In this three-part blog series, we delve into the role of behavioral science in influencing savings behavior. Last time, we presented potential barriers to saving for especially lower-income Americans. In this blog, we cover different strategies to boost savings habits and outcomes. Here are the five strategies we present in this post: Make sure to […]
Emergency Savings
How behavioral science enables better savings habits
Though many American workers want to save, they’re finding it hard to follow through and it’s impacting their financial well-being. Employers want to help because they understand how financial stress is impacting their business outcomes and how emergency savings can help. Employers and employees alike are looking for innovative solutions that meet long-term goals like […]
What to ask in a workplace emergency savings program RFP
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 […]
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, […]
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 […]
