Why employers should prioritise payroll-linked savings: Insights from our partnership with Sync

At Money First Aid, our mission is to empower organisations to support their employees' financial wellbeing. We're thrilled to announce our partnership with Sync, a leading provider of payroll-linked savings solutions. Together, we're offering a comprehensive approach to financial resilience in the workplace.

The urgent need for financial resilience

Financial stress is a pervasive issue affecting employees across the UK. Recent studies reveal that:

• 1 in 4 UK adults has less than £100 in savings, leaving them vulnerable to unexpected expenses.

• In the UK alone 77% of employees say money worries impact them at work.

• 1 in 10 take time off due to money worries, as well as absenteeism, presenteeism and reduced productivity associated with money worries cost UK employers £6.2bn a year.

The good news is that there is a huge opportunity for employers to play a pivotal role in addressing these challenges by providing tools and resources that promote financial stability.

Reaching £300 is savings makes us 6x more financially resilient and significantly less likely to fall into problem debt.

The power of payroll-linked savings

Payroll-linked savings schemes (like the product offered by Sync) allow employees to automatically allocate a portion of their salary into a savings account. This "set it and forget it" approach simplifies the saving process and has been shown to:

• Enhance financial security: Employees build emergency funds, reducing reliance on high-cost credit and allowing us all to reach our goals faster.

  
  

• Improve workplace outcomes: Financially secure employees are more engaged and less likely to seek alternative employment.

  
  

• Become more financially literate: Payroll savings schemes actually work. They significantly boost savings unlike other savings product available, in addition they are a great ‘show, not tell’ route for delivering meaningful financial education.

A recent Nest Insight report highlighted that 89% of employees expressed interest in payroll savings options, underscoring the demand for such benefits.

Education meets action

Offering financial wellbeing training for members of your team alongside tangible solutions helps to provide a holistic and complementary offering:

• Money First Aid offers CPD-accredited training to help employees understand and manage financial stress.

• Sync provides an intuitive platform for employees to set up automated savings directly from their paycheques.

This approach ensures that employees not only learn about financial wellbeing but also have the tools to implement positive changes.

Benefits for employers

Implementing payroll-linked savings programs yields tangible benefits for organisations:

• Enhanced employee retention: Financially secure employees are more likely to remain with their current employer.

• Reduced administrative burden: Automated systems streamline the savings process, there is compelling impact data linked to monthly contributions and average savings balances, driving confidence and minimising HR involvement.

• Positive employer branding: Demonstrating a commitment to employee wellbeing enhances the organisation's reputation.

Take the next step

Investing in your employees' financial wellbeing is not just a compassionate choice — it's a strategic one. By offering payroll-linked savings options, you can foster a more resilient, productive, and loyal workforce.

Interested in learning more? Book a consultation with Sync or contact us at hello@sync-savings.com.

Together, let's build a financially secure future for your team.