Workplace emergency savings programs (also known as emergency savings accounts / ESAs) are rapidly gaining popularity, particularly with the recent passage of Secure Act 2.0. According to Transamerica’s Prescience report, 40%-60% of employers are expected to offer workplace emergency savings or ESAs as a benefit. So what should employers expect out of their employees when […]
Employee
Use Your Emergency Fund for Unexpected Expenses: Examples
An emergency fund is a savings account (or any personal fund you set aside) that gives you easy access to cash. You turn to an emergency fund when you find yourself with unexpected expenses for something that needs immediate attention. But, sometimes, it’s difficult to judge whether an unexpected expense is immediate and essential – […]
Beginner’s Guide to Building Emergency Savings
How far would your emergency savings go if you had a sudden job loss or a medical event that kept you away from work? Our 2022 Workforce Financial Well-Being Report finds that 64 percent of American workers have less than three months of cash savings available to them. Even scarier: 12 percent have just less […]
Why Employee Retention is Difficult to Fix with a 401(k) Match Alone
On the heels of COVID and amid the Great Resignation, frontline employee industries are looking to combat the traditionally high turnover model (for retail workers alone, the turnover rate is 81%). 401(k)s are never far from most employers’ lists of effective retention strategies. And with good reason. 401(k) matches and similar retirement savings benefits such […]
The Cause of the Great Resignation (& How You Can Better Retain Employees)
The pandemic has caused employees to reevaluate their work priorities — and turn in their two-week notice. Known as the “Great Resignation,” a record four million people quit their jobs in April 2021 alone. The desire for things like flexibility and new career paths contribute largely to this mass exodus. However, the issue goes even […]
Saving for emergencies: Daniel’s story
We often hear statistics that simplify the story of a person down to a single number. We do that too – we share the statistic from Marketplace-Edison Research that finds that nearly half of Americans would have trouble coming up with $250 for an unexpected expense. But people are more than numbers, and so I […]
