BOURNEMOUTH, England, February 26, 2013 /PRNewswire/ --
A survey to identify teachers' approach and attitudes to the serious matter of their finances has revealed some less than serious personal finance practices. Most teachers (62%) admit they struggle to find the time to look after their money properly according to the research carried out by Teachers Assurance. 61% dedicate only an hour or less per month looking at their finances and more than half consider all things financial either worse or as bad as parent's evening.
With time proving a major factor, the majority (82%) admit most of their financial planning is conducted whilst they're in their pyjamas with some even attempting to do their sums whilst in the bath. One teacher admitted to doing their finances on the log ride at Legoland with another finding the time for some financial planning at their own wedding reception!
Not surprisingly financial understanding is varied with only 25% confident in their financial knowledge and 10% admitting that they don't actually have much understanding at all. A worrying 20% of those surveyed said they would not be confident to answer a financial question posed by one of their students.
This ad hoc approach to money management is evidenced in the significant number (22%) of teachers who are making no provision for their future. And yet with changes to the teaching profession, in particular proposed changes being made to teachers' pension as a result of the Hutton report, now is the time for teachers' to start looking at their financial future and planning accordingly.
Abby Bowman from Teachers Assurance explains further: "We commissioned the research to better understand the attitudes and practices of teachers towards their savings and financial planning. Perhaps not surprisingly, given the hugely demanding requirements of their jobs, the majority do not find the time to properly looking after the day-to-day finances or making the appropriate provision for the future. Despite the average teacher earning £1million during their lifetime, most teachers don't think they have enough to save every month. This is where Teachers Assurance can help as we have recently launched a financial education programme aimed at helping teachers take control of financial matters."
For those looking to learn a little more about financial planning Teachers Assurance has a team of Financial Education Officers who visit schools (often as part of an Inset Day) and run a 30 minute informal Money Talk. Pay, benefits and pensions can all be addressed, as well as proposed reforms for teachers' pensions.
Abby Bowman concludes: "Our Financial Education Officers can give teachers hints and tips and talk through a range of resources available specifically for teachers on our website. We have developed a number of very useful online Financial Calculator tools which will help those teachers looking to plan for their financial future.
Teachers Assurance offers a range of a range of savings, investments and insurance for individuals and families that are designed with teachers in mind. To book a Money Talk in your school simply visit http://www.teachersassurance.co.uk/moneytalks or call the events team on 0800 652 075. Alternatively, why not follow the news on Twitter or Facebook? Simply search for "Teachers Finance."
Notes to Editor
The research was conducted using Schoolzone who is a specialist provider of market research in the UK education sector. It was carried out in October 2012 and surveyed 673 teachers.
About Teachers Assurance
- Teachers Assurance was set up in 1877 and today offers a range of savings, investments, home insurance products, health and life cover for individuals and families that are designed with teachers in mind
- Teachers Assurance does not offer financial advice. Instead, the company offers a financial education programme for teachers which includes Money Talks in schools and a range of online financial calculator tools
- As a friendly, mutual society, profits are invested to help support customers and future customers or shared with Members
- Teachers Assurance was started by the NUT. Although they are now separate companies, they still work in partnership and Teachers Assurance is endorsed by the NUT to provide financial services to members
Teachers Assurance, Tringham House, Deansleigh Road, Bournemouth BH7 7DT Tel: 01202 435000 http://www.teachersassurance.co.uk. Teachers Assurance is a trading name of Teachers Provident Society Limited (TPS), an incorporated Friendly Society No 372F, authorised and regulated by the Financial Services Authority (FSA). A member of the Association of British Insurers and the Association of Financial Mutuals. The Teachers Assurance companies, which are authorised and regulated by the FSA, include Teachers Assurance Company Limited No. 314801, Teachers Financial Services Limited No. 3401635 and Sovereign Unit Trust Managers Limited No. 2072297. Teachers Management Services Limited No. 3401641 is not a regulated company. All companies are wholly owned subsidiaries of TPS. Registered in England & Wales. To help us continually improve customer service, calls may be monitored and recorded.
SOURCE Teachers Assurance