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Why is regular saving such a good idea?
Financial security is important for everyone. Having a savings pot gives you peace of mind – knowing that you can plan for the future and cope with the unexpected. In an uncertain world, regular saving is essential for achieving financial wellbeing.
However, research tells us that nine million adults in the UK have no savings at all, and another five million have less than £100 in savings.** That means a quarter of UK adults do not have a financial safety net.
**Money & Pensions Service, 7 November 2022
How can Workplace Savings help?
One reason why so many people don’t save regularly, is that it can be a hassle. It’s one more thing to remember to do in our busy lives, and is easily put-off.
Workplace Savings makes it easy. In fact, once set up, saving becomes automatic. You’ll be topping up your savings every payday, direct from your salary, without even having to think about it – consistently adding to your nest egg for whatever the future holds.
According to research shared by the Money & Pensions Service,* 72% of employees said they would like their employer to offer a savings plan through payroll.
*Cushon survey, 2020.
Is it really that easy?
Yes, it is! By simply offering this valuable benefit, an employer can support its employees’ financial wellbeing – with no administrative costs, and with considerable benefits to the organisation itself.
For employees, it’s simplicity itself. Individuals can choose from our range of competitive savings accounts and elect to save any regular amount – which can be changed and further topped up whenever they wish.
The amount they choose is transferred to their savings account direct from their salary (after income tax and National Insurance deductions) before the salary hits their bank account.
How does it work?
Are you an employer who would like more information about offering this Workplace Savings initiative to your employees? Click contact our team.
If you would like your employer or HR department to consider offering this benefit at your place of work, then simply share this page.
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