Workplace emergency savings accounts (or ESAs as they’re starting to be known) have rapidly become the top requested financial benefit for most working Americans. It’s easy to understand why when 53% of Americans don’t have any emergency funds according to CNBC Your Money Financial Confidence Survey and nearly 40% would struggle to handle a $400 […]
Research
How to implement an emergency savings program: tips from a total rewards leader
We recently spoke with Erica Hayton, the Total Rewards leader at the Cystic Fibrosis Foundation, to learn why and how they added workplace emergency savings – a new and frequently requested financial benefit. Hayton shared her team’s experience with benefit strategy evaluation, provider selection, plan design, technical implementation, marketing and communication, and post-implementation measurement. Below, […]
6 Things Employees Want from Emergency Savings
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 […]
How Sunny Day Fund’s Values Power Our Emergency Savings System
In a previous post, I discussed how we need to evolve our workplace financial security system to include emergency savings and why that starts with values alignment. And so it makes sense for me to talk about our own values. Sunny Day Fund was born to help more Americans achieve financial security sooner. We’ve shaped […]
We need better systems for emergency savings, and that change starts with values alignment.
There’s still a belief that liveable wealth is only achieved by an individual’s level of financial knowledge, planning, and capability. A “bootstraps” narrative. I don’t think that’s the full picture. I believe that the key to sustainable personal financial well-being starts at the systems level, which is why I am advocating for a systems level […]
Workforce Financial Well-being 2022: How Businesses Can Compete with Financial Benefits
The ongoing pandemic and 2022’s rising inflation continue to impact the financial well-being of American workers. US companies are also impacted, as threats of a recession and a tight labor market make it harder to attract, and retain, the right workforce. In this environment, workers are looking to their employers to support their financial well-being. […]