Backed by Government, leading employers join forces to expand access to workplace saving schemes and boost the UK’s financial resilience
Today, a new employer-led coalition to expand access to and take-up of workplace savings across the UK has held its first Steering Group and announced its inaugural Chair: Claire Costello, Chief People Officer at the Co-op Group.
Comprising 19 employers from a range of sectors, with a total of over 350,000 of employees, the group were joined by Lucy Rigby KC MP, Economic Secretary to the Treasury, signalling the Government’s support for the initiative.
The National Coalition for Workplace Savings is a multi-year initiative to increase the number of UK employees accessing and benefiting from workplace savings by championing uptake, sharing best practices, and supporting innovation.
Evidence shows that participation in workplace savings significantly improves individuals’ financial resilience and wellbeing, with tangible benefits for employers through increased productivity, reduced absenteeism and decreased financial stress among staff.
The Steering Group will govern and lead the Coalition, which will be publicly launched in the summer. Ahead of the launch, the Steering Group is encouraging employers to register their interest in becoming a signatory and showcase their commitment to helping their employees become more financially resilient.
The National Coalition is convened by the Money and Pensions Service, Nest Insight and The Investing and Saving Alliance (TISA).
Lucy Rigby KC MP, Economic Secretary to the Treasury, commented:
“Building consistent saving habits is a vital step in strengthening the financial resilience of working people and a key part of our Financial Inclusion Strategy. By improving access to and awareness of Workplace Savings Schemes, we are making saving the norm rather than the exception.
I look forward to working closely with the Coalition and to seeing more employers join ahead of its public launch as we break down the barriers to saving.”
Claire Costello, Chief People Officer at the Co-op Group and the Coalition’s Chair, commented:
“I am honoured to be the inaugural Chair of the Coalition at an important moment for financial resilience in the UK. Too many people are living without a financial safety net, and employers have a clear role to play in changing that. At Co-op, supporting colleagues’ financial wellbeing is an important part of how we look after our people, and we see the difference that access to simple ways to save can make. By working together, we can help make workplace saving a normal part of everyday working life, and I would encourage others to join us ahead of the public launch.”
Dr Tracey Leghorn, Chief Business Services Officer for SUEZ Recycling and Recovery UK, said:
“Financial resilience is a cornerstone of wellbeing, and workplace savings are one of the key tools available to employers to support their people in this area. The overwhelming success of SUEZ’s pioneering savings scheme has resulted in increasing our savings scheme uptake to 48% among eligible employees, clearly demonstrating the demand from our people. I look forward to working with our partners on the coalition to share best practice.”
Michael Ellis, Associate Director of People at Frimley Health NHS Foundation Trust, said:
“As a large NHS employer, we’re very conscious of the role we play in supporting the financial wellbeing of our staff. Joining the National Coalition for Workplace Savings reflects our commitment to making workplace saving simple and accessible. We’re pleased to work alongside other employers and partners to share learning and contribute to a collective effort that can help build greater financial security.”
Vikki Brownridge, CEO at StepChange Debt Charity, said:
“This Coalition marks an encouraging step towards greater financial inclusion. Our research shows one in four UK adults have no savings set aside for a rainy day, yet a savings buffer can be vital in preventing debt from escalating when faced with an unexpected life event. Workplace saving schemes have the potential to transform the savings landscape, improving financial resilience and wellbeing.”
Notes to Editors
· Interviews with key spokespeople are available on request.
· The Coalition convenes employers, sector bodies, research organisations, and providers to share insight, reduce barriers, and coordinate action so that many more UK workers gain the peace of mind and control that having an emergency savings buffer gives.
· The Coalition operates through three groups:
o Signatories: employers committing to increasing participation in workplace savings to an appropriate level.
o Supporters: organisations with solution-design, research or policy expertise
o Partners: providers of workplace savings solutions
· More information about the National Coalition for Workplace Savings can be found on its website.