One in ten employers do not feel any responsibility for ensuring their employees save for an adequate retirement.
The Aviva Working Lives Report 2024, published today (September 3), found 35 per cent of employees did not think their pension would provide enough for a comfortable retirement.
In its third year, the report looks into employer and employee attitudes to the workplace, finances, wellbeing, and planning for retirement.
According to the report 85 per cent of employers did feel responsible for ensuring employees save for an adequate retirement with 26 per cent saying they felt very responsible.
When it came to retirement planning, most employees were worried about not being able to afford the basics and not making the right choices to ensure their pensions last for the rest of their life.
While 72 per cent did admit to have done some planning for a financially comfortable retirement, 23 per cent had not done any.
The data revealed that 75 per cent of employees wanted more support and guidance from their employers about planning for retirement.
With 60 per cent wanting more information on how to make their pension pot last throughout retirement and 51 per cent wanting more information on how they could build up their pension pot.
The report also found that 80 per cent of employees said they did not have a financial adviser help them with a retirement plan.
However, 56 per cent said they would consider using one with those aged 25 to 44 the most likely to consider this.
The top three reasons for not having a finance adviser to help with retirement planning included not having enough wealth to need one, not wanting to pay for one, and not knowing
what they might get for their money.
According to Aviva, 51 per cent of employers said they provide employees with some information about retirement planning.
However, only 14 per cent said they provided the minimum and seven per cent said they provided nothing.
The report also found one in five employees are choosing not to think about their finances which might mean they are avoiding paying bills or checking financial statements.
alina.khan@ft.com
