“I can’t afford to save money.”
It’s an all too common refrain, especially for low and middle income (LMI) homes. Seventy-five percent of adults don’t have enough savings to cover three months’ worth of living expenses, according to a 2022 survey by Bankrate. But a recent collaboration between financial wellness nonprofit Commonwealth and payroll provider ADP explored the barriers to emergency savings and implemented those learnings into ADP’s offerings — which reach one in six workers in the U.S. The results were significant: the program helped employees put away an additional $1.35 billion in savings.
