Having access to funds for an emergency is more critical than ever for workers’ financial well-being, but they often find it difficult to build these savings. The issue has become a growing concern as more employers ponder ways to make their employee benefits package more responsive to those who are struggling to make ends meet. And there’s no time like the present for producers to have strategic discussions with their employer clients about helping close this troublesome savings gap.
A recent national survey conducted by the Bipartisan Policy Center found that a broad swath of workers live paycheck to paycheck, with almost one-third of respondents saying they could cover roughly a month or less of expenses if they lost their income. We see low- and moderate-income (LMI) households, including those headed by people of color and women, represent a disproportionate share of those with very low amounts of emergency savings — or none at all.
