More than 40% of Americans say the pandemic has caused them financial stress, forcing many to turn to their 401(k)s to help them weather the storm.
This drastic action has shown human resources and benefits leaders that employees need more than just retirement benefits. While 401(k)s are obviously an important part of a benefits strategy, they aren’t helping with the short-term financial stress that employees have right now. Without other affordable alternatives, employees may cannibalize their own future financial security to make ends meet today.
