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Workplaces 'lack sufficient financial advice'

The Chartered Institute of Personnel & Development (CIPD) has argued that it is important for firms to offer their employees financial support.

Research conducted by the organisation found that 59 per cent of the nation's workers are experiencing some form of financial difficulty.

Furthermore, almost three-quarters - 73 per cent - of respondents said that their firm does not provide any kind of support or advisory service.

Indeed, this has been particularly pronounced as wage increases have been failing to keep pace with the rate of inflation - and the general secretary of the Trades Union Congress Brendan Barber called on the government to take action to ensure that individuals are given protection to prevent this from becoming more of a problem.

Reward adviser at the CIPD Charles Cotton said: "The impact of not providing financial education can mean a workforce pre-occupied or overwhelmed by their own financial worries and unable to appreciate the value of their organisation's pay, benefits and pensions package."ADNFCR-1898-ID-801421624-ADNFCR

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