Could ‘Buy Now, Pay Later’ Trend Weaken Savers’ Financial Wellness?
Pandemic’s Wake Draws Emergency Savings Accounts Into Focus
RISE & SHINE Act Markup Scheduled
Milliman Partners with SecureSave on Emergency Savings
According to the firms, employees with access to SecureSave save an average of $103 a month towards an emergency savings account.
Transamerica Latest to Add Emergency Savings Accounts
The solution, which aims to help employees save for unexpected events that may impact their retirement security, is being rolled out via new relationships for the firm with Millennium Trust Company and SecureSave.
Report Offers Considerations for Using Retirement Plans to Help With Emergency Savings
Roth and after-tax accounts could be used to facilitate emergency savings, with certain considerations about the cost of accessing funds and the effect on nondiscrimination testing.
Life Happens
Financial Wellness Trends Shine a Light on Employee Needs
Areas of focus have shifted during the pandemic and will define trends for the new year.
Health Shocks Often Derail Financial Stability
A new survey shows workers’ ability to maintain or regain financial control after a serious, unexpected health event appears difficult—if not impossible—especially for Millennials and early career professionals.
New Benartzi Paper Dissects Narrow Framing Phenomenon
Would you accept a bet in which you win $200 if a coin lands on heads and lose $100 if it lands on tails? What if you could play twice?
Masterminds of the Plan
Enhancing Emergency and Retirement Savings Act Unveiled
The bill would encourage retirement plan participation by giving people penalty-free access to funds in the event of an emergency.
15th Anniversary of RPAY: Jania Stout
In the past few years, her practice has grown its assets by nearly $1 billion a year.
15th Anniversary of RPAY: Chepenik Financial Services
Jason Chepenik says advisers need to continue to have the courage to try new ideas.
Never Too Late
FinFit Creates Savings Account With Employer Match
Employers can match up to 100% of employees’ contributions.
Nearly Two-Thirds of Americans Don’t Have Emergency Savings to Last Six Months
More than half of Americans are earning half or less than half of their pre-pandemic income, and 31% have lost their entire income, a FlexJobs and Prudential survey has revealed.
The Future of Emergency Savings Post-COVID
It took a catastrophic global event to demonstrate how ill-prepared many Americans are for even a brief interruption of income—including many people high up on the income scale.
Majority of Americans Are Concerned About Finances
More than one-quarter are extremely or very concerned, according to Fidelity.
Will Millennial Workers Switch to Emergency Savings?
Industry analysts predict the younger workforce may shift its focus towards emergency savings, instead of retirement, as a result of the COVID-19 crisis. Advisers can help with this shift.