People, Not Numbers | Financial wellness resources for employers

Navigating Financial Uncertainty: The Urgent Need for Emergency Savings?

A concerning trend persists among Americans, many lack adequate emergency savings to weather an unexpected financial expense. Despite improvements in economic indicators, such as falling inflation, more than half of U.S. adults remain ill-prepared to cover emergency expenses exceeding $1,000.?

The data from Bankrate's recent survey sheds light on the financial vulnerability amongst working Americans, with only 44% of respondents confident in their ability to tap into savings for unforeseen costs. Employers play a pivotal role in supporting their employees on this front, offering opportunities for financial education, payroll-deducted savings accounts, and fostering a culture of financial wellness within the workplace. By empowering employees to strengthen their emergency savings, employers not only enhance their workforce's financial security but also cultivate a more resilient and engaged workforce.?

Financial wellbeing in the news??

• Financial stress increases the risk of body system disruption by 61%, associated with various illnesses like cardiovascular disease, depression, and schizophrenia. (Investment News)?
• A lack of financial literacy cost the average US worker $1,506 in 2023. (401k Specialist)??
• US consumers' financial stress has reached its highest level since November 2020. This rise in financial stress, along with the surge in household debt, raises significant concerns for the financial well-being of the US workforce. (Business Insider)??

The latest from FinFit with Salary Finance??

• For many employees, a paycheck is just the beginning. The reality is – rising living costs, unexpected expenses, and mounting debt, which can quickly erode the stability provided by a paycheck. Check out our latest blog post to learn more about understanding your employees' needs and how to build a comprehensive financial wellness program that truly makes a difference.?
• FinFit’s SafetyNet, is a new platform offering emergency savings, credit solutions, and debt consolidation loans for employees. Discover how we're transforming financial well-being. Check out this article in PLANSPONSOR.?

This month's money story:?

Did you know??

According to the Consumer Financial Protection Bureau's Making Ends Meet survey, almost 4 in 10 American families would not have enough money to see them through one month if they lost their main source of income.?

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