Financial inclusion and workplace financial wellbeing are moving further up the UK policy and employer agenda, as a new employer-led initiative focused on workplace savings holds its first steering group meeting.
The National Coalition for Workplace Savings, backed by government and convened by the Money and Pensions Service (MaPS), Nest Insight and The Investing and Saving Alliance (TISA), brings together 19 employers representing more than 350,000 employees. The initiative aims to increase access to, and uptake of, workplace savings schemes across the UK.
The coalition’s first steering group meeting marks an important step in a multi-year programme designed to embed saving into everyday working life and strengthen financial resilience across the workforce.
A coordinated push to improve financial resilience in the workplace
The coalition has been established to tackle one of the UK’s most persistent financial wellbeing challenges: low savings levels and limited financial buffers among working-age adults.
Its focus is on:
- Increasing employee participation in workplace savings schemes
- Sharing employer best practice
- Supporting innovation in payroll-linked and workplace savings models
- Encouraging more employers to embed savings into financial wellbeing strategies
The steering group will guide the coalition’s work ahead of its public launch later in the year and is actively inviting additional employers to sign up.
Lucy Rigby KC MP, Economic Secretary to the Treasury, attended the first steering group meeting and emphasised the role of employers in delivering the Government’s wider agenda on financial resilience.
She said improving access to workplace savings is a key part of the UK Government’s Financial Inclusion Strategy, which sets out plans to reduce financial exclusion and improve the ability of individuals to build savings and manage money effectively.
Rigby added that building consistent saving habits is “a vital step in strengthening the financial resilience of working people” and highlighted the ambition to make saving “the norm rather than the exception”.
Employers at the centre of financial wellbeing change
Claire Costello, Chief People Officer at Co-op Group and inaugural chair of the steering group, said employers have a critical role to play in addressing financial vulnerability among employees.
She noted that too many people are still living without a financial safety net, and that workplaces are one of the most effective channels for driving behavioural change.
Costello said Co-op already sees the impact that simple, accessible savings mechanisms can have on employees’ financial wellbeing, and encouraged more organisations to join the coalition ahead of its public launch.
The steering group includes representation from major employers such as Co-op, Bupa and Suez, highlighting growing cross-sector recognition that financial wellbeing is now a core part of employee health and engagement strategies.
Why financial inclusion matters for employers
The launch comes at a time when financial stress is increasingly recognised as a workplace issue, not just a personal one.
As previously highlighted in this Make a Difference article by Stacey Lowman, Co-Founder of Money First Aid, personal debt is affecting millions of UK adults, with widespread implications for employers:
“Personal debt is affecting millions of UK adults, and its consequences are being felt across organisations of every size. 1 in 2 adults say they have experienced problem debt at some point, yet many struggle in silence.”
This context is important. Financial pressure is closely linked to stress, reduced productivity, absenteeism, and disengagement at work. For employers, it also contributes to wider workforce challenges such as retention and presenteeism.
Against this backdrop, initiatives such as the National Coalition for Workplace Savings are being seen as a practical way to address root causes rather than symptoms.
Workplace savings as a lever for wellbeing and productivity
The coalition is focused on making workplace saving more accessible, consistent and normalised across UK employers.
Vikki Brownridge, Chief Executive of StepChange Debt Charity, described the initiative as a positive step towards improving financial inclusion and resilience. She highlighted that workplace savings schemes have the potential to transform how employees build financial stability over time.
By integrating savings mechanisms into payroll systems and everyday workplace processes, employers can help reduce barriers to participation and support employees in building long-term financial security.
A growing policy and employer focus on financial wellbeing
The creation of the coalition aligns with a broader shift in UK policy towards financial inclusion, prevention and early intervention.
As the coalition prepares for its public launch, its success will likely depend on sustained employer engagement and the ability to scale practical, easy-to-implement savings solutions across different sectors and organisation sizes.
What is already clear, however, is that financial wellbeing is no longer a peripheral benefit. It is becoming a central pillar of workplace culture and employee support strategies.
With government backing, cross-sector employer participation, and alignment with the UK’s Financial Inclusion Strategy, the National Coalition for Workplace Savings signals a growing commitment to helping employees not just earn and spend – but build financial resilience for the long term.
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