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Emergency savings lag credit card debt for a third of households
Survey breaks down generational differences in financial stability amid high-interest-rate environment.
Workers’ financial stress at critical levels, new poll finds
A workplace well-being survey underscores the extent of worries over emergency funds, retirement saving, and student debt.
DOL gives go-ahead to auto enrollment in emergency accounts
The regulator issued a set of answers to frequently asked questions addressing contributions, limits and investment types.
Would you like your 401(k) with a side of emergency savings?
The Secure 2.0 Act will let employers add emergency accounts for workers next year, and fintechs are gearing up.
Most Americans have sidelined their emergency savings this year, Bankrate says
Many people have dipped into their rainy day fund due to the cost of living.
Advisors encourage clients to establish emergency savings funds
Fidelity survey says lack of money for a rainy day is a major source of stress. 'We always recommend having an emergency fund, whether [clients] need it or not,' an advisor says.
Financial planning for a Hollywood strike
Clients affected by the writers' and actors' strikes have different needs but could be out of work for some time.
Transamerica adds emergency savings accounts
The insurance company is now offering its own line of rainy day funds for employees.
Debunking 4 emergency savings myths held by RPAs
Emergency savings tools are becoming more common in retirement plans, but many RPAs still have misconceptions about them.
Where financial wellness falls short
Less than a third of employers offer such services in some form, most often as it relates to retirement saving. And when the services are available, plan participants tend not to use them.
It’s time to add emergency savings to work benefits
Bipartisan emergency savings legislation would allow employees to withdraw up to $1,000 per year from their workplace retirement account without penalty.
Shared emergency accounts could hint at higher savings
The results of a recent experiment show people saved more, spent less and felt more secure financially while saving as a group, according to the nonprofit Commonwealth.
What the pandemic taught us about helping clients navigate shocks
A recent academic paper argues that large shocks like the pandemic undermine feelings of financial security. This raises the question of what financial planners can learn from the pandemic to help their clients better prepare for the next shock.
The 401(k) industry likes emergency savings accounts. Are sponsors ready?
Eight of nine big defined-contribution record keepers either already offer emergency savings programs or are planning to, according to a Commonwealth report. Two — Prudential and Voya — provide those services as an in-plan option.
The power of wealth, retirement and benefits converging
When combined, the ideas and solutions expand exponentially. The power of three, or the trilogy, is a well-known concept in life, science and religion.
Voya adds emergency savings accounts
The out-of-plan solution can be added to workplace offerings.
DC industry must cooperate to offer emergency savings accounts
The case for emergency savings accounts has always been compelling. When low- to moderate-income workers run into problems, they either take out loans or make hardship withdrawals, contributing to plan leakage. The pandemic only highlighted the issue.
Two-thirds of Americans sat tight financially during pandemic
Relatively few people tapped their retirement accounts, but 20% drew on their emergency savings and 18% increased their credit card debt.
5 retirement planning resolutions for 2021
Learning from the lessons of 2020 and taking action to improve their retirement planning should be a key focus for advisers in 2021.
Employment uncertainty tests financial plans
Investment advice may take back seat to financial wellness as advisers' clients worry about the state of the economy and the prospect of losing their job
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