Employers launch coalition to boost workplace savings and financial resilience 

A new employer-led coalition has been launched to help more UK workers build emergency savings through workplace savings schemes. 

The National Coalition for Workplace Savings brings together 21 organisations representing around 400,000 employees. Backed by HM Treasury and convened by the Money and Pensions Service (MaPS), Nest Insight and The Investing and Saving Alliance (TISA), the initiative aims to increase access to workplace savings schemes and encourage greater participation among employees.  

The coalition is seeking to address a significant financial resilience challenge. According to coalition data, one in 10 working adults in the UK has no savings at all, while a further 20 per cent have less than £1,000 set aside. More than 13 million people are estimated to have low levels of financial resilience.  

Its stated goals include increasing the number of employers offering workplace savings schemes, raising employee participation rates and helping more workers build savings buffers of between £1,000 and £2,000. The coalition will also work with employers, payroll providers, savings providers, regulators and policymakers to support wider adoption of workplace savings.  

Workplace savings schemes allow employees to save directly from their salary, often through payroll deductions. Supporters argue that making saving easier and more automatic can help employees build financial security and cope better with unexpected expenses. 

The coalition reflects growing recognition that financial wellbeing is closely linked to workplace health and productivity. Research cited by coalition partners suggests that employees with greater financial resilience experience lower levels of financial stress and may be better able to focus at work.  

Founding employers include organisations from the private, public and third sectors, including Co-op Group, Greene King, Mitie, Next, Nuffield Health, Travelodge and several NHS trusts. Additional support is being provided by industry bodies, financial wellbeing specialists, credit unions and payroll technology providers.  

The initiative forms part of the Government’s wider Financial Inclusion Strategy, which identified workplace savings as a potential route to improving financial resilience among working-age adults. The coalition is now inviting further employers to join as signatories and contribute to the development of workplace savings across the UK.  

Andy Lang, Founder and Group MD of Munny – an independent financial education business that helps people feel more confident and in control of their money commented on this announcement: “Too many people are just one unexpected expense away from financial difficulty, which is why we welcome any initiative that helps employees build meaningful financial resilience. Emergency savings are one of the simplest and most effective ways to reduce financial stress, improve wellbeing and create greater financial security. Employers have a unique opportunity to support this and we’re happy to work with some fantastic organisations that are leading the way” 

While employers have increasingly focused on pensions, debt support and financial education in recent years, the coalition’s focus on emergency savings highlights the role organisations can play in helping employees build day-to-day financial security before financial difficulties arise.