A new employer-led coalition focused on expanding access to and take-up of UK workplace savings has held its first steering group.
Backed by the government, the National Coalition for Workplace Savings is comprised of 19 employers from a range of sectors, with more than 350,000 employees.
Convened by the Money and Pensions Service, Nest Insight and The Investing and Saving Alliance, it is a multi-year initiative to increase the number of UK employees accessing and benefiting from workplace savings by championing uptake, sharing best practices and supporting innovation.
The steering group, which was joined by Lucy Rigby KC MP, economic secretary to the Treasury, will govern and lead the coalition. Ahead of its public launch in the summer, the group is encouraging employers to register their interest in becoming a signatory and commit to helping their employees become more financially resilient.
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.”
Claire Costello, chief people officer at the Co-op Group and inaugural chair of the steering group, added: “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 employees’ 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. 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.”
Vikki Brownridge, chief executive officer at StepChange Debt Charity, said: “This coalition marks an encouraging step towards greater financial inclusion. Workplace saving schemes have the potential to transform the savings landscape, improving financial resilience and wellbeing.”
