Building the financial resilience of the UK workforce
Recent events have shown the UK population’s lack of financial resilience. The Covid-19 pandemic, followed by the current cost-of-living crisis and spiralling inflation, has seen hundreds of thousands of people struggling to make ends meet as the cost of their bills soars past the value of their paychecks.
Our latest research, which surveyed more than 2,000 employees across the UK found just a quarter (25%) of respondents feel prepared to cope with the rising cost-of-living; more than two-thirds (68%) feel anxious about their finances; and almost half (48%) say they feel terrified about their financial future.
This research paper covers:
A role for workplace savings – and automatic enrolment
Research trials of workplace savings schemes
Savings levels, engagement and opt-in rates
The automatic enrolment savings scheme at University of Lincoln
Employees having an appetite for saving
Bridging the gap between intention and action
The steps employers can take now to help get their employees more financially resilient
We also recently hosted the Workplace Savings Summit in partnership with University of Lincoln to discuss how we can get the UK workforce saving and increase financial resilience.
Watch the recording below to hear from some excellent speakers including Duncan Brown (Principal Associate at Institute for Employment Studies), Jo Phillips (Director of Research and Innovation at Nest Insight), Ian Hodson (Head of Reward at the University of Lincoln), Sarah Porretta (Propositions, Insights and External Engagement Director at the Money and Pensions Service), Dr. Alex George (UK Youth Mental Health Ambassador), Steve Watson (Director of Policy and Research at Cushon) and students from the University of Lincoln.
Article by
NatWest Cushon
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