2024: The Year of Financial Wellbeing

5 Takeaways from 2023 // Outlook for 2024

In this letter, we share our insights as a savings community, a market, a thought leader, and a product builder. We hope that this insight will urge our partners and ecosystem players to realize the incredible momentum we’ve seen across the board for what is ultimately a fairly simple solution – enabling workers to save right from their paychecks and guiding them as they use that cash when they need it.

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Preview of those takeaways:

1. Our data found Sunny Day Fund’s workplace emergency savings enabled employees to build and access their savings sustainably.
2. As a benefit category, emergency savings is growing, moving from innovators to attract early adopters.
3. Through an omni-channel approach centered on our mission, Sunny Day Fund has become a thought leader in emergency savings - and that's important to Savers too.
4. We’re expanding our product’s capabilities to leverage generative AI, execute new integrations, and enhance our UX with new features.
5. C-suite and investors have the opportunity to empower their employees financially in 2024.

Read here

Harvard Business Review Article: "It's Time to Prioritize Employees' Financial Health"

We typically "sunlight" articles like these, but this one caught our eye.

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HBR is a well-respected medium to reach business leaders and suggest new initiatives, whether they be transformative, reactive, or reflective. This article in particular focuses on the employee stakeholder, and how their financial health also impacts the business health.

3-min Read on HBR

More Data on Financial Benefits:

In Betterment's The Retirement Readiness Annual Report (all credit to them for above image and table - you can download a copy here) was recently shared with me by a colleague in the financial wellness world, pointing me to a couple stats:

• Employer-sponsored emergency savings was #2 on "benefits that would entice you to leave a job" - at 48% vs #1 being 401(k) matching at 59%
• And as you see above - even though ESAs were so highly desired, only 8% of respondents said their employer offered them.

I am sure we will help close that gap soon in 2024!

Read Report

Resharing Workers' Voices: Saving in 2023 and Financial Wellness in 2024

We keep getting great notes about this webinar, so we're re-sharing to amplify our Savers' voices. Great stories to go along with all the data!

Watch Recording

"Sunlight" on Thought Leadership

• America's Top New Year's Resolutions for 2024?- Statista, Dec 2023
• Gen X has the largest wealth gap of any generation, and it means ‘the American Dream of retirement is going to be a nightmare’ for them?- Yahoo! Finance, Dec 2023
• Americans Struggled With Retirement Planning in 2023?- 401(k) Specialist, Dec 2023
• Empower's 2023 Report: Empowering America’s Financial Journey?- Empower's The Currency, Dec 2023
• Kansas Plan Sponsor Gives Workers Cash for Emergencies -?PLANSPONSOR, Dec 2023
• How saving for retirement is changing in 2024 - roundup of Secure 2.0 Changes?- Yahoo! Finance, Dec 2023
• Almost 10 million workers in 22 states will get raises on January 1. See where wages are rising.?- CBS News, Jan 2024
• Count on Labor to Bolster the US Economy in 2024?- Bloomberg, Jan 2024
• Financial Challenges of Retired Parents of the Disabled?- Center for Retirement Research and Boston College, Dec 2023