Nearly half of all employers plan to offer workplace emergency savings programs by next year: learn why with Sunny Day Fund®
Why Emergency Savings as a Benefit?
Higher Retention
Savers within a 700-person employer had 33% less turnover relative to overall turnover from Jan – Sep 2023 (p<0.05). Based on Sunny Day Fund Customer Analysis.
Fewer Loans & Withdrawals
CFPB found 59% of people withdrew early from their retirement savings when they had no emergency savings, compared to 9% who had saved for at least one month.
More Resilient & Healthy
People scored 10 points higher in their CFPB Financial Well-being Scores and reported lower stress when they saved for at least $1,000 versus having no savings.
Emergency Savings Account Powered by Behavioral Economics
For Employers
Improve financial well-being, lower stress, and achieve financial inclusion & health equity with emergency savings.
For Employees
Save for rain or shine, withdraw when needed, earn employer-sponsored cash rewards, and achieve your financial goals.
Workplace Emergency Savings + Benefits Blog
- Understanding your PLESA Benefits Opportunity To fully leverage your PLESA benefits, you need to understand the program’s specifics. Established under the SECURE 2.0 Act, a PLESA is a unique type of savings account designed to promote emergency savings. It presents several unique features that differentiate it from typical savings or retirement accounts.
- Employee Resilience: The Psychology of Financial Stress and ESA BenefitsTo foster workplace resilience, organizations must support their employees in finding effective ways to manage stress and promote financial health, thus shaping a foundation for enhanced team resilience and overall well-being.
- Building an Employee Emergency Savings FundUnexpected financial emergencies are a reality of life. These unforeseen situations can catch employees off guard, causing […]
- Employee Relief Fund vs. Emergency Savings Accounts—Which to Choose?Emergency savings accounts are an emerging solution in developing employee financial support mechanisms. While traditional employee relief grants provide immediate aid in unforeseen personal hardship, they may not fully address employees’ long-term financial needs and stresses. Emergency savings accounts, in contrast, offer a sustainable approach that allows employees to build and manage their own financial safety net.
- Why Emergency Savings Accounts Are Dominating Q4 Benefit ConversationsEmergency savings programs are both good and great. They improve worker financial health while delivering better business results. As Q4 strategy conversations are underway, delivering the message about employer-sponsored emergency savings programs is a natural solution to fulfill employers’ fiduciary duty as retirement plan sponsors.
- Financial Wellness Programs: Building a Stress-Resilient WorkforceFinancial wellness programs play a key role in building a stress-resilient workforce. Addressing employees’ financial challenges can foster an environment where workers are more focused and productive.