Workplace saving is a powerful way to help people build short term financial resilience and contribute towards theirĀ long-termĀ peace of mind. Helping employees set aside some money can be good for them and their families, as well as for businesses and theĀ economy as a whole.
WorkplaceĀ saving isĀ a simple wayĀ for employees toĀ save,Ā with a set amount moved into a savings account automatically each payday. Because the saving happensĀ automatically, peopleĀ donātĀ have to think about itĀ helping them build a buffer.Ā Ā
Research shows workplace saving is effective; and that a simplified sign-up process substantially increases participation. Read the full research>>
Employers can offer workplace saving working with credit unions, some FinTechs, as well as workplace benefit providers and payroll providers.Ā Ā
š” Click here for a list of providers who are involved in the National Coalition
Centre for Inclusive Money at NestĀ developed resources to help you set up your own workplace savings scheme, including approaches to increase participation.
š” Read more about Centre for Inclusive Money at Nest’s Pilots
The Financial Conduct Authority issued a statement in support of workplace saving as an employee benefit, and HM Treasury encourages more employers to adopt innovative workplace saving approaches, including behavioural support to boost saving take up in the Financial Inclusion Strategy.
