How much do workers have in emergency savings? This is an important question, given that setting aside money for unexpected expenses or funding an emergency savings account can reduce the likelihood of families falling into serious financial difficulties.
A commonly cited source for the share of workers saying that they have an account for an emergency is the Federal Reserve’s Survey of Household Economics and Decisionmaking (SHED), which shows that only half of the workers in the survey have this type of account. However, when looking at reported actual assets held, an even smaller number actually have an account of sufficient magnitude to cover many periods of income loss.
This webinar will discuss the statistics surrounding the ownership of funds that would cover three months of income and the importance of preparing for and handling short-term financial issues, as well as the potential role of employers in helping employees with establishing emergency accounts and employees’ desire for them.