Co-op is to expand its opt-out savings scheme which is designed to help colleagues build financial resilience by automatically setting aside a portion of their wages.

Developed following a successful trial with Nest Insight, the scheme automatically enrols colleagues to save a default amount each month unless they choose not to participate, allowing them to build a financial buffer without having to take additional action. Colleagues can access their savings at any time without fees or penalties.

The convenience retailer said the scheme has “already delivered significant results”, with 70% of colleagues on the trial actively saving. 

The scheme is now set to grow, with Co-op planning to extend access to thousands more colleagues over the coming months with a focus on frontline employees who may face financial uncertainty.

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On average, colleagues participating in the scheme have saved £100 after four months and £200 after eight months.

The grocer is also encouraging other UK employers to explore similar approaches to workplace savings and is calling on the government to help employees start saving.

Co-op chief people and inclusion officer Claire Costello said: “Our colleagues told us they needed help to start saving, especially for the unexpected, and autosave has proven to be a simple but powerful way to offer that support. We’re preparing to make this scheme available to thousands more colleagues as we continue to roll it out, because we’ve seen the difference it makes in helping people feel secure, confident, and in control of their finances.

“I’d encourage other employers to consider how this type of support could work for them too – together, we can make a positive, long-term impact on financial resilience and wellbeing.

“By making colleague financial wellbeing a core priority, we’re also taking action on social mobility, a crucial ambition for Co-op and one that’s central to our vision. As employers, we have a vital role to play in creating a workplace that empowers growth, and I’m proud that Co-op is leading on this.”