Successful trials are a useful reminder of the protective power of the ‘rainy day fund’ via IrishTimesBiz
Savings: If you have cash on deposit you’re losing money. Not just a bit, but a lotNest Insight, the research arm of the UK state-backed pension fund, has had more success with its “sidecar saving” trials with various employers, including BT and ITV.
The good news from these trials was that participants said they liked it and they tended to stick with it: roughly three-quarters were still saving regularly through payroll deductions after 18 months. Some used their savings for emergencies such as broken-down freezers, while others used the accounts to save for planned events like Christmas.
What happened next was telling. Nest Insight set up three new trials, and this time employees had to opt out if they didn’t want to take part, rather than opt in. Participation rates shot up by 45 to 50 percentage points. Those who participated still used their savings pots, so they knew they were there.
Policymakers in the UK are already aware of how powerful this sort of nudge can be. In 2012, the country became one of the first to require employers to enrol almost all employees automatically into a workplace pension. Workers could opt out, but by default they and their employers would pay in. As a result, the proportion of employees participating in a workplace pension has shot up from less than half to almost 80 per cent.
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