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More Corporations Offer Emergency Savings Choice to Employees

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Ms. Orman is the host of the “Women & Money” podcast. She gained wide popularity because the host of a television show by which she told fans that if she “approved” or “denied” their spending proposals. A 2012 foray into financial products, a prepaid debit card, folded after just two years. Yet her appeal endures.

“Anything Suze Orman is endorsing has got to be good, right?” said Steve M. Robinson-Burmester, the director of finance on the California State Council of SEIU, the lobbying and political arm of the Service Employees International Union within the state. Greater than half of the council’s 33 employees participate, he said, and may earn a ten percent employer match in the event that they meet contribution thresholds.

Ms. Orman, whose title is chief strategy officer, said in an interview that she had worked together with her co-founders to make SecureSave easy to make use of and comprehensible for “unusual” people. “I care about people, and I protect them,” she said.

SecureSave has found that employees typically make their first withdrawal after 4 months of saving. The common claim is for about $200, and probably the most common category is automotive/transportation — however the funds could be used for any reason.

In response to research from Commonwealth, emergency funds must be easily available. If employees worry that they won’t give you the chance to get money once they need it, they won’t participate.

Commonwealth recently conducted a study with ADP to reinforce the emergency savings features of the corporate’s Properly payment card and app, which some employers use as an alternative choice to paychecks. Adding features like multiple “envelopes” for employees to make use of for savings, amongst other steps, helped to almost triple employees’ net savings, Commonwealth reported.

Listed below are some questions and answers about emergency savings:

For near-term shortfalls, even $1,000 can assist prevent families from drawing on retirement savings in a pinch, in line with research from the Aspen Institute and others. Other research suggests that smaller cushions, of between $250 and $700, can assist families stave off a calamity like eviction.

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