Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of workplace financial wellbeing companies on financial inclusion.

The Government recognises that employers can play an important role in supporting the financial wellbeing of their employees. The Financial Inclusion Strategy seeks to support employers who want to build the financial resilience of their workforce.

Payroll savings schemes are identified in the Strategy as a specific, impactful step employers can take to achieve this goal. The Strategy outlines the Government’s work with the Financial Conduct Authority to provide greater regulatory clarity to employers, so they can offer these schemes with confidence. The Money and Pensions Service is also working with Nest Insight and The Investing and Savings Alliance on the launch of a National Coalition of Employers to encourage uptake among firms.