Only 24% of employees think that their employer actually does care about their financial wellbeing and 62% thought they should care, according to new research.
Findings from the Building Societies Association (BSA) have highlighted that one in 20 employees (5%) said they would not be able to cover their living expenses for one week if they lost their main source of income, and almost one-fifth (15%) said they would not be able to last a month. More than six in 10 (61%) workers find their bills and credit commitments a burden.
Just above one-quarter (27%) of employees said that money worries have affected their ability to do their job. Of those whose financial concerns had impacted their work, nearly two-thirds (60%) said they would be interested in a workplace savings scheme if this was offered to them, with 50% who are not currently offered workplace savings interested in joining.
For more than one in 10 (13%) workers interested in taking part in a workplace savings scheme, it would be their first formal cash savings.
Meanwhile, for those who already have a savings habit, most said the money saved through a workplace savings scheme would be on top of any other savings activity. As many as 81% responded that the savings would be in addition to their existing pension pot and 50% said any workplace savings would be in addition to their current cash savings.
Andrew Gall, head of savings at BSA, said: “Although now will not be the right time for many to start saving, introducing a workplace savings scheme could provide an opportunity for some to start building a savings buffer in a simple and flexible way. Having a scheme in place will also help other employees who can join the scheme and start regular savings when their own personal situation allows, helping them to increase their resilience for unexpected financial shocks in the longer-term.”
