Two thirds (63%) of employees have made no financial provision for their future despite 81% of employees grappling with everyday financial challenges.
At least one in three were concerned about paying off their mortgage or managing other debts. Just 32% admitted to making regular savings.
Improving work-life balance was the most important lifestyle consideration for employees (42%) followed by saving for the future (37%), which was ahead of flexible working hours (24%) and having a pension (23%).
Two thirds of those surveyed (66%) said they would take a greater interest in their personal financial planning as a result of joining an employee share scheme at work.
Only 41% of 18-24 year olds and 36% of 24-35 year olds said joining an employee share scheme would make them save regularly for the future.
The nationwide poll of more than 1,000 employees commissioned by Equiniti reported just under a third were worried about paying off their mortgage (29%) with an equal proportion worried about clearing debts (29%). A fifth (19%) voiced concerns about not being able to retire and 14% believed they would not be able to get on the housing ladder.
The research also revealed 27% of employees were restricted by monthly financial commitments despite having a desire to save.
Equiniti managing director of employee services Phil Ainsley said: "The economic downturn contributed to a long term savings gap which threatens to become a financial time bomb.
"Our experience shows that on a day to day basis people find it difficult to save, however, when saving is structured, for instance as part of an employee share scheme, it is much easier," he added.
The technology to improve employees’ wellbeing is already here. But it is now in employers’ hands to make sure it is used to create successful corporate wellness programmes
Here they are - the winners of the Workplace Savings and Benefits Awards 2020...
Here they are. The finalist lists for the WSB Awards 2020.
Almost all (92%) employers would consider setting up a workplace savings scheme in addition to a pension in light of recent market turmoil caused by Covid-19, Cushon finds.
There are just a few weeks left to enter this year's Workplace Savings and Benefits Awards.