A new study by Commonwealth, called "Rise with the Raise, The Promise of Straightforward Employer Benefits for Building Lower-Wage Employee Financial Security" surveyed 1309 employees making less than $60,000 a year.
Employees with savings (43 percent) report they had less than $400 in their savings accounts; 65 percent state they were just getting by; and 63 percent want direct deposit to split between savings and checking.
Seventy-five percent of those surveyed believe that if their employers offered savings programs when they get a raise, they would feel less stress and more confident about their finances. "The moment of a raise is a unique opportunity to build employees' financial security, with benefits for workers and firms alike." "New Study: Providing Simple Savings Options Is Key to Reducing Lower-wage Employee Financial Stress and Boosting Productivity" businesswire.com (Jul. 09, 2019).
So, the question for our readers is: do you think employers should do more to help employees save?
Please let us know what you think in the comment section or take the poll. Here is an opinion of one of the McCalmon editorial staff:
Jack McCalmon, Esq.
I think it is a good idea to provide more education on the value of saving, but also how to budget correctly, including the costs associated with credit cards. Employers can also work with local businesses to provide deals for employees to help save money.
You can provide a comment on what you would do or answer our poll. Please note any comments provided may be shared with others.