How to offer workplace savings alongside a pension
As far as workplace benefits go, financial and retirement benefits, like pension programmes, are staples. After all, most people will think about saving for retirement at some point in their working lives.
With the ongoing cost-of-living crisis as well as unprecedented global economic uncertainty, it’s just as vital to figure out how to navigate the present as it is to focus on saving for the future.
For many employees, it’s more than just a financial challenge; the stress of dealing with bills, inflation and potential debts can create an emotional ripple effect that extends into both their work and personal lives. Boostworks’ 2025 report, Side Hustles & the Cost of Living: A Multi-Generational Insight, found that almost half of Gen Z and Millennial employees are worried about their personal finances, to the point where it starts to affect their focus at work.
Serious wellbeing challenges
Beyond impacting focus, these kinds of financial concerns can also contribute to more serious wellbeing challenges such as emotional exhaustion or stress-related illness. This can ultimately affect productivity, performance and morale, making it a concern for both employees and employers alike.
So, it's clear that the current economic environment is adding to employees' responsibilities and priorities, alongside saving for retirement. The good news is that employers are uniquely positioned to provide meaningful support.
This is done by expanding their employee benefits offering (in addition to pension planning) with tools and resources that help ease day-to-day financial pressures, while also empowering employees to make long-term financial decisions with greater confidence. By pairing a pension with other workplace savings benefits, employers can support employees on both fronts.
Here are three ways to build a financial wellbeing offering that goes beyond pension savings alone.
1. Workplace discounts for everyday savings
The best savings are often the ones that build up over time, and discounts platforms are a great way to make this happen. They give employees access to discounts, cashback, or a combination of both across a wide range of retailers. The broader the choice, the better.
The most effective platforms become something employees instinctively check before making a purchase. It’s the savings on everyday spending that help shave off those extra pounds, and over time, those small savings can make a meaningful and lasting difference to people’s personal finances.
After all, everyone has everyday expenses to cover. Whether it’s the weekly grocery shop, household essentials, a family day out, or the annual holiday, these are purchases people are going to make regardless. That’s what makes discounts platforms so valuable and relevant to today’s workforce. By helping employees save a little on the things they’re already buying, those savings soon start to add up.
By introducing a discounts platformemployers can support their people by helping them save on the things that matter most to them.
2. Salary sacrifice schemes for bigger, practical investments
For employees looking to access practical, high-value benefits, salary sacrifice schemes are a great option. These schemes allow employees to exchange a portion of their salary for a product or service, with popular examples including cycle-to-work, electric vehicle (EV) and technology schemes.
Because payments are taken from gross salary, employees can often save on income tax and national insurance contributions. Combined with the ability to spread payments over time, this can make larger purchases more affordable and remove the need for a significant upfront expense.
By reducing the overall amount paid and making costs more manageable, salary sacrifice schemes help employees get the products and services they need in a way that works better for their budget and provide short-term financial relief to make day-to-day living more manageable.
3. Free financial support through EAPs
Employee assistance programmes (EAPs) are a valuable benefit for any organisation. Alongside wellbeing support, many EAPs provide access to practical financial guidance covering everything from budgeting and household bills to mortgages and retirement planning.
Employees can access expert support at no additional cost. At a time when finances are already under pressure, being able to speak to a professional without worrying about paying for advice can be a significant help.
While EAPs don't directly save employees money in the same way as discount platforms or salary sacrifice schemes, they play an important role in helping people make informed financial decisions and get the most from the support available to them.
Greater financial confidence in areas like mortgages, investments and retirement plans can help employees make better decisions about both current spending and future retirement planning. Then, there’s the added financial bonus of having access to this benefit for free.
Final thoughts
Employees need help balancing current financial pressures while continuing to save for the future, which is why workplace discounts, salary sacrifice schemes and financial guidance should be viewed as parts of a wider financial wellbeing strategy, rather than standalone benefits.
Supplied by REBA Associate Member, Boostworks
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