How the National Coalition for Workplace Savings is helping to build financial resilience at scale

Data from the Financial Conduct Authority’s (FCA) 2024 Financial Lives surveyOpens in a new window shows that one in ten people in the UK have no savings at all, and another two in ten have less than £1,000 they could draw on in an emergency.

A massive problem? Yes. Mission impossible? Absolutely not.

One of the most effective ways to bolster financial resilience is available right now. It's called workplace savings. But Department for Work and Pensions (DWP) statistics indicate that only 4% of UK employers currently operate workplace saving schemes. As such, the National Coalition for Workplace SavingsOpens in a new window represents a timely and important development and we encourage employers to register their interest in joining.

The National Coalition for Workplace Savings is a UK-wide initiative focused on increasing the number of working-age adults with an emergency savings buffer. Convened by the Money and Pensions Service (MaPS), The Investing and Saving Alliance (TISA)Opens in a new window and the Centre for Inclusive Money at NestOpens in a new window (previously Nest Insight) as part of HM Treasury’s Financial Inclusion StrategyOpens in a new window, its core aim is to scale workplace-based savings solutions across employers.

The Coalition views the workplace as one of the most effective channels for improving financial resilience. By supporting employees to save in ways that are easy, visible and consistent, employers can play a pivotal role in helping individuals build financial security.

The key aims of the Coalition are to drive employer engagement, increase employee participation in saving and ultimately ensure more people have a meaningful financial buffer.

The need for action is urgent, with MaPS’ latest MoneyView survey showing that 27% of UK adults couldn’t pay an unexpected bill of £300. This means that sudden financial shocks, such as needing to replace an appliance, or having to pay for a car repair, can create stress and instability.

Workplace-based approaches can help address this challenge by integrating saving into the employee experience. Through a combination of accessible tools, structured solutions and behavioural nudges, employees are better supported to save regularly and build positive financial habits.

This is critical because the barrier is often behavioural rather than financial. Many people intend to save but struggle to do so consistently.

For employers, the benefits are tangible. Evidence from the Centre for Inclusive Money at NestOpens in a new window shows that people with a savings buffer often report higher levels of life satisfaction and are more productive at work as a result. Supporting employees to build even modest savings can improve focus, reduce anxiety and strengthen overall workforce resilience.

Despite these advantages, workplace savings solutions are not yet widely embedded. This gap highlights the need for coordinated action and the opportunity for employers to take a more proactive role.

The challenge of low savings is too significant for any one organisation to solve alone. The National Coalition for Workplace Savings is a coordinated and practical response, leveraging the workplace to make saving easier, more inclusive and more effective.

The success of workplace pensions has already demonstrated the impact employers can have in shaping financial behaviours. There is now an opportunity to extend that influence beyond long-term retirement outcomes to address immediate financial resilience.

Employers who engage with the Coalition can help shape emerging best practice, contribute to policy development and position themselves at the forefront of financial wellbeing strategy.

More importantly, they can make a tangible difference to employees’ day-to-day financial security by establishing a workplace savings scheme and driving up employee participation in it.

Joining the Coalition is free, and organisations can register their interest via the National Coalition for Workplace Savings websiteOpens in a new window.

By doing so, employers and industry partners can stay informed, access insights and resources, and contribute to a growing movement focused on expanding workplace savings.