The Employer's Guide to SavingsDownload this guide to discover how you can promote financial security and improve employee financial wellbeing.
The introduction of pension auto-enrolment has been a great success in helping millions of Britons to build nest eggs for their later years. Yet there are still concerns that falling savings rates mean we are not preparing ourselves against potential financial disasters in the short term. Employees who have savings to fall back on are more resilient to financial shocks and therefore less prone to the negative affects that financial difficulties can cause to overall wellbeing. This additional financial security can also improve productivity and reduce labour turnover.
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“Younger Brits are finding it especially difficult to start saving. Over 50% of those aged 18-24 have less than £500 in rainy day savings, and on average would run out of money in just over a month, should they lose their job.”