I sat down with Jon and Andrew at badcredit.org recently to talk about why working Americans want help saving for emergencies. I became passionate about this journey because it’s partly my own. You probably have seen the new data around lack of emergency savings, rising loans and withdrawals against retirement savings, and growing demand for […]
workplace emergency savings
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 Alleghany Uses Sunny Day Fund to Help Their Employees Save for Emergencies
Workplace emergency savings programs and emergency savings accounts (ESAs) are becoming more and more common, especially as Secure Act 2.0 takes effect soon. As employers consider implementing an emergency savings program like Sunny Day Fund, it’s helpful to understand what to expect. As part of a new series of case studies, we are sitting down […]
Sitting Down with Lisa Massena to Talk Emergency Savings
By chance I sat next Lisa Massena at a recent forum on the future of retirement savings. Lisa launched OregonSaves, the original state Auto IRA that has become the template for twelve other states and more to come. Lisa is now the COO of Defined Contribution Institutional Investment Association (DCIIA), which has been conducting great […]
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 […]
A 401(k) Might Not Be Enough for Your Employees. Consider Workplace Emergency Savings.
Next to healthcare, most people immediately think of retirement savings when they think about employee benefits. According to the U.S. Bureau of Labor Statistics, 67% of American workers have access to retirement savings benefits like 401(k), 403(b), and pensions. And with state-facilitated retirement programs like VirginiaSaves on the rise, that access is bound to increase. […]
