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Guest blog: Making payslips simpler to help employees reach their financial goals

BSA partner, Plain Numbers, has worked with award-winning payroll solution, PayCaptain, to create a Plain Numbers payslip to help more people understand their pay.

Plain Numbers partners with firms who want to increase understanding by improving the way numbers are communicated. The Plain Numbers payslip aims to reduce the use of jargon and unnecessary numbers, enabling employees to better understand the pay they have worked hard for and then make informed savings decisions. 

Traditional payslip
Traditional payslip 











































Plain Numbers/PayCaptain payslip













































 

Employee engagement with payslips

Understanding a payslip can be confusing, but it can play a key role in helping individuals build and manage their savings. 

Struggling to understand what they earn could be holding millions of people back from making good savings decisions. When you consider that around half of the UK population has the maths skills of a primary school child, and many people experience anxiety around numbers, it is little wonder that our earnings can be tricky to understand.

Getting to grips with your payslip

For many, a payslip may look complicated and confusing, but that shouldn't deter them from understanding it. To help, the Chartered Institute of Payroll Professionals (CIPP) has produced a useful guide ‘Understand your Payslip’. 

By showing the amount of income earned, a payslip can be an excellent tool for planning and building savings. The payslip is also the easiest place to find information on one of the biggest savings investments people will make – their pension. These contributions are instrumental in securing their financial future. Regularly saving for retirement can help you build substantial savings over time. 
While payslips primarily focus on income, they can also provide valuable insights into expenses. Deductions for items like healthcare premiums, insurance, and other benefits are typically listed on payslips. By reviewing these deductions, individuals can gain a better understanding of their overall financial picture and potentially redirect funds towards their savings goals.

It is a tough time for many people to be thinking about saving, but for those who engage in their payslip it can allow them to optimise their finances and enhance their ability to save, invest, and plan for a secure financial future. 

As employers, we have a duty to ensure we make the information we provide our employees clear, simple and accessible.

To find out more visit: https://plainnumbers.org.uk/ 

 

The views, opinions and positions expressed within guest blogs are those of the authors and do not necessarily represent those of the BSA.

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