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Your Financial Adviser Money Making MC
9Th
Aug 2016
More
than half of Indian employees anticipate that they will be up against
a less comfortable retirement than their parents' generation, a
survey by global advisory, broking and solutions company Willis
Towers Watson said.The Total Investment & Insurance Solutions
According
to the 2016 Global Benefits Attitudes Survey, 56 per cent of Indian
employees still fear that they will be worse off than their parents
in retirement, although employees' satisfaction with their financial
situation in the country has increased nine per cent since 2013.
The
study said as many as 46 per cent of employees expressed concern when
questioned about their current financial state, and more than one in
three stated that their financial problems negatively affect their
lives.
“The
growing insecurities of employees around long-term financial
stability demands the immediate attention of employers,” said Kulin
Patel, Director, Willis Towers Watson India.The
Total Investment & Insurance Solutions
"Companies
are beginning to take steps by making their employees' financial
well-being a core component of their overall well-being strategy and
employee value proposition," he said.
The
study of over 2,000 employees in India found that almost 54 per cent
worry about their future financial state, whereas 52 per cent of
employees think that they are less effective at their work due to
financial problems.
In
addition, 57 per cent of Indian employees support the idea that their
employer should have a role in encouraging them to save for
retirement.
However,
32 per cent would be uncomfortable receiving targeted messages from
their employer on these matters.
"Gradually,
employers are understanding the link between their employees'
well-being and their performance and productivity at work, and how
this affects the organisation's bottom line. Soon, they will realise
that a holistic approach is needed to address these issues
effectively," Patel said.The Total Investment & Insurance
Solutions
Further,
the survey pointed out that the biggest growth in promoting financial
well-being in India will be in the use of customised and targeted
messages, which 50 per cent of employers intend to do so over the
next three years, on top of the 13 per cent currently doing so.
The
survey also said the employers should aim to help employees by
addressing their different issues, from short to medium term savings
through to the traditional long term retirement savings.
"There
is a need to boost engagement and productivity by reconfiguring the
benefit package offered by employers," Patel said.
"Different
employee segments may require a different mix of benefits that depend
on their financial priorities at their given stage in life," he
added.The Total Investment & Insurance Solutions
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