Nearly half of all employers plan to offer workplace emergency savings programs by next year: learn why with Sunny Day Fund®
Why Emergency Savings as a Benefit?
Higher Retention
Savers within a 700-person employer had 33% less turnover relative to overall turnover from Jan – Sep 2023 (p<0.05). Based on Sunny Day Fund Customer Analysis.
Fewer Loans & Withdrawals
CFPB found 59% of people withdrew early from their retirement savings when they had no emergency savings, compared to 9% who had saved for at least one month.
More Resilient & Healthy
People scored 10 points higher in their CFPB Financial Well-being Scores and reported lower stress when they saved for at least $1,000 versus having no savings.
Emergency Savings Account Powered by Behavioral Economics
For Employers
Improve financial well-being, lower stress, and achieve financial inclusion & health equity with emergency savings.
For Employees
Save for rain or shine, withdraw when needed, earn employer-sponsored cash rewards, and achieve your financial goals.
Workplace Emergency Savings + Benefits Blog
- Why Christmas Clubs Went Away and How They’re Making a ComebackChristmas Clubs, once a popular way for employees to save for the holidays, declined due to legal complexities. Now, emergency savings platforms are reviving them, allowing workers to save conveniently and safely through payroll deductions.
- Incentivizing Employees with Savings-Based Performance Rewards in QSRsIntegrating emergency savings accounts into employee incentive programs represents a powerful strategy for QSR businesses aiming to boost employee morale, performance, and retention.
- Impact of Financial Pressures on Workplace PerformanceThe silent undercurrent of financial pressures in the workplace has been laid bare, revealing a pervasive issue across all income brackets and job titles. The weight of financial worries can significantly impair an employee’s mental health, leading to anxiety, depression, and a cascade of cognitive challenges.
- Workplace ESAs vs. Salary Increases: The Smart Financial ApproachEmployees often leverage salary increment percentages in negotiations to secure a more substantial rate of remuneration. Traditional compensation strategies have favored salary increments as a means to acknowledge employees and enhance their economic standing. Yet, a higher salary by itself might not ensure enduring financial solidity.
- ESAs: A Steppingstone to Retirement SavingsAn ESA foundation can lead to enhanced contributions to retirement funds like 401(k)s. The confidence and saving habits nurtured by ESAs translate into more robust participation in long-term financial strategies, thereby securing a better financial future.
- Building Workplace Diversity into the Financial Fabric of Your CompanyBuilding diversity into a company’s financial strategy ensures that the potential of a workforce is fully harnessed, leading to a more robust and adaptable financial structure. By aligning financial practices with DEI principles and offering financial wellness programs, companies not only meet their ethical obligations but also reap tangible business benefits.