August 9, 2006

A new study has revealed the substantial number of people who source their financial products through work, with 2.65 million people claiming to have picked up a credit card through their employment.

This is around 11 per cent of people in employment in the UK, compared to eight per cent, or 1.99 million people, who take up mortgages through work.

Pensions were found to be the most common product that people find through their employers, with 38 per cent, or 9.48 million people, saying they took up their retirement plan at work, according to a study by MoneyExpert.com and thomsons online benefits.

Motor insurance and life assurance were next in the list, with 4.65 and 4.08 million people respectively sourcing these at work, while 3.55 million people find their travel insurance at their job.

Michael Whitfield, managing director of thomsons online benefits, said: "Employees are increasingly turning to their employers for help in managing their finances. 

"As the percentage of employers offering flexible benefits increases, this trend will continue to grow and worksite marketing will become much more important as a distribution channel for financial services products."

One of the main reasons identified for people turning to their employers for financial help was the busy lives that they currently lead.