February 22 – 26, 2016 is America Saves Week (ASW) and the theme this year is “Making Saving Automatic”. ASW is an opportunity for individuals to assess their savings status and take financial action, and for organizations to promote good savings behavior among employees.
Employers whose organizations participate in America Saves Week have seen an increase in employee:
- Productivity and focus.
- Appreciation, retention and stability.
You can join the thousands of organizations that participate and encourage your employees (and yourself) to take the America Saves Pledge to save money, reduce debt and build wealth.
It’s easy to participate.
Signing up is easy at AmericaSavesWeek.org. And best of all, America Saves Week provides a free, fully developed communication campaign for organizations to plan and promote daily activities aimed at helping employees save more and reduce debt.
Fact: Most employees need help.
1. State of Saving
- Only 5 out of 10 American households have a savings plan with specific goals.
- Workers without a plan are three times more likely to say they are not at all confident about their financial security in retirement.
- Only 22% of workers are confident they will have enough money to live comfortably throughout their retirement years.
2. Impacts of Financially Stressed Employees
- Finances are the number one cause of stress for employees, which can lead to higher health care costs for employers.
- Seven out of 10 human resource professionals say personal financial challenges have at least some impact on overall employee performance.
- The majority (81%) of workers say financial problems hamper their productivity at work.
Tip “Making Savings Automatic”:
Top 4 “automatic” plan design features employers can implement, proven to help employees save more:
- Auto deferral escalation
- Auto enrollment
- Auto re-enrollment
- Auto rebalance/diversify
Everyone benefits when employees can retire on time.
For more information about America Saves Week go to AmericaSavesWeek.org.
1 CFA Report: 7th Annual Savings Survey Reveals Persistence of Financial Challenges Facing Most Americans, 2014.
2 EBRI Retirement Confidence Survey, 2015.
4 AmericaSavesWeek.org 2016 Toolkit.
5 SHRM Financial Wellness in the Workplace Survey, 2014.
6 Consumer Financial Protection Bureau Financial Wellness at Work Report, 2014.