Payroll Deduction Savings and Loans Scheme
A simple way to empower employees
Financial worry is commonplace. In the UK, over 16 million people have less than £100 in savings, a widespread issue that often leads to high-cost debt, increased stress, and anxiety. Money Box provides a means to break free from this damaging cycle.
In partnership with Boom Community Bank, employers can empower individuals to take control of their finances and foster resilience by facilitating savings through simple payroll deductions.
Investing in employees' financial well-being through a Money Box partnership isn't just a gesture; it's a meaningful, low-cost, high-impact Corporate Social Responsibility (CSR) initiative.
Streamlined processes minimise the administrative burden for the employer.
Free promotional materials and on-hand marketing support to encourage participation.
We collaborate with organisations of all sizes, offering our services free of charge.
Embracing CSR
A payroll deduction savings and loans scheme can complement your organisation's CSR objectives and become a valuable component of your overall CSR strategy.
Employee Financial Wellbeing: Through providing Money Box, employers can actively promote employees' financial wellbeing, aligning with CSR goals of supporting the welfare of employees beyond their work duties.
Financial Education and Empowerment: Money Box encourages regular savings and responsible financial management practices among employees. By providing access to financial education and tools for saving, the scheme empowers individuals to take positive action to develop their financial resilience.
Support for Local Communities: Money Box, delivered in collaboration with Boom Community Bank, contributes to the economic development of the community by promoting responsible banking practices and financial inclusion.
Employer Benefits
Increased Employee Satisfaction and Loyalty: Employees who participate in regular savings may experience reduced financial stress and increased confidence in their financial futures. This can lead to higher levels of job satisfaction and loyalty to the employer.
Reduced Absenteeism and Improved Productivity: Mitigating stress and anxiety-related illnesses, Money Box may contribute to reduced absenteeism and increased productivity. With a happier workforce that can focus more on their tasks rather than worrying about personal finances, overall efficiency and performance are heightened.
Enhanced Corporate Reputation: Initiatives like Money Box can demonstrate a commitment to employee financial well-being and enhance the company's reputation as a socially responsible employer. This can appeal to current and prospective employees, customers, and investors who value corporate social responsibility.
Community Impact: By partnering with local financial institutions like Boom Community Bank, employers participating in Money Box can contribute to the financial health of the broader community, which can lead to positive social and economic outcomes.
More on financial wellbeing in the workplace
Employees are facing challenging times, and the detrimental effects of financial worries on both mental and physical health are a significant concern.
Businesses facing similar financial challenges must be cautious with their finances to maintain their operations, retain staff, and navigate the ongoing difficulties affecting many sectors.
Given the tight financial situation all around, and without the option of simply granting pay raises to everyone, what alternatives are available?
Through our partnership with the Money & Pensions Service (MaPS), we bring a variety of free tools from MaPS and Moneyhelper. These resources enable employers to provide their staff with government-backed financial guidance and support.
Visit MaPS website
