AARP Hearing Center
Too many households do not have enough savings to cope with a typical unexpected expense, from a broken water heater to a broken arm. Even a small savings cushion could prevent families from being trapped in a harmful cycle of debt or from depleting their retirement savings to pay for common emergencies.
In response, a growing number of employers and financial services providers are incorporating emergency savings into their employee financial wellness programs. Combining policy and regulatory expertise with consumer insights, AARP’s David John is among leading experts who are shaping the field of workplace emergency savings programs.
AARP Public Policy Institute joined the Aspen Institute Financial Security Program, Bipartisan Policy Center, Commonwealth, and SaverLife to develop five key design principles policymakers should follow when implementing emergency savings policy. Read about these principles in a newly released blog.
Emergency Savings: The Issue
Saving Through the Workplace
Facilitating Workplace Emergency Savings Programs Through Payroll Cards
Saving at Work for a Rainy Day Results from a National Survey of Employees
Emergency Savings: What's at Stake for the Retirement Industry?
Employees Want Help from their Employers to Save for a Rainy Day
Building Emergency Savings Through Employer-Sponsored Rainy-Day Savings Accounts
Liquid Savings of Working Households Ages 50-64
Events & News
Events
News
The $400 Difference: What the Stimulus Revealed About the Power of Liquid Savings
Most Americans couldn't cover a $1,000 financial emergency, survey finds
Short-term savings crucial for employee retirement security
UPS to Offer Employees a Way to Save for Emergencies
Emergency Savings Accounts Funded by Payroll Deductions Boost Financial Wellness
People Don't Save Enough for Emergencies, but There Are Ways to Fix That
Emergency Savings Events
On October 10, 2023, AARP and the U.S. Chamber of Commerce presented a one-day, in-person conference bringing together policymakers, regulators, academic experts, and advocacy organizations to discuss solutions to expand emergency savings. The sessions covered employer and service provider perspectives on workplace emergency savings solutions, new research on the impact of emergency savings on financial security, and policy discussions on making emergency savings accessible to all Americans.
Implementing Workplace Emergency Savings: Insights from Employers
We know employees want and need emergency savings accounts, but setting up a program may be daunting. That’s why AARP and the US Chamber of Commerce brought together a panel of benefit specialists from Humana, Delta, Amazon, and LEVI’S who have set up successful emergency savings programs. This webinar will walk us through the nuts and bolts of establishing a program, including everything from surveying employees, convincing the C-suite, vendor selection, program rollout and employee engagement.
Recent Research
Emergency Savings and Financial Security: Insights from the Making Ends Meet Survey and Consumer Credit Panel, Consumer Financial Protection Bureau, March 2022
FAQs: Pension-Linked Emergency Savings Accounts, Department of Labor, January 17, 2024
SECURE 2.0 Could Boost the Financial Wellness Landscape, T. Rowe Price Insights, May 2023
The Rise of Emergency Savings Programs: What Every Employer Should Know, Financial Health Network, January 31, 2024
From Theory to Practice: 5 Tactics for Savings Engagement, Financial Health Network, February 1, 2022
ESI Impact and Learnings Report 2019-2022, BlackRock Investment Institute, June 2023
A Case Study in Workplace Emergency Savings: How UPS and Voya Designed a Solution Resulting in $10 Million in Savings, Commonwealth, April 26, 2022
How ADP’s Solution Facilitated $1.5 Billion in Emergency Savings, Commonwealth, December 6, 2022
Bankrate’s 2024 Annual Emergency Savings Report, Bankrate, January 24, 2024
2023 Workplace Wellness Survey, Employee Benefit Research Institute, October 8, 2023
Why Emergency Savings Accounts Are The Most Critical New Benefit, SecureSave, August 17, 2023
New BPC Survey Underscores Americans’ Financial Fragility, Demand for Workplace and Policy Innovation, Bipartisan Policy Center, Apr 12, 2022
We Can Advance Economic Equity Through Automatic Enrollment for Emergency Savings, Aspen Institute, October 11, 2022