In a survey by Cushon and conducted amongst 3,000 adults in the UK, 77.5 per cent stated that the recent pandemic has shown them the importance of having savings to fall back on. 

In addition, 73 per cent of those surveyed said that as well as having a pension and saving for the future, it was essential to have savings that are easily accessible.  Amongst other things, the coronavirus pandemic has shown that having financial resilience - planning ahead and having a buffer for any potential bumps in the road - is absolutely crucial.

Despite the easing of restrictions and a sense of normality returning, for many workers the financial impact of the coronavirus pandemic is likely to produce a long term financial blow.

Research from the Mental Health Foundation agrees with the survey results, stating that more than a third of UK adults in full time work are concerned about losing their jobs as a result of the pandemic and more than a third of those surveyed said they were worried about their finances - such as bill payments and debts.

In the 2019 ‘Realigning the workplace offering to meet the needs of millennials’ research it was found that 88 per cent of employers felt responsible for their team’s financial wellbeing – and in the latest financial resilience research, it was found that 90 per cent of employers felt that financial worries impacted negatively on their employee’s mental health, whilst 87 per cent of those surveyed said that they had witnessed an adverse effect on the employees’ performance – showing that it is in the employer’s best interest to help its workforce to achieve financial stability.

With 92 per cent of employers now offering to consider setting up a workplace savings scheme to help foster better savings habits, over 57 per cent of employees said if their employer had set up a workplace savings scheme during the coronavirus crisis - which they could pay into directly from their salary and they could afford it - they would take up the offer.

Steve Watson - Head of Proposition, Cushon - said:

“Financial worries are widespread and there is so much uncertainty for many of us right now. 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. 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 and as our research shows, employers are stepping up to the plate and looking to put something in place. 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.”