Through colleague feedback, it became clear that being able to regularly save money was really important for colleagues’ financial wellbeing – yet, well over a third (40%) of frontline food store colleagues and 30% of Funeralcare and logistics colleagues had less than £100 in savings. And only 30% of colleagues reported being able to save.

As part of a broad range of financial services and support, Co-op launched a pilot with Wagestream that automatically opted colleagues into saving straight from their pay each month. 

Research shows traditional payroll savings schemes are ineffective - often with less than 1% participation. But this initiative saw savings participation jump to 71% for Co-op team members.

Across 2023, Co-op colleagues set aside £3 million in rainy day funds.

Through the trial, Co-op helped 1,000 more employees become ‘savers’ - with a third saving for the first time in their lives. All with no impact on other savings behaviours, like pensions contributions.

Co-op's pioneering financial wellbeing approach, powered by Wagestream, was named the UK's #1 financial wellbeing strategy at the 2024 Employee Benefits Awards. And it scooped the Grand Prix prize, named the 'best of the best' of all employee benefits initiatives in the past year.

Emma Stockdale, at Nest Insight - the UK Government's body for pensions and savings - said of the programme: 'The results are extroardinary. People are building meaningful savings buffers…knowing they’re saving also gives people greater peace of mind and confidence, supporting financial wellbeing to improve over time.'