and the expectation set for many that they are likely to be working into their eighties, it's great that people are becoming more tuned into their financial future," said Phil Blows, director at Wealth Wizards. "Getting employees to be enthusiastic about their pension and to think about it in the real-life terms of the benefits it will yield in later life, is half the battle.

"But it is also the responsibility of employers to ensure that their employees are fully equipped with the right information to make the right decisions. Technology has made it easier than ever for businesses to offer their employees accessible advice that isn't going to break the bank.

"While advances like auto-enrolment have meant that most employers are duty bound to provide their workers with access to a pension facility, it is equally important that they provide access to advice so that employees can ensure that they are making the most of their assets."

Related articles