Sort the savings! Helping employees to achieve savings goals
Everyone has a savings goal. Be it saving towards a house, car, holiday, children, or retirement, most people approach work with an end goal in mind. Unfortunately, with a high cost of living, ever increasing energy bills, shrinkflation, and the likes, having savings left over at the end of the month can feel impossible. The average savings for an adult in the UK in 2025 is £16,000, with around 10% of monthly income saved, although this figure is lower with younger adults. However sometimes the unexpected happens, which can cut into these savings and upturn the schedule of a savings goal.
Supporting your people financially can be more than just a case of providing a salary or hourly wage, you can go one step further in uplifting your workforce and preparing them for the long term. Here are some ways to help employees to achieve their savings goals.
Discounts & Savings
One of the most helpful money saving services that you can offer to your employees is a comprehensive discount and savings scheme. This means providing additional resources to help your staff to stretch their money further. Gone are the days of just offering a small pool of discounts that do not cater to the whole workplace, and in comes the flexible benefits platform.
Employee discounts are only useful if they are valid for shops that your people use. Providing access to discounts and savings for the top UK supermarkets means that everyone can benefit, every time they do a weekly shop; small discounts can add up quickly! This also applies to the top high street stores and retailers in the country, so they complement people’s lifestyle no matter where they shop.
Employees can also elect for a savings goal (personal, ISA, charity), so that any savings made through the scheme are automatically contributing to their goals. From here, all they need to do is shop!
Financial Education
Of course another key factor in saving money is having the knowledge and tools to do so. While throwing money at the problem can sometimes help somewhat, there is always the ‘teach a person to fish’ approach. In this case, supporting employees through access to financial education can be massively beneficial in the long run.
Financial literacy, budgeting, investing, and such are all important life skills that some people need further guidance with. Finding an employee benefits platform that gives expert advice, resources, webinars, and an EAP can be the help that employees need to get them on track with savings goals.
Open Dialogue
While it may sound obvious, having conversations about money rather than treating it as a taboo subject can be useful. Communicating face to face, as well as providing useful information in newsletters, surrounding the financial benefits and support that the organisation offers could inform staff about support that they were not aware of.
Not only this, but eliminating the stigma around money could help your people to feel less alone, and even help to share some great tips and advice.
Get started on supporting your employees’ savings goals with My Staff Shop.
