52% say technology is key to engaging staff in savings

Some 52% of employers consider employee benefits technology instrumental in engaging generations Y and Z with workplace savings, according to the Employee Benefits/Lorica 100 Club research 2014, published in June. 

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But 56% of employers do not offer their staff access to workplace savings vehicles other than an occupational pension scheme, according to the research, which is based on responses from 54 members of Employee Benefits’ Hot 100 lists from 2012, 2013 and 2014. 

Of the 24 respondents that do give their staff access to wider workplace savings products, share schemes are the most popular vehicle, with 54% of 24 respondents offering one. Individual savings accounts are offered by 25% of respondents. 

Just 4% of employers think employees will never consider the workplace as a facilitator of their savings strategies.

However, 50% of the 54 respondents believe financial education will drive the mindshift to accept the workplace as a facilitator of savings. 

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Read a digital edition of the 100 Club/Lorica Thinktank debate