Award-winning savings

The impact of offering Stream

Building a workplace of savers

Through colleague feedback, it became clear that being able to regularly save money was really important for colleagues’ financial wellbeing – yet, well over a third (40%) of frontline food store colleagues and 30% of funeral-care and logistics colleagues had less than £100 in savings. And only 30% of colleagues reported being able to save.

As part of a broad range of financial services and support, Co-op launched a pilot with Stream that automatically opted colleagues into saving straight from their pay each month.

Pioneering and powerful

Research shows traditional payroll savings schemes are ineffective - often with less than 1% participation. But this initiative saw savings participation jump to 71% for Co-op team members.

Across 2024, Co-op colleagues set aside £8 million in rainy day funds.

Through the trial, Co-op helped 1,000 more employees become ‘savers’ - with a third saving for the first time in their lives. All with no impact on other savings behaviours, like pensions contributions.

 Award-winning approach

Co-op's pioneering financial wellbeing approach, powered by Stream, was named the UK's #1 financial wellbeing strategy at the 2024 Employee Benefits Awards. And it scooped the Grand Prix prize, named the 'best of the best' of all employee benefits initiatives in the past year.

Emma Stockdale, at Nest Insight - the UK Government's body for pensions and savings - said of the programme: "The results are extraordinary. People are building meaningful savings buffers…knowing they’re saving also gives people greater peace of mind and confidence, supporting financial wellbeing to improve over time."

Insights from the Wellbeing Manager

Paul Caudwell, Wellbeing Manager at Co-op, highlights the significance of financial well-being, stating, "Our co-op people strategy is about making a meaningful difference to our colleagues' lives."

Caudwell explained the reasoning behind choosing Stream, noting, "What was important for us is a product that sang, that was really easy to use, [and] Stream technology was head and shoulders above the rest."

"Stream is helping our colleagues budget, manage pay week to week and manage unexpected cash flow issues," Caldwell added, with 60% of colleagues reporting reduced stress and increased financial control.

Caudwell also noted the support from Stream’s team, which "almost became an extension of the team for us," demonstrating a strong collaborative approach in product implementation and adaptation. Encouraging other businesses to adopt similar programs, Caudwell advised:

"If you're thinking about launching Stream, I would say don't think, just do. It's probably one of the most important things you could do for your people, and the impact will be felt. Your people will thank you for it."