The challenge the campaign is trying to solve is well understood. The UK has one of the lowest levels of retail equity participation in the G7, with households holding far less of their wealth in shares than peers in the US or Canada. This is not because Britons lack money to invest. In fact, analysis of FCA data suggests around £600 billion is sitting in cash savings beyond emergency needs, earning modest returns while inflation erodes value.
Nor is the issue a lack of intelligence or interest. The real barrier is confidence. Only around a third of UK adults say that “investing is for someone like me”, and FCA research shows that more than half of non‑investors with savings have simply never considered investing at all. Fear of loss and lack of understanding remain the dominant reasons.
This is precisely where the workplace can make the difference.
For decades, employee share plans – including Save As You Earn (SAYE), Share Incentive Plans (SIP) and Enterprise Management Initiatives (EMI) – have provided millions of people with their first experience of investing. Today, over 20,000 UK companies offer at least one tax‑advantaged share plan. An SAYE plan will allow an individual to save over a defined period and give the individual the option to purchase share at a set price after the savings period and a Share Incentive Plan will allow employees to invest small amounts directly from pay, often with tax relief, matching shares and free shares to compliment the employees contribution. An EMI grants selected employees the option to buy shares at a fixed price in the future, with favourable tax treatment if conditions are met.
They are structured, accessible and, crucially, trusted.
Yet despite this reach, share plans remain under‑used. Participation is far from universal, particularly among younger workers. And that’s where the generational paradox appears.
Gen Z and younger millennials are not investment‑averse. In fact, they are driving a surge in retail investing through apps and platforms, with surveys showing more than half of under‑35s invested in the past year. But that enthusiasm is not translating into workplace ownership. Younger employees are consistently less likely than older colleagues to join share plans.
The reasons are familiar: affordability concerns, lack of understanding, long holding periods. Yet most of these barriers are perceptual, not structural – and they are solvable.
We can see that clearly in organisations that are already succeeding.
Where it’s already working
Where we see clients achieving consistently strong participation from younger employees, their success isn’t driven by radical plan design, but by how the opportunity is delivered. Simple, well‑communicated offers; predictable annual cadence; and launches treated as internal campaigns rather than HR processes. Increasingly, engagement is mobile‑first, reflecting how younger workers already manage their finances.
A major utilities client has taken a different but equally effective approach, embedding share plans within a broader financial wellbeing framework. Ownership is positioned as part of a toolkit alongside pensions, budgeting and education – not as a standalone product. This reframing helps younger employees see share plans as supportive and relevant, rather than complex or risky.
For another standout FTSE100 partner, strong Gen Z engagement is driven by purpose‑led equity storytelling. Participation is linked to innovation, mission and long‑term impact. Ownership is framed as belonging, not just benefit. Global consistency is balanced with local relevance, making the message resonate across generations and geographies.
Across all these examples, the lesson is clear: success is less about plan mechanics and more about experience, relevance, timing and trust. Many also use free share awards to build early engagement – shifting the mindset from “why should I join?” to “I’m already an owner” and helping establish habit and confidence.
What needs to happen next
There is a clear call to action for both policymakers and employers.
For policymakers, the opportunity is to modernise proven schemes, not reinvent them. We’ve recently seen EMI eligibility expanded, a welcome reform allowing larger companies to qualify. Targeted reforms to SAYE and SIP – greater flexibility, updated limits and digital enablement – would make them better aligned to today’s workforce. And there is a powerful behavioural lesson to draw from pension auto‑enrolment: defaults matter. Auto‑enrolment transformed retirement saving in under a decade. The same principle could dramatically expand workplace investing.
For employers, the message is simpler: act now. Use the tools already available. Make share plans mobile‑first, plain‑English and narrative‑led. Treat launches like consumer campaigns. Use real employee stories and equip managers to be advocates.
If we are serious about building a more inclusive investing culture, the workplace must be central to the solution. Employee share plans are not a niche benefit. They are one of the most powerful, under‑used gateways into ownership that the UK already has.
The retail investing revival will not be won by messaging alone. It will be won by making ownership feel normal, accessible and relevant – starting where millions of people already are: at work.
Sources & Evidence (selected)
- UK retail investment lowest in the G7 / confidence gap - Aberdeen Report, 2025
- £600bn+ in excess cash savings - FCA Financial Lives 2024 Survey
- Why people don’t invest (fear, lack of understanding)- FCA Financial Lives Survey, 2022
- Scale of UK employee share plans - HMRC Employee Share Scheme Statistics, 2023–24
- Growth in Gen Z / young adult investing Moneybox UK Investor Research, 2024–2025,
Ian Cox is CEO of Equiniti Share Plan Solutions, a global provider of end‑to‑end administration and participant support for equity compensation programs. We’re building the future of employee ownership - where equity is understood, trusted and transformative. Find out more on our solutions page.