News flash! Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.


In Summary – Workplace Emergency Savings: The Must-Have Benefit for 2023

Employers need to support the resiliency of their workforce amid ominous economic conditions in 2023.

Below is a summary. Additional details are outlined in the full article, written and published by Risk & Insurance. Read Full Article

In the current inflationary environment and weakening labor market, the purse strings of Americans continue to tighten. Already, more than 40% of households are unable to handle a $400 emergency. How can organizations help their workers withstand the economic challenges ahead?

Key takeaways:

Supporting Employees via Emergency Savings | Offering access to an emergency savings platform offers workers a wholly-owned savings account directly connected to payroll. Employees can designate regular contributions and employers are able to provide economic incentives for participation that encourages workers to build their savings.

Q: High Yield Savings, Simpler and Easier? | A: In short, no. Many Americans face barriers to independently establishing these kind of accounts, from disqualifying credit scores to lack of financial know how. With guidance and assistance, workers are much more likely to take advantage of these kind of tools. Workplaces that provide tools to help mitigate financial hardship for their workforce see improved employee retention and wellness.

New Legislation Brings New Demand for Emergency Savings | The SECURE Act 2.0 recently passed as part of a $1.7 trillion omnibus budget bill to expand access to workplace savings plans. Benefits brokers should explore providing these plans to their clients.

Read the full article on Risk & Insurance

Contact us today   Learn how you can support the resilience of your workforce with a 30-minute employee benefits consultation.

Stay informed.

Our Insights Newsletter highlights the latest news and analysis on global strategy, policy and risk.

"*" indicates required fields

This field is for validation purposes and should be left unchanged.
Scroll to Top