Launched on 16 June 2026, the National Coalition for Workplace Savings is a government-backed initiative targeting employee financial wellbeing. It aims to increase the number of working-age adults with emergency savings, thereby improving the UK’s overall economic resilience. With 1 in 10 of us holding no cash reserves at all, the coalition – brought together by MaPS, Nest Insight, and TISA – encourages employers to build a stronger safety net through accessible workplace programmes. Serve and Protect’s involvement reflects more than two decades of commitment to payroll-deducted savings for key public service sectors.
The partnership is a natural extension of the focus we currently place on employee financial wellbeing; a commitment recently recognised in the UK Government’s Financial Inclusion Strategy, which highlighted our long-standing work with the Ministry of Defence as an example of efforts to improve financial resilience.
Our members serve in the police, prison, probation, military, fire, and health services. Minimising financial stress should be a priority for any HR department, but it is especially important in these high-pressure sectors. Whilst 1 in 10 working adults across the UK workforce had no emergency savings at all in 2024, a further 20% had less than £1,000 set aside, and some 13 million people nationally are classified as having low financial resilience. Our 2026 Financial Resilience Report suggests these figures could be higher yet in public service roles. Of the police, prison, probation, military, fire and health service workers surveyed, just 58% said they could cope financially with unexpected change in circumstances such as a relationship breakdown, unemployment, or sickness.
An important part of our message has long been that the workplace is one of the most powerful places to improve financial wellbeing. This coalition puts that ethos on a national platform.
What is the National Coalition for Workplace Savings?
The National Coalition for Workplace Savings is an employer-led initiative in line with the government’s Financial Inclusion Strategy. Backed by a formal statement from the Financial Conduct Authority, the coalition is driven by major household names:
- Convened by The Money and Pensions Service (MaPS), Nest Insight, and The Investing and Saving Alliance (TISA).
- Chaired by the Co-op.
- Supported by 17 leading employers across retail, hospitality, transport, the public sector, and charities, including First Bus, Next, Travelodge, Mitie, and StepChange.
Coalition signatories at time of launch collectively employed more than 400,000 people. Its mission is clear: to increase the number of UK working-age adults with emergency savings, particularly targeting those with savings between £1,000 and £2,000.
The new initiative will set about encouraging employers to implement workplace savings schemes, raise participation rates, share best practice, and work alongside savings providers, payroll providers, regulators, and the government.
Economic Secretary to the Treasury Rachel Blake MP summarised the urgency at a launch event in London:
“Everyone should have the opportunity to build financial resilience, but we know that when household budgets are stretched, saving can be difficult. The Government’s Financial Inclusion Strategy creates more opportunities for people to save through workplace savings schemes. Working with employers across sectors, this coalition will help make workplace savings schemes easier to access and support more working people to build regular savings habits and a financial safety net. I strongly encourage employers to get behind this scheme today.”
Why should employee financial wellbeing matter to employers?
The evidence here is compelling. If saving is made easy – automatic, habitual, and requiring no active decision – people will do it. When it takes effort and willpower, distraction comes into play.
Payroll-deducted saving works because it removes the gap between intention and action. Money is set aside before it reaches your current account, reducing the temptation to defer saving until next month.
Nest Insight published a major report into workplace savings in March 2025, demonstrating that an opt-out approach to payroll saving could make a significant impact on the UK’s savings gap. The benefits extend beyond the individual:
- For employees: Increased financial security and reduced stress.
- For employers: Improvements in workforce productivity, job satisfaction, retention, and reduced sickness and absence.
Employee financial wellbeing and workplace performance are intrinsically linked.
The credit union's role in the coalition
Serve and Protect Credit Union is an official coalition partner alongside a group of other workplace savings providers. Credit unions will play a key role in the coalition’s success.
CEO, Paul Norgrove, on why Serve and Protect fits so naturally into this initiative:
“An important aspect of our mission has long since been to ‘make every payslip count’ for those who serve and protect the nation.”
Our work with the Ministry of Defence – the work which earned a reference in this year’s Financial Inclusion Strategy, shows this in action. Serve and Protect is already one of three credit unions in Joining Forces, an MoD salary savings scheme that has helped armed forces personnel, reservists, and veterans save more than £12 million over the past decade.
Joining the coalition reinforces the message we have put forward for years. Payroll deductions, automatic saving, and community-first financial services are what employers must embrace if they want to genuinely improve employee financial wellbeing.
How does workplace saving work in practice?
For members and prospective partners who are new to the idea, this is how payroll saving works when implemented:
- Automatic deduction: Each pay period, an agreed amount is deducted directly from your salary.
- Seamless transfers: The funds move into your Serve and Protect savings account before you see them in your main bank account.
- Effortless growth: There is no manual transfer to remember, no willpower required, and far less risk of spending the money before saving it.
Over time, even modest amounts – £20 or £30 a month – become a meaningful financial cushion. This buffer could be the difference between managing an unexpected situation calmly and turning to high-cost credit in a panic.
What it means for members
- If you are already saving with Serve and Protect: The coalition will help expand access to this model across the wider workforce. A culture that takes employee financial wellbeing seriously is stronger when it is normalised and supported at a national level.
- If you are not yet saving through payroll: Now is an excellent time to start. Speak to your employer about setting up a payroll deduction arrangement. It costs nothing to set up and takes very little effort to get going.
- If your organisation does not yet offer a scheme: The coalition is actively encouraging employers to sign up. Get in touch; our team is happy to support conversations with your payroll and HR departments.
A broader vision for employee financial wellbeing
The National Coalition for Workplace Savings marks part of a wider shift in how employers, government, and financial institutions view employee financial wellbeing.
The conversation has stalled at pensions for too long. Auto-enrolment transformed retirement saving, and the same behavioural principle – making saving a default rather than a conscious choice – can apply to emergency savings too. The more normal workplace saving becomes, the better equipped the population as a whole will be to withstand financial shocks and develop true financial health.
Making every payslip count
We want to play our part in making employee financial wellbeing a reality in workplaces across the UK. Those who dedicate their careers to public service deserve financial services built around their needs and way of life.
If you are a Serve and Protect member and want to start or increase your payroll savings, visit our website to learn about your options. If you represent an employer in policing, prison, probation, the military, fire, or health services and want to explore workplace savings as an employee benefit, now is the perfect time to get in touch. You can help us make every payslip count!
Frequently asked questions about employee financial wellbeing and workplace savings
What is a workplace savings scheme, and how does it support employee financial wellbeing?
A workplace savings scheme allows employees to automatically transfer a portion of their salary into a dedicated savings account each payday. Deductions are made through payroll – rather than by the individual – so that saving is effortless. Offering this kind of scheme is a cost-free and practical step towards improving employee financial wellbeing.
Why is payroll saving more effective than saving independently?
Payroll saving works because it removes the decision entirely. The 2025 report from Nest Insight shows that automated approaches to workplace saving significantly increase saving levels among those who intend to save but find that competing financial demands get in the way.
Who is the National Coalition for Workplace Savings aimed at?
The coalition targets UK employers across all sectors. Its goal is to encourage organisations to offer payroll savings schemes and raise employee participation rates.
How much should I aim to save for an emergency fund?
The National Coalition for Workplace Savings aims for between £1,000 and £2,000 per person as a starting point. This level of emergency saving is associated with significantly lower financial stress and greater resilience when faced with unexpected costs.
How can I start saving through Serve and Protect Credit Union?
Members can contact Serve and Protect directly to set up a payroll savings arrangement. If you do not yet have automated salary saving options, put your employer in touch with our team and we will take it from there.
Is Serve and Protect Credit Union regulated?
Yes. Serve and Protect Credit Union is regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000.
- The information provided is for guidance and educational purposes only. Serve and Protect CU does not offer regulated financial advice. Please seek independent financial advice.
