Expert insight | Why saving is the most desired financial wellbeing support in 2022

UK employees are facing unprecedented financial stress right now. Rocketing bills, inflation at a 40-year high and the soaring cost of everyday necessities have combined to create a cost-of-living crisis that shows no sign of ending anytime soon.

According to the Money and Pensions Service, 11.5 million people have less than £100 in savings to fall back on. It comes as little surprise, therefore, that help with saving is the financial wellbeing support employees desire the most from their workplace, according to Wagestream’s State of Financial Wellbeing 2022 report, which found that 50% of UK employees want products that help them save more than any other form of support.

Saving is not easy for many. Wagestream found that, while workers’ desire to save was almost universal, their ability to do so varied considerably based on factors such as income, stability of hours, debt levels, goal-specific motivation and access to suitable saving products.

With this in mind, how can UK employers better empower their employees to save?