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Workplace saving could help employees ease the cost of living crisis

The cost of living continues to bite with people increasingly worrying about meeting their day-to-day financial commitments. Employers could help by offering workplace savings alongside a workplace pension.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in. These articles are intended for employers and HR professionals, not for individual investors.

Research from The Building Societies Association showed that more than six in ten (61%) people in work are finding their bills and credit commitments a burden.

For those in a position to save, a workplace savings scheme could help them build financial resilience.

This is where employers could help. By offering workplace savings alongside a workplace pension, employees can make regular savings directly from their wages.

Workplace saving and investment accounts can be used as an alternative option where money can be accessed more readily than a pension. It’s worth keeping in mind that investments should always be made for the long term and we suggest at least a five year period.

Similarly to pension savings, the automated ‘set and forget’ nature of this process makes it easy for people to save by making it habitual and effortless.

MONEY AND PENSIONS SERVICE

The research shows half of employees (50%) who aren’t currently offered workplace savings would be interested in joining.

The benefits are more than just financial. More than one in four (27%) of those surveyed said money worries had affected their ability to do their job.

Of those whose money worries had impacted their work, nearly two thirds (60%) said they’d be interested in a workplace savings scheme if this was offered to them.

Being able to access and build savings through the workplace could have a powerful impact on mental health and productivity, as well as financial resilience. Having some kind of financial buffer in place could be vital in helping people navigate these difficult times.

We offer a Workplace ISA and Workplace Fund and Share Account, both can be paid into via payroll.

Find out more about Workplace Savings

More Articles

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in. These articles are intended for employers and HR professionals, not for individual investors.

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