Why employers should get involved with UK Savings Week

UK Savings Week is a powerful reminder of the importance of financial well-being. It’s been designed to help individuals build their knowledge and form better savings habits. With our Workplace Savings scheme, employers have the opportunity to play an active role in helping employees reduce financial stress.

The hidden cost of money stress

When employees are worried about money, that stress doesn't stay at home. Financial anxiety can quietly impact daily life and could even reduce focus in the workplace. 

Research highlighted by HR Magazine (External) shows that money stress could directly impact work performance for two in five UK workers. Without a financial safety net, covering growing expenses or unexpected costs can take a mental toll. The studies also suggests that employees spend an average of 2.24 hours every month managing personal finances at work. 

By supporting employees' financial well-being, businesses aren't just helping individuals feel more secure; they're potentially creating a more focused, resilient, and engaged workforce.

Why Workplace Savings matter

One of the barriers to saving is simply finding the time and discipline to build a consistent saving habit. With our Workplace Savings scheme, that friction is removed as it allows employees to save directly from their salary, post-tax and other deductions. Because the money is set aside before it hits their bank account, saving becomes effortless.

Helping employees put away even a small amount each month offers key benefits:

• Builds financial resilience: Creates a safety net for unexpected expenses, helping reduce anxiety around sudden bills.
• Encourages long-term goals: Helps colleagues save for positive milestones like a family holiday or a future life event.
• Improves overall well-being: A stronger sense of financial security leads to improved mental well-being, which could help to boost workplace focus and performance.

What employers can do to help

Introducing a Workplace Savings scheme to your organisation is a positive step in supporting employees to reduce financial stress and build better financial resilience. Best of all, there’s no cost to your business. 

Setting up the scheme is straightforward, and we support you at every stage:

1. 1. Easy rollout: We provide guidance to help introduce the scheme to your employees.
2. 2. Simple onboarding: Employees can open an account during a friendly drop-in session or apply online.
   3. Streamlined administration: All you need to do is apply the deduction each payroll and record it on a simple template we provide, then send us a single payment to cover all enrolled employees. We handle everything else.

Supporting your employees’ financial well-being today could help build a happier, healthier workplace for tomorrow.

Ready to support your team?

Find out more about our Workplace Savings scheme and how to introduce it to your organisation. 

If you’re an employee, read our Workplace Savings for employees information.