A major new report by Nest Insight has shown that offering payroll savings on an opt-out basis – rather than opt-in – can significantly boost participation and help workers build financial resilience. At Wave Community Bank, we’re proud to be part of this growing movement to make saving easier and more accessible for employees across the UK.
The research, published on 31st March 2025, confirms what many employers and savers already know: saving needs to be simple, automatic, and flexible. The opt-out model – where employees are automatically enrolled to save a small amount from their pay unless they choose not to – makes a big difference.
In trials run with companies like Co-op, Bupa, and SUEZ, the number of employees saving increased dramatically when the scheme was opt-out rather than opt-in. At SUEZ, just 1 in 100 people saved under opt-in. With opt-out, that rose to 47 in 100. The Co-op and Bupa saw even higher results – 71 in 100.
Why does this matter?
Financial resilience in the UK is low. A quarter of adults have less than £100 in savings, and half would struggle with an unexpected £300 bill. This leaves millions at risk of hardship when faced with emergencies – a broken boiler, car repairs, or an unexpected life event.
Emma Reynolds, Economic Secretary to the Treasury, welcomed the report, calling workplace savings “a vital part of building financial resilience across the country.”
The evidence from the report is clear:
-
Opt-out savings dramatically increase participation.
-
Employees find the scheme simple, helpful, and empowering.
-
Saving through payroll supports long-term habits and financial confidence.
-
It can improve mental wellbeing and even productivity at work.
At Wave Community Bank, we believe in putting people first. That’s why we support payroll savings for all our employer partners. We make it easy for employees to build a savings buffer through small, regular amounts – helping them feel more in control, less stressed, and better prepared for the future.
Read the full report by Nest Insight here
Want to offer workplace savings to your employees?
We can help you set up a scheme that’s easy to manage and tailored to your organisation. Our team is here to support you every step of the way.
Get in touch to find out more about how you can help your staff build better financial wellbeing with Save with Chorus.