If Financial Wellbeing has become a strategic workforce issue (see our previous feature on this topic here), the next question for employers is: what can they actually do about it?
That question is the inspiration behind the launch of the National Coalition for Workplace Savings; this brings together employers, policymakers (the Money and Pensions Service) and financial services organisations to encourage more businesses to help employees build emergency savings through the workplace.
Launched in June 2026, following commitments in the Government’s Financial Inclusion Strategy, the Coalition is chaired by the Co-op’s Chief People and Inclusion Officer Claire Costello.
Employers backing coalition
In addition to the Co-op, it already includes a steering group of 18 employers such as Bupa, First Bus, Legal & General, Mitie, Next, Nuffield Health, Suez and Travel Lodge. There are also employers that are involved, but not on the committee, such as Burger King UK, Travis Perkins and Storal.
The coalition’s central mission is to make building employee financial resilience easier through auto-enrollment in savings, as has been so successful in pensions.
As Kate Shiner, Executive Director of Strategy, Policy and Governance at the MaPS said at the launch:
“Financial resilience starts with the basics: somewhere to put your money aside, and a gentle nudge to actually do it. Payroll savings does both, building on everything we’ve learned from pensions auto-enrollment.”
She added that while the commitments in the Financial Inclusion Strategy represented “a genuine step forward”, turning them into reality “needs employers, and that’s exactly what this coalition is about.”
Why emergency savings matter
The Coalition reflects growing recognition that one of the biggest gaps in many employees’ finances is not long-term retirement saving, but having enough money to deal with life’s unexpected events.
Alison Scowen, Head of Public Affairs (Life Services), at the Co-op believes the momentum has been building for several years.
“It’s thanks to the research carried out by Nest Insight, funded by BlackRock and supported by a number of employers (Co-op, SUEZ and Bupa) that we have been able to develop a much better understanding of the challenges around savings and the role that employers can play than we did 5 or 10 years ago.”
That evidence informed the Government’s Financial Inclusion Strategy, which recognised the potential of workplace savings and established the National Coalition to encourage wider adoption.
For employers, the rationale is compelling. Employees with an emergency fund are generally better equipped to cope with financial shocks without falling into debt or experiencing the stress that often affects wellbeing, attendance and performance (for more on this, see this previous feature on the topic).
As Tracy Leghorn, Chief Business Services Officer at Suez UK, puts it:
“Having an emergency fund provides confidence, security and resilience during times of uncertainty. That’s one of the reasons I support the work of the National Coalition for Workplace Savings. Employers have a real opportunity to help employees build positive savings habits and create a financial buffer before a crisis occurs.”
The Coalition’s high profile launch reflects the scale of interest in the issue. Her Majesty Queen Máxima of the Netherlands, who is the UN Secretary-General’s Special Advocate for Financial Health, Rachel Blake MP, Economic Secretary to the Treasury, and Sarah Pritchard, Deputy Chief Executive at the FCA all spoke at the event. As well as exploring how workplace savings can strengthen financial resilience across the UK workforce, keynotes talked about lessons that can be learned from international approaches.
Turning evidence into action
The Coalition was created, as MaPS says, to tackle the “patchy” uptake of workplace savings which are proven to be an effective way to support employee Financial Wellbeing. The organisation says employers are increasingly keen to support staff financially but often lack confidence about where to begin.
Michelle Sutton, Board Member at the Chartered Institute of Payroll Professionals (CIPP), and Head of Compensation and Reward at Suez, who is also involved with the Coalition, has seen the impact workplace savings can have.
“I joined the Coalition because I’ve seen firsthand how transformational workplace savings can be, especially for employees with low or no existing savings.”
She believes the Coalition’s strength lies in bringing together employers, policymakers and financial services organisations around a shared, co-ordinated, evidence-based approach.
Making saving the easy option
One of the strongest themes emerging from employers already involved is that success is less about persuading employees to save than making saving effortless. Sutton argues employers occupy a unique position because they control employees’ two most frequent financial touchpoints: pay and payroll.
At Suez UK, that insight transformed participation. Historically, only around 3% of employees actively opted into the company’s workplace savings scheme. After introducing automatic enrolment for new joiners, around 48% remained in the scheme.
She believes employers do not necessarily need to spend more money to make a difference.
“Yes, I do believe employers should do more, but ‘more’ doesn’t mean ‘more cost’. It means more simplicity, more nudges, and more accessibility.”
Rather than relying solely on financial education, she says organisations should focus on practical measures such as default savings options, straightforward communication and simple payroll mechanisms that remove barriers to getting started.
Getting involved
For employers considering workplace savings for the first time, Coalition members stress that getting started is relatively straightforward.
The first step, says MaPS, is simply to join the National Coalition for Workplace Savings and learn from organisations already delivering successful schemes.
From there, employers can establish a workplace savings scheme and work with providers to encourage participation, alongside broader financial wellbeing initiatives such as debt guidance, financial education and supportive conversations about money.
Sutton also recommends beginning with three practical questions: 1) understand where financial stress exists across the workforce 2) review whether payroll systems make saving as easy as possible, and 3) communicate in clear, human language that focuses on real-life outcomes rather than financial jargon.
These steps are about removing friction and helping employees build positive habits over time. That, says Leghorn, has been Suez’s UK’s biggest lesson so far:
“The biggest lesson has been that accessibility beats appetite. Historically, many Financial Wellbeing initiatives assumed employees would proactively seek support. In reality, people are busy and financial decisions are often deferred.”
Another lesson has been that practical action tends to be more effective than information alone.
As Financial Wellbeing becomes an increasingly important part of workforce resilience, employers are moving beyond simply encouraging employees to save. In future the goal will be to create a workplace culture where saving is built into everyday working life helping employees become more financially resilient before the next financial shock inevitably arrives.
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