Some five million people in the UK are choosing to save money through a form of employee share scheme, according to new research.
A study by ifs ProShare revealed that most of these savers are channelling funds into either a share incentive plan (Sip) or a save as you earn (SAYE) scheme.
Commenting on the findings, Phil Hall, head of public affairs at the organisation, said: "Sip and SAYE are both tax efficient savings mechanisms that can enable employees to build up a good level of savings."
The report found that the average amount people save in a SAYE scheme each month reached £89 last year, compared with £71 in 2006.
Meanwhile, the average monthly amount saved in a Sip rose from £72 in 2006 to £83 last year.
Mr Hall noted that employee share plans are "relatively simple but effective", with the report indicating that a growing number of employees are "recognizing these basic facts".
In related news, Kevin Mountford, head of savings and currents accounts at Moneysupermarket.com, advised people to "look at some of the alternatives" when seeking savings accounts .
Millions save in employee share schemes
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Millions save in employee share schemes
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