There is a savings crisis in America. Eight out of 10 workers are living paycheck to paycheck, and though many employers have started to prioritize financial wellness in recent years, they are doing little to prepare employees for financial emergencies that could end up affecting their performance in the workplace.
While it’s true that a lot of companies offer 401(k)s to help employees save for retirement, they aren’t a feasible option for many U.S. workers, regardless of employer contributions. The Federal Reserve Board’s 2018 “Report on the Economic Well-Being of U.S. Households” shows that 40 percent of people can’t even afford a $400 emergency, much less afford to set money aside for retirement.
