Corporate platforms are something of a cause celebre in the world of workplace savings, but their penetration remains very low, according to research from Employee Benefits magazine.
The Employee Benefits/Premier pensions and workplace savings research 2012, published in August, showed that only 8% of employers have an online platform to allow staff to manage their savings in one place, while half that number (4%) said they intended to implement one.
Although one-third (33%) of respondents admitted to considering implementing a platform, and an equal number said they had rejected the idea.
The low number of adoptees using a single workplace savings platform contrasts with the many employers who offer multiple workplace savings benefits to their staff.
The report showed 40% offer a sharesave or share incentive plan (Sip), 28% a share option plan (Csop), and 16% a cash or equity individual savings account (Isa). One-fifth (20%) of employers offer other types of savings product to their employees.
Debbie Lovewell, deputy editor of Employee Benefits and the report’s author, told Workplace Savings Quarterly that few people look at a single savings vehicle in isolation and taking a holistic view of their finances can be an effective way for staff to identify the best short, medium and long-term savings tools.
“Employers have a number of workplace savings tools (besides pensions) to help staff with financial planning and saving for the future, but it seems many have been slow to catch on,” she said. “Just 24% say that they offer any workplace savings products alongside their pension.”
Read the full research report
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