The Importance of Workplace Savings Schemes in Lancashire

The changing financial landscape and increasing household costs are making it harder for many to save money.

2022 data from the ONS shows that in the Lancashire-12 area, Gross Disposable Household Income per head was £19,614, 13.9% below the UK average of £22,789. This is the amount of money available to spend or save after paying taxes. The figure does not include spending on housing costs or utilities.

With finances already stretched below the UK average, access to services and information to help build financial resilience is key to building a stronger Lancashire.

Starting small can provide a vital safety net against unexpected expenses such as household or vehicle repairs, or through periods of reduced income.

Building financial resilience helps to create a better sense of security, reduces reliance on high interest borrowing, and supports long-term goals like education, home improvements and retirement.

For Lancashire residents, saving isn’t just about setting money aside — it’s about creating stability and opportunities for a stronger future despite the challenges of the local economy.

Why employers should act

Employers in Lancashire have a unique opportunity to support their workforce by offering a Workplace Savings scheme through the Marsden. With disposable incomes in the region significantly below the national average, many employees may struggle to build financial buffers on their own. Our Workplace Savings scheme is designed to help employees start with small, regular contributions to make a meaningful difference to their financial resilience.

By facilitating automatic savings through payroll, employers help to remove barriers to saving and encourage positive financial habits. This not only supports employees’ financial well-being but can also lead to improved mental health, reduced stress-related absences, and increased productivity.

In areas like Lancashire, where economic pressures are more acute, employer-led initiatives can be a powerful tool for levelling the playing field and fostering long-term resilience. Supporting staff in building financial security isn’t just good for individuals - it’s good for business and for the wider community.