Last year the Financial Inclusion Centre published new research report called Getting Workforces Saving: Payroll Schemes with Credit Unions
The research looked at the scheme with two major employers in the Yorkshire region and the researchers we able to conclude the following:
- Payroll savings is effective at encouraging positive savings behaviours and promoting financial resilience amongst lower-medium income workers. The research found these workers were typically saving £50-70 a month.
- Backing payroll savings could make a significant contribution to Money and Pension Services strategic goal of getting two million more people who are either squeezed or struggling to start to save by 2030
In addition to the report, the centre make over 40 Policy recommendations. Some of which include:
- Urge the UK government, and governments of the nations of the UK, to adopt payroll saving as a key policy priority
- Government and the Confederation of British Industries (CBI) should actively engage the largest private sector employers in each UK region
- The British Chambers of Commerce and Federation of Small Businesses (FSB) should promote payroll savings amongst their members
- An aspiration that all employers offer payroll savings for their workforces – every employer, no matter what their size, should consider a payroll scheme an essential component of their workforce financial wellbeing / staff benefits offer
Citysave has been offering Payroll deduction to the employees of Birmingham and Warwickshire for over 30 years. We have a proven track record of delivering this staff benefit to Public, Private and the Third Sector. To find out more about how we can help your Financial Wellbeing Agenda, click here