‘Rainy-day savings arrangements at the workplace could help attract and retain valuable employees’

Automatically enrolling workers into an employer-sponsored payroll deduction rainy-day or emergency savings account could be a cost-effective means of helping people accumulate liquid savings to meet urgent pre-retirement expenditure needs, according to a new study.

This is true regardless of whether the employer offers some form of workplace retirement savings plan, especially because roughly half of Americans live paycheck to paycheck with no liquid assets to tap into should financial shocks occur during their working life, says the U.S. study Building Emergency Savings Through Employer-Sponsored Rainy-Day Savings Accounts.

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