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A significant percentage of Americans are unprepared to pay for unexpected expenses — more than one-third do not have enough money saved to handle a $400 emergency. The employee benefits ecosystem is increasingly looking for ways to help employees build financial wellness, including emergency savings, and retirement plan recordkeepers have a role to play.
Emergency savings: Not if, but how and when
Commonwealth and the Defined Contribution Institutional Investment Association (DCIIA) Retirement Research Center interviewed nine of the nation's largest recordkeepers along with a cross section of plan sponsors across the United States to find out their plans and perspectives on workplace emergency savings products. The report predicts it is not a matter of if recordkeepers will offer emergency savings plans but how and when.
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