Why did Co-op need Stream?
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.
What challenges did Stream solve?
Traditional payroll savings schemes typically see less than 1% participation, because they rely on colleagues actively opting in. Co-op launched a pilot with Stream built around automatic opt-in savings taken directly from payroll — removing the friction that usually kills participation in workplace savings schemes.
"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."
What measurable outcomes were achieved?
What was the business impact?
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.
"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."
The programme has become central to how Co-op frames its people strategy, and to how colleagues manage day-to-day cash flow:
"Our Co-op people strategy is about making a meaningful difference to our colleagues' lives.
Stream is helping our colleagues budget, manage pay week to week and manage unexpected cash flow issues."
Award winning strategy
- WON the Grand Prix prize for best-of-the-best employee benefits initiatives.
- Shortlisted at 2024 Employee Benefits Awards as the UK's #1 financial wellbeing strategy
Encouraging other businesses to adopt similar programmes, 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."
