On Tuesday, the Department of the Treasury released the results of a project commissioned by Congress to advise a strategy to "advance consumer access to safe financial products and services" and increase ownership of retirement saving initiatives in the SECURE Act 2.0, such as auto-enrollment.
Treasury's report, the "National Strategy for Financial Inclusion in the United States: Fostering Financial Access, Resilience, and Well-Being for All," included five areas of focus, along with sample initiatives to improve each:
|- Promote access to transaction accounts that meet consumer needs
- Increase access to safe and affordable credit
- Expand equitable access to savings and investments
- Improve the inclusivity of financial products and services provided or backed by the government
- Foster trust in the financial system by protecting consumers from illegal and predatory practices
The "expand equitable access to savings and investments" area of focus leaned heavily on the Treasury working to implement and increase take-up of retirement saving initiatives in the SECURE 2.0, such as the Saver's Match and emergency savings programs.
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Lynn Cavanaugh
Lynn Varacalli Cavanaugh is Senior Editor, Retirement at BenefitsPRO. Prior, she was editor-in-chief of the What's New in Benefits & Compensation newsletter. She has worked for major firms in the employee benefits space, Vanguard and Willis Towers Watson, as well as top media companies, including Condé Nast and American Media.
