The majority of UK adults believe that having easy access to savings is just as important as having funds to fall back on in the first place, following the COVID-19 outbreak.
After polling 3,000 adults, savings specialists Cushon found that 77.5% believe that the pandemic has made them realise the importance of having savings in times of financial difficulty.
In addition, 73% of respondents said that, while having a pension and saving for the future is essential, having easily accessible savings is now equally important.
This comes after separate research from the Mental Health Foundation found that more than a third of UK adults in full-time work are concerned about losing their jobs and being unable to pay bills.
“Financial worries are widespread and there is so much uncertainty for many of us right now,” said Steve Watson, head of proposition at Cushon.
“Providing a workplace savings initiative, where employees can contribute directly from their pay packet, is a great way for businesses to support financial wellbeing and help employees become more financially resilient.
“During the coronavirus lockdown many traditional perks such as gym memberships and season ticket loans have become redundant, so companies have had to think creatively about more relevant initiatives to offer their employees.”
The research also found that an overwhelming 91% of employers feel that their employees have woken up to the importance of having a savings pot to help when unexpected events like COVID-19 occur.
Eight in 10 employers agreed that they should help their employees build accessible savings, and 92% would now consider setting up a workplace savings scheme, in addition to a pension scheme.
Over 57% of employees said that if their employer set-up a workplace savings scheme during the COVID-19 crisis, which they could pay into directly from their salary and afford, they would take up the offer.
“We’ve seen a steady increase in companies offering workplace savings initiatives over the last couple of years as financial wellbeing has crept up the corporate agenda, but the pandemic has definitely amplified the need, as our research shows,” Watson continued.
“Workplace savings schemes are the best way to engage employees of all ages and encourage them to save for short and long-term priorities, and employers are recognising this.”
Author: Chris Seekings
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