People, wellbeing, and savings: Asda's winning formula for 150,000 colleagues

By focusing on social mobility and the importance of financial security, Asda empowers colleagues to build savings easily and effectively. This collaboration reflects Asda's commitment to best-in-class workplace savings solutions, supporting their people’s wellbeing and fostering a brighter financial future.
 
Emily Trant speaks to Jane Earnshaw, Senior Reward Director, on how and why Asda implemented new workplace savings, to sit alongside their broader wellbeing benefits, and the impact it's had on their people.

"So there are some huge tangible benefits to business as well as to the individuals. We've also seen that 33% are saying they feel more focused when they're at work and that's hugely important." 

 - Jane Earnshaw, Senior Reward Director, Asda

In this discussion:

• Savings Gap in the UK: Approximately a quarter of adults in the UK have less than £100 in savings 
• Impact of Low Savings: People without savings are three times more likely to report very low levels of happiness, indicating a significant impact on mental wellbeing.   
• Workplace Challenge: Financial worries affect the ability of more than one in four employees to do their job, and the cost of financial stress to UK employers is £10.3 billion annually.
• Barriers to Saving: Although most people know they should save, many find it hard to start, with lower earners facing additional challenges due to cognitive load.
• Employer Solutions: The discussion highlights the importance of employer-led savings schemes, despite the fact that only 7% of employers offer payroll savings schemes and take-up is very low.

Recommendations for employers:

• Offer Savings Options: Employers are encouraged to provide access to savings products, with a focus on payroll integration to ease the process for employees
• Communicate Effectively: Emphasise the importance of clear and simple communication to engage employees and promote the benefits of saving.  
• Recognise the Benefits: Employers should acknowledge the positive impacts of financial wellbeing initiatives, such as improved employee sleep, focus, and retention.