Young workers want more help to understand their finances

Tim Wallace
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GENERATION Y employees want more financial education at work, and do not understand benefit packages designed by their baby boomer elders, a Barclays report reveals today.

And workers are increasingly saving too little for their pensions, according to Scottish Widows. The average amount workers are willing to save has dropped 24 per cent from £67 per month in 2012 to £51 per month now. More than half of those born between 1981 and 1995 want financial education from their employer, with only seven per cent offered it now, Barclays found.

Recent figures from loan provider found 67 per cent of people have no idea or just a vague idea about interest rates they pay on credit cards, overdrafts and loans.