Marvin OnumonuA new employer-led group, the National Coalition for Workplace Savings, has held its first steering group meeting.
The coalition brings together 19 employers from different sectors and covers over 350,000 employees.
The group is backed by the Government, with Lucy Rigby KC MP, Economic Secretary to the Treasury, attending the meeting to show support.
The coalition aims to boost access to workplace savings schemes for more staff across the UK.
The group is chaired by Claire Costello, chief people officer (CPO) at the Co-op Group.
Costello said: “I am honoured to be the inaugural chair of the coalition at an important moment for financial resilience in the UK.
“Too many people are living without a financial safety net, and employers have a clear role to play in changing that.
“At Co-op, supporting colleagues’ financial wellbeing is an important part of how we look after our people, and we see the difference that access to simple ways to save can make.”
Costello added: “By working together, we can help make workplace saving a normal part of everyday working life, and I would encourage others to join us ahead of the public launch.”
Rigby said: “Building consistent saving habits is a vital step in strengthening the financial resilience of working people and a key part of our financial inclusion strategy.
“By improving access to and awareness of workplace savings schemes, we are making saving the norm rather than the exception.
“I look forward to working closely with the coalition and to seeing more employers join ahead of its public launch as we break down the barriers to saving.”
The coalition is run by the Money and Pensions Service, Nest Insight and The Investing and Saving Alliance.
It is focused on encouraging more workers to join workplace savings schemes, sharing best practice, and supporting new ideas.
The steering group is now inviting more employers to get involved ahead of the public launch in the summer.
Dr Tracey Leghorn, chief business services officer for SUEZ Recycling and Recovery UK, said: “Financial resilience is a cornerstone of wellbeing, and workplace savings are one of the key tools available to employers to support their people in this area.
“The overwhelming success of SUEZ’s pioneering savings scheme has resulted in increasing our savings scheme uptake to 48% among eligible employees, clearly demonstrating the demand from our people.
“I look forward to working with our partners on the coalition to share best practice.”
Michael Ellis, associate director of people at Frimley Health NHS Foundation Trust, said: “As a large NHS employer, we’re very conscious of the role we play in supporting the financial wellbeing of our staff.
“Joining the National Coalition for Workplace Savings reflects our commitment to making workplace saving simple and accessible.
“We’re pleased to work alongside other employers and partners to share learning and contribute to a collective effort that can help build greater financial security.”
Vikki Brownridge, CEO at StepChange Debt Charity, said: “This coalition marks an encouraging step towards greater financial inclusion.
“Our research shows one in four UK adults have no savings set aside for a rainy day, yet a savings buffer can be vital in preventing debt from escalating when faced with an unexpected life event.
“Workplace saving schemes have the potential to transform the savings landscape, improving financial resilience and wellbeing.”
