Research shows that 10 million working-age people in the UK do not save regularly – two million people having no any savings at all – and current cost-of-living pressures are likely to impact this further.
Payroll savings is making regular savings directly from an employee’s pay. An employer deducts the amount the employee wishes to save directly from wages, via the payroll, into a savings account.
Payroll savings schemes aim to help people build a savings buffer or support goals-based saving by diverting a proportion of pay into a savings vehicle each month. Like pension savings, the automated ‘set and forget’ nature of this process makes it easy for people to save by making it habitual and effortless.