Check If You Qualify

New Workplace Savings Scheme Launches in Scotland

Sharon McDougall - 24th December 2021 - 2 minutes to read

A new workplace savings scheme has been launched in Scotland with the aim being to help more people earn themselves a potentially vital financial cushion.

The pandemic, among other issues, has meant millions of Scots struggle to save regularly and tend to have very little in the way of financial flexibility.

Now a new initiative is aiming to support people who are in work to set aside small sums of money each month so they can gradually establish some extra financial security.

The Scottish Community Lenders Fund is providing the financing to get the scheme - dubbed ‘Work and Save Scotland’ - up and running, with the Scottish government among those offering their support to the endeavour.

A collection of credit unions came together to create the Work and Save initiative, which is intended to be an expansion of payroll savings schemes those organisations have previously introduced into workplaces across Scotland.

The idea is that Work and Save helps people save more regularly because it automatically takes money out of an employee’s salary before it hits their bank account.

Part of the motivation behind the scheme is that research has repeatedly shown that people who have even a few hundred pounds set aside as savings can cope much more confidently with unexpected financial emergencies.

Shona Robison, social justice secretary with the Scottish government, has explained her reasons for supporting the new initiative that’s underpinned by public funds.

“Putting a small amount of money aside on payday can make it easier for people to build up a valuable financial buffer that is there when they need it,” she said.

“I’m pleased that our Scottish Community Lenders Fund is supporting Work and Save to help more employers set up workplace savings schemes.

“As well as promoting good financial management, it will also support credit unions by enabling them to offer a range of financial services to those who may not have access to more traditional financial routes.”

If you live anywhere in Scotland and you are worried about how will handle your personal debt situation in 2022 then Scotland Debt Solutions can help. You can contact us any time to arrange a FREE and confidential consultation.

facebook colour icon linkedin colour icon messenger colour icon whatsapp colour icon email colour icon
Sharon McDougall Square

Sharon McDougall

Manager

Other News

Debt Levels Soaring across Scotland, New Figures Show Debt Level Rising

Debt Levels Soaring across Scotland, New Figures Show

Levels of unsecured debt in Scotland increased dramatically during 2022 as the cost of living crisis took its toll on household finances.

Nearly Half a Million Scots Facing ‘Profound Financial Hardship’ Financial Hardship

Nearly Half a Million Scots Facing ‘Profound Financial Hardship’

Close to half a million Scots are in a position of profound financial hardship, according to a new set of figures.

Scots with Disabilities Urged to Check Eligibility for New Benefits Scottish Man In Wheelchair

Scots with Disabilities Urged to Check Eligibility for New Benefits

Disabled people in Scotland are being urged by the government to check whether they might be eligible for benefits that could help make their life a little easier.

About

Why Choose Us

Usp Location

5 Offices in Scotland

National Coverage

Usp House

Ask us About

Home Visits

Usp Hand Heart

Helping Scots Get

Out of Debt Since 1989

Usp Handshake

We offer an

Instant Initial Consultation

Usp Palm Wallet

We'll Help You

Lower Monthly Payments

Usp Hand Heart

HELPING SCOTS GET

Out of Debt Since 1989

We'll give you a call

Our Scottish based team can help advise you on your debt problems.

Here at Scotland Debt Solutions we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See our Privacy Policy.

Tools

Useful tools

Personalised Debt Report
Usp Planner

Personalised Debt Report

Our personalised debt report will help you better understand your financial position and see where your money is going.

Debt Report
Instant Scheduled Call & WhatsApp
Headset

Instant Scheduled Call & WhatsApp

Arrange a call with an expert advisor at a time to suit you or contact our team via WhatsApp for immediate help and advice.

Arrange Callback
Find a Local Office
Usp Signpost

Find a Local Office

We have five offices located across Scotland. Find your nearest one here.

Find an Office

Our Insolvency Practitioners are regulated by ICAS or the IPA and our firm is authorised and regulated by the Financial Conduct Authority

Fees and Information: There are fees associated with our services. These will be fully explained before entering into any of the personal debt solutions referred to on this website. Full details of our fees and how these are charged are fully explained to you prior to you committing to any particular service.

ICAS Insolvency Practitioners