When employees hit a rough patch, they often turn to their 401(k) to assist with an emergency. This undermines their ability to retire on time. A dedicated employer-sponsored Emergency Savings Account (ESA) helps your employees prepare for the unexpected.
About half of Americans can’t cover a $400 emergency expense
Source: Economic Security Project (2022)
Over one third of plan participants take out a 401(k) over a five-year period.
Source: National Bureau of Economic Research (2015)
10 days for a 401(k) loan/withdrawal vs. two day ACH transfer for SecureSave.
A one year delay in retirement age can cost an employer $50k per employee.
Source: Prudential (2019)
This is a large family-owned American furniture and textile manufacturing company.
With hundreds of employees spread between office, warehouse, and assembly lines, this furniture manufacturing company wanted a holistic financial wellness solution. There were employees borrowing money from their 401(k)s on a regular basis to pay for emergencies like new car tires or a water heater replacement.
SecureSave encourages employees to save through an easy-to-use employer-sponsored emergency savings program. Employers can provide sign-up bonuses, savings matches, and milestone rewards for their employees to spur good savings habits.
See the impact of your custom SecureSave program with our ROI calculator