Marsden rolls out Workplace Savings to boost colleagues’ financial well-being

Marsden Building Society has introduced a Workplace Savings scheme designed to help its colleagues improve their financial resilience and long-term security.  

Available to colleagues across the Marsden’s eight Lancashire locations, the scheme enables account holders to make direct contributions from their salary into a savings account, post-tax and other deductions. The Society’s aim is to help colleagues develop good savings habits and work towards their financial goals.

The initiative is also open to external organisations. Businesses can partner with Marsden Building Society to offer their employees the opportunity to save into a Marsden account from their salary. To qualify, participating organisations must have 50 or more employees.

This initiative follows recent research from the Money and Pensions Service (MAPS)¹ that shows 17% of UK adults have no savings at all, and more than a quarter have less than £100 saved.

Additionally, a survey conducted by YouGov for the Resolution Foundation² found that those with less than £1,000 in savings were almost three times more likely to describe their mental health as poor, compared with those with more than £1,000.

Rob Pheasey, Chief Executive at Marsden Building Society, commented: “We’re committed to improving financial well-being for local people and what better place to start than within our own organisation. Our Workplace Savings scheme makes it easier for colleagues to put money aside before their salary reaches their bank account, therefore encouraging good long-term savings habits.

“We’re excited to also offer the scheme to other businesses and, in keeping with our commitment to communities, we’re donating £50 per business (for the first 100 businesses to enrol) to the Red Rose Responding Fund. The Fund provides vital funding for mental health charities and projects across the county and we’re proud to support it.”

Kelly Court, Programmes Manager at the Community Foundations for Lancashire and Merseyside, added: “Marsden's workplace savings scheme is an inspiring new initiative to support employees with their savings, helping them to become more financially secure. It's such a positive initiative given the current economic climate, and we're thrilled that the Marsden will also be supporting the Lancashire Red Rose Responding Fund via the scheme.”

Employers interested in joining the Workplace Savings scheme can contact the Marsden by emailing wpsavings@themarsden.co.uk. 

¹ MAPS Research - November 2022

² M Broome, I Mulheirn & S Pittaway, Precautionary tales: Tackling the problem of low saving among UK households, Resolution Foundation - February 2024