Evidence type: Evaluation i
Information about the programme design and rationale
Evidence about Financial Capability outcomes for programme participants
Evidence that the Financial Capability outcomes were caused by the programme
Evidence about programme implementation, feasibility, and piloting
Evidence about relative costs and benefits of the programme
In 2018 Nest Insight announced its sidecar savings research programme looking at ways to support emergency saving alongside retirement saving. As part of this programme, Nest Insight and partners are conducting a trial which aims to test the effectiveness and impact of a hybrid workplace savings tool called Jars, which combines short- and long-term savings goals. From January 2021, all participating employers will have implemented the Jars tool. Data will be gathered from that point for two years - this will form the basis of the final programme evaluation.
This report is the first of three planned briefing papers. Emerging insights from setting up the trial include the learning that there are still barriers to uptake of the tool. The Jars pilot has been built within current policy and regulatory frameworks in the UK. This report reviews the benefits and limitations of the current policy and regulatory frameworks, to explore emerging insights about how sidecar and sidecar-like savings approaches could be supported, and what may enable workplace emergency saving in the future, including:
The paper is based on the experiences of those involved in setting up the trial.
The authors conclude that the following approaches appear promising:
They state that they expect to publish more detailed thinking on these avenues over the coming year as evidence emerges from the savings tool trial.
Will Sandbrook, Jo Phillips, Matthew Blakstad and Clare Hodgkinson. Nest Insight, London