Among the many lessons brought home by two years of COVID disruption is the critical role that employers play in their workers’ day-to-day financial well-being — and the central role that day-to-day financial well-being plays in attracting and retaining great employees.
Yet ironically, many firms’ benefits budgets and energy go overwhelmingly into a handful of offerings — health insurance, retirement plans, disability and life insurance — that do not directly address the top financial anxieties of millions of workers living paycheck to paycheck on low or moderate incomes (LMI). In fact, many of these workers may not even be eligible for, or be able to afford, these traditional benefits.
