The majority (72 per cent) of workers are keen for their employer to offer a workplace savings scheme in addition to a standard pension, according to research by Cushon.

The firm, which recently rebranded from Smarterly, emphasised that this message was “not falling on deaf ears”, with 92 per cent of employers surveyed stating that they would consider setting up additional workplace savings schemes in addition to a pension.

Cushon emphasised that financial wellbeing has risen up the corporate agenda throughout the Covid-19 pandemic, as many employers have realised they need to help their employees build up stronger levels of financial resilience.

According to the firm, almost half (42 per cent) of employers recognised that their employees need more information about the different savings and investment options available.

A further 26 per cent of employers acknowledged that they need to provide employees with more information on how they can invest and how investing works, whilst 34 per cent would consider hosting webinars to help show employees how to better manage their finances and savings.

Throughout the pandemic, a number of pension schemes and providers have supported additional resources for employees, with the MNOPF for instance holding 13 live member wellbeing webinar sessions since the start of lockdown.

Cushon stated that the “significant” impact of the current pandemic on jobs and business has emphasised the “critical” importance of financial resilience and having an “financial buffer” to fall back on in times of financial strain.

The firm also revealed that 87 per cent of employers believed that worries about finances have had a negative effect on an employees performance at work, stating that as a result, it makes sense that healthy savings habits should be fostered through the workplace.

Commenting on the findings, Cushon head of proposition, Steve Watson, added: “It’s no surprise that so many employees are looking to their employers for support in times like these.

“Having a diverse workforce means that everyone’s financial priorities are different – they could be saving for their first home, managing debt or putting money away for retirement.

“Offering a workplace savings scheme, where employees can contribute directly from payroll, helps make the scheme accessible to everyone, no matter their age, earnings and circumstance.”

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