Payroll savings schemes are one of the most effective ways in which employers can support their employees’ financial wellbeing. The scheme helps people build a savings buffer by diverting a proportion of salary into a savings account each month. The automated ‘set and forget’ nature of this process makes it easy for people to save by making it habitual and effortless.
We helped design and promote Level’s payroll savings product with 35,000 Capita employees.
We also evaluated payroll savings schemes with two SMEs in Northern Ireland.
Resources
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Supporting employees to save via Credit Unions in Northern Ireland
Payroll saving schemes can help people struggling to save but they are only offered by about 3% of UK employers with over 100 employees and take-up rates are in the…
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Payroll Savings Schemes in Northern Ireland: Evaluation Report
As part of the UK Strategy for Financial Wellbeing, the Money and Pensions Service (MaPS) aim to encourage two million more…
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How your Employer can help you save for a rainy day, month or year
The Money and Pensions Service (MaPS) estimates that 11.5 million people in the UK have less than £100 in savings, leaving them incapable of withstanding financial shocks such as unexpected…
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Using behavioural science to help employees save: Payroll savings scheme
Payroll savings products can be a powerful way to support the financial wellbeing of employees.
