Boosting financial resilience and wellbeing through workplace savings

BSA research and report

 

The Covid pandemic and the subsequent rise in the prices of energy and other commodities have highlighted the vulnerable financial position of many households. Even prior to the pandemic, 11.5 million people had less than £100 to fall back on if they got into difficulty [1].

Many households are now finding their finances stretched by rising prices but for those that are able, regularly putting a little aside can help to soften the blow from future unexpected events and give greater peace of mind.

Many people see the benefit in saving, but often it is hard to maintain those good intentions against other demands and temptations to spend. One way that people who are in work might be helped to develop a pot of savings is if their money was moved on their behalf into a simple savings account straight from their pay.

This report draws on a survey by YouGov of over 2,000 employees. It looks at why employers might want to help their employees by offering a workplace savings scheme, and how this could work.

Download the report

[1] Money and Pensions Service 2020, The UK Strategy for Financial Wellbeing

Contact

Andrew Gall

Head of Savings & Economics

andrew.gall@bsa.org.uk

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