Stockmarket Turbulence Need for Financial Ed

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<p><strong>London &mdash; Aug. 21</strong><br />Educating employees about financial matters could help businesses reduce the negative impact that the crash in share prices could have on the workforce, according to Charles Cotton, Chartered Institute of Personnel and Development (CIPD) pay and benefits expert.<br /><br />&ldquo;It makes good business sense to ensure employees have a good financial understanding because financial concerns can cause stress and depression, resulting in poor performance and increased sickness absence,” he said. “This is becoming important, as more employees are covered by defined contribution pension arrangements and employee share plans. </p><p>”Employees may stop, or cut back, on their contributions to these schemes. However, by educating them about the long-term nature of pensions and share plans and their tax advantaged status this risk can be reduced. This comes against a backdrop of increasing mortgage costs for many workers, with some tempted to stop saving for their future by focusing on their mortgage repayments. Again, by providing financial education, employers can help their staff acquire the financial knowledge that will allow them to shop around for the best mortgage deals allowing any savings to be redirected toward their savings.”</p>

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