Voya Financial has teamed up with retirement services provider Millennium Trust to offer its employer clients an emergency savings fund solution for employees.
Employees are woefully underprepared for a large financial emergency. Indeed, only 40% of Amercians are prepared for an unexpected expense of $1,000, according to data from online personal finance resource Bankrate. Employees have increasingly turned to employers for help navigating the stressors of their daily lives, yet only 17% of employers provided loans for emergency or disaster assistance, according to the Society for Human Resource Management.
