Aviva: UK employees are more motivated by amount of holiday allowance and flexible working hours than workplace pension contributions

  • Holiday allowance (46%) and flexible working hours (33%) are seen as more desirable than pension contributions (24%) by UK employees
  • Under-35s value free on-site car parking (14%) as much as health insurance (15%) or pension contributions from employers (15%)
  • Over-35s (30%) are twice as likely to prioritise pension contributions compared to under-35s (15%)

LONDON, 17-Mar-2017 — /EuropaWire/ — UK employees are more motivated by the amount of holiday allowance (46%) and flexible working hours (33%) offered by employers than workplace pension contributions (24%) when they size up a job move, new research from Aviva reveals, as people prioritise living in the here and now over saving for the future.

When asked about the most attractive perks when looking for a new job, aside from salary, pensions fall into third place. This is true for all age groups, although a higher percentage of over-35s see the value of pension contributions (30%, compared with just 15% of under-35s). Other desirable benefits across all ages include health insurance (16%) and free car parking on site (15%).

Table 1: Top five most attractive perks for employees (aside from salary)

  All Under 35 Over 35
The amount of holiday allowance 46% 41% 49%
Flexible working hours/ability to work from home 33% 30% 34%
Size of employer pension contribution 24% 15% 30%
Medical/health insurance 16% 15% 16%
Free car parking on site 15% 14% 15%

Younger workers prioritise immediate benefits over higher pension contributions

When presented with various benefit package options, workers under the age of 35 are more likely to opt for lower pension contributions in return for more immediate perks.

More than two in five (42%) under-35s would choose a benefits package including employer pension contributions of 4% of salary plus subsidised refreshments, gym membership and travel. Only 18% would opt for a package with double the amount of pension contributions (8%) but no other perks.

However, the opposite is true of older workers, with 48% of over-35s willing to sacrifice more immediate gratification to receive an 8% employer pension contribution.

Alistair McQueen, Head of Savings and Retirement at Aviva, comments:

“The findings provide a sober reminder that our work is far from done when it comes to helping people take full advantage of workplace pensions and save enough to be comfortable when they retire. While other workplace perks are important, pension prospects should be right up there with promotion opportunities when looking for a new job.

“As hundreds of thousands of employees start their auto-enrolment journey this year, more must be done to help employees appreciate the importance of saving for their future and the value of a pension in doing so.”

Ends

Media enquiries:

Aviva Press Office: Fiona Whytock on 07800 692299 or fiona.whytock@aviva.com

Aviva’s spokesperson, Alistair McQueen, is available for comment/interview.

Methodology:

The research was conducted by Censuswide, with 1,208 full or part-time employees aged 18+ in GB between 2nd and 6thDecember 2016. The survey was conducted from a random sample of UK adults. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles.

Notes to editors:

  • Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers, across 16 markets worldwide
  • In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
  • Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £319 billion in assets.
  • Aviva helps people save for the future and manage the risks of everyday life; we paid out £34.4 billion in benefits and claims in 2016.
  • By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
  • The Aviva media centre at http://www.aviva.com/media/ includes company information, images, and a news release archive.
  • For an introduction to what we do and how we do it, please click here http://www.aviva.com/about-us/aviva/
  • For broadcast-standard video, please visit http://www.aviva.com/media/b-roll-library/
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  • Aviva has a Globelynx system for broadcast interviews. Please contact the Press Officer noted above if you would like to make a booking.

SOURCE: Aviva plc

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