Nest Insight Research: Opt-out autosave at work
Since November 2021 Nest Insight has been working with large UK employers on real-world trials of opt-out approaches to payroll-linked saving. In all three live trials, taking an opt-out approach is dramatically boosting saving participation and workers say they like the scheme. The nudge is both powerful and popular. This suggests that wider adoption of opt-out payroll autosave would help millions more to build a savings buffer.
Key findings:
- Emergency savings participation rates jump by 50 percentage points, compared to opt-in approaches
- Around 5 in 10 new workers at SUEZ are saving, and 7 in 10 new benefits app users at Co-op and Bupa, when opt-out approaches are used
- Compelling evidence presents opportunity to meaningfully improve financial resilience for millions more UK workers.
Results from these three trials suggest that opt-out workplace saving is an extremely effective way to improve people’s financial resilience and that it is very well received by employees. However, few employees in the UK today have access to these schemes. Barriers to scale will need to be overcome if more people are to benefit from opt-out payroll autosave.
In partnership with Nest
We are the provider of choice for companies who care about the future of their workforce.
