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.
Tag: emergency savings
More than one-quarter are extremely or very concerned, according to Fidelity.
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.
Millennials bemoan their student loan debt loads while Baby Boomers voice the most regret about not saving for retirement earlier, according to a Bankrate.com survey.
The Saving for the Future Act would require employers to contribute 50 cents to a savings account for each worker for every hour worked, or more than $1,000 a year.
Asked what benefits support their well-being, 74% said retirement plans, 56% said life insurance, 35% said tuition reimbursement/student loan repayment programs, and 29% said financial education.
The program rounds up debit card purchases and checking account transactions to the nearest dollar and stores the change in employees’ Cookie Jar savings accounts.
The importance of measuring return on investment and addressing participants’ short-term needs.
Voya says participants will be called on to complete an assessment, through which they will receive targeted summaries and web dashboards, along with access to Voya’s “six pillars” programming.
They say regular expenses are keeping them from doing so, Bankrate.com found in a survey.