We’re looking for employers to join in our research efforts and learn alongside us
At NEST Insight, we are partnering with researchers to try to help people improve their financial futures. There are a number of challenges we’d like to explore and address, including:
- Financial wellbeing, health and productivity – Low financial capability is a significant cause of stress across the UK workforce, which can have a negative effect on productivity.
- Behavioural biases – People’s biases can make it difficult to make and follow through with a financial plan.
- The low rates of financial literacy worldwide, including in the UK – These low rates of financial literacy are one reason why we observe low rates of financial planning, and high numbers of people in credit card debt or other financial distress.
Financial wellbeing, health and productivity
How can employers participate?
We’re looking for large employers to take part in our sidecar savings research trial. The trial will test whether joining up pensions and short-term savings can create a better savings balance, and enhance the financial wellbeing of workers.
What are the benefits to participating?
The sidecar savings model is designed to help improve workers’ financial wellbeing both today and into their retirement years. Evidence suggests that debts and other financial worries can be a significant cause of stress amongst workers, which can in turn have a detrimental impact on their health, productivity at work, and earning capacity. According to Neyber research, over half of employers say that poor financial wellbeing has had a detrimental impact on their workers’ performance.
What is the timeline to participate?
The trial is due to go live within workplaces over the coming months, with workers beginning to make contributions towards the start of 2019. Workers participating in the trial will be monitored for two years to assess sign-up rates, how much they save, and the impact on their financial wellbeing.