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How the Co-op created award-winning savings for their people

In the UK, a significant savings crisis is impacting nearly a quarter of adults, with 25% having £100 or less in savings and 17% having no savings at all. This financial vulnerability can have serious effects on employee wellbeing and productivity.

To tackle this issue, employers such as Co-op are leading the way, introducing workplace savings programmes designed to help workers build financial resilience. For employers, encouraging regular savings through structured programmes is not just a benefit—it’s a long-term investment in workplace wellbeing and performance.
 
Emily Trant speaks to Alex Henley on how and why Co-op initiated ground-breaking workplace savings, and the impact it's had on their people. 

Summary

coop
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Sector

Retail
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Company Size

57,500
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Benefits Offered

Budgeting
Flexible Pay
Savings
Education
Discounts
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"Without financial wellbeing, it’s very hard to find the mental energy to develop yourself or focus on your career. That security allows you to respond to challenges and pursue opportunities for growth." 

 - Alex Henley, Culture & Colleague Experience, Co-op

 

In this discussion:

  • Savings Crisis in the UK: One in four adults has £100 or less in savings, with 17% having no savings at all.
  • Workplace Savings: This discussion focuses on the critical role employers can play in helping workers build financial resilience through savings.
  • Employer-Led Initiatives: Employers such as the Co-op are actively engaging in programmes that encourage savings as part of employee wellbeing.
  • Impact on Wellbeing: Financial stress due to inadequate savings can negatively affect employees' mental health and productivity.
  • Proposed Solutions: Workplace savings schemes and financial tools are suggested to help employees manage and build their savings over time.

 

 

Recommendations for employers:

 

  • Implement Workplace Savings Schemes: Establish payroll-deducted savings programmes to assist employees in building financial security.
  • Offer Financial Benefits: Provide access to financial benefits, allowing employees to track and manage their money, and savings.
  • Promote Savings Awareness: Regularly communicate the importance of financial health and available resources, reducing the stigma around savings struggles.