Marsden launches Workplace Savings with charity pledge for first 100 businesses

Marsden Building Society has unveiled a new Workplace Savings scheme and is pledging a £50 donation per business to the Red Rose Responding Fund, for the first 100 businesses to register.

The Workplace Savings scheme enables employees to make regular contributions directly from their salary into a savings account, post-tax, and other deductions. The Society’s aim is to help members build financial security and work towards their financial goals.

This addition to the Marsden’s savings portfolio offers interest rates of up to 3.00% p.a./AER variable. The scheme is exclusively available to employees of participating businesses and, to be eligible, an organisation 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 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 wellbeing and helping people overcome the barriers to savings. Our Workplace Savings scheme allows employees to put money aside before their salary reaches their bank account, therefore encouraging good savings habits and financial security for the future.

“For the first 100 businesses that enrol, we’ll donate £50 per business to the Red Rose Responding Fund, which provides vital funding for mental health charities across Lancashire.”

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 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 or calling 01282 400500* to book an appointment.

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

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