Workers are reporting financial stress amid higher prices due to inflation and more expensive debt due to rising rates.
New provisions that were signed into law to help employers offer emergency savings may take time to implement, experts say.To that point, 63% of employees are unable to cover a $500 emergency expense, according to a new survey from SecureSave, a provider of a financial technology platform to help employers provide emergency savings benefits.
Just 4% would ask their employer for help, according to the survey of 1,600 adults taken between June and July. The first change made it so employees may save up to $2,500 in after-tax money in a separate account alongside their retirement accounts. Workers would potentially be automatically enrolled in the programs, which would defer the money automatically through payroll deductions.
"It looks like the $2,500 in the in plan is not going to be immediately adopted until there's a much more certain regulatory world," said Craig Copeland, director of wealth benefits research at the Employee Benefit Research Institute. The Secure 2.0 legislation includes a lot of mandatory changes for 401 plan record keepers that need to be built and deployed, Miller noted. The IRS recently announced ato a Secure 2.0 change that would have required retirement catch-up contributions made by high earners to be done with after tax money.
Now, the financial industry, consumer advocates and others are starting to think about what comprehensive emergency savings coverage could look like, he said.
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