Employers urged to educate workforces before AE

Financial Education and Literary Advisers chief executive Blake Allison, who advises US government agencies on financial literacy and the use of behavioural finance, said it would become harder to get employees to increase their contributions after they are auto-enrolled. He said in the US auto-enrolment through companies' 401(K) schemes has increased the number of savers, but simultaneously driven down the amount people are saving. Allison said: "People understand they have been auto-enrolled and psychologically think they are doing what they need to do to reach a secure retirement b...