Financial stress: most law firms agree they have a role in financially educating their staff, say David Dolding & Martin Parish
- What can law firms and individuals do?
- Self-employment and retirement savings.
An overwhelming 93.6% of law firms agree, according to recent research, that they have a role in financially educating their staff beyond pensions guidance (see ‘HR in Law and Aon 2019 Employee Benefits Survey’, April 2019). This is positive, but are they acting on it?
In our view as advisers, action can’t come soon enough from firms and individuals. It’s been a long-held perception that financial pressures are solely the preserve of lower earners, but it’s become clear that financial stress overwhelmingly impacts the well-paid too. Large houses and mortgages, private school education for kids, holidays, cars; the expenses are high and can create constant, often hidden, pressures.
It doesn’t take much to scratch the surface and see how acute financial pressures impact an individual’s emotional wellbeing. Keeping a certain standard of living can be a concern—wealthy
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