Bosses should help employee finances with 'impartial advice'
12-11-2007
Employers have been urged to help their staff manage their finances, but they must resist from marketing their own financial products, experts have warned.
My Budget Day is a scheme launched by AXA that asks employers to set aside one hour a month for workers to address their financial situation.
The initiative has now received the backing of the Confederation of British Industry (CBI), but recent discussions have a highlighted a potential conflict of interest if employers are giving advice about financial products.
Chief executive of AXA Life Paul Evans said: "My Budget Day does not involve any product push. Employees are left to their own devices and can draw their own conclusions on what they should do next."
Richard Lambert, the director general of the CBI, noted that managers have a responsibility to look after the wellbeing of their staff.
It was recently discovered by ADP Employer Services and YouGov that payroll errors affect over half of employees but one in five workers said they would not notice if a mistake had been made.
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