The vast majority of employees believe they would benefit from financial education and guidance from their employers, but only a third have access to it, according to new data from CloudPay.

The data, sourced by the global employee pay company, revealed that 91 percent of employees believe that they or their colleagues would benefit from employer-led financial education, support, and advice, however, only 34 percent currently have access to it.

Data also showed the ongoing challenges that many are facing due to the cost-of-living crisis and other inflationary pressures. Employers are being encouraged to modernize pay and payroll processes in order to better support their staff in light of the challenges many are facing in the current economic climate.

Judith Lamb, Vice President of Global HR at CloudPay, says, “It’s no secret that many people are facing significant difficulties managing their finances in challenging conditions. However, it’s also clear that staff are looking for additional financial education from their employers to help them navigate this tough period.”

“Providing this sort of education isn’t only just the right thing to do, it can also prevent staff attrition levels from rising as employees move to source better pay. Few organizations can afford to continue offering higher salaries at the moment, but providing education about how employees can better manage their available resources can help salaries go further. The onus is on employers to lead this charge as there’s currently a major gap in the market for this sort of expertise.”