We’re proud to announce that employers can now offer a new way to improve the financial wellbeing of their employees thanks to a new relationship between Salary Finance, the UK’s leading financial wellbeing business, and Yorkshire Building Society.
We understand it can be hard for people to save. Our new product makes it easy for employees to build a savings habit by adding deposits to a savings account direct from salary. This combines Salary Finance’s well-established employee-benefit technology with the security and simplicity of a Yorkshire Building Society instant-access savings account.
Our aim is to help the 16.8m working-age Brits identified by the Money Advice Service who have less than £100 in savings.
Our research and insights into behavioural science tell us that deducting savings directly from salary, before it hits a current account, hugely increases the likelihood of employees building up a rainy day fund and saving for future goals.
This new savings product creates a great opportunity for employers to have a significant positive impact in the lives of their employees by increasing their financial confidence and resilience, helping them avoid high cost debts. We are excited to make this product available to employees that already have access to Salary Finance.
In response to the announcement Baroness Ros Altmann, Consumer Champion and former Pensions Minister, has commented: “The UK is facing a savings crisis. In 2017 the ONS announced the UK savings ratio was at its lowest since 1963. The erosion of a savings habit is creating financial fragility across the UK workforce. This increases the risks of unexpected costs putting people in financial difficulty. Salary Finance and Yorkshire Building Society are launching an exciting new initiative that can enable employers to play a role in addressing these issues. In doing so employers can improve the financial confidence and resilience of workers across the UK.”