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Emergency Savings Vital to Plan Participants

 

Emergency Savings is not just a buzzword anymore.  Moreover, emergency savings is now a front burner topic since the pandemic stress tested plan participant liquidity limits.  As the result, emergency savings and financial wellness have proven to be a struggle for many Americans. Last week at the TPSU Virtual Town Hall Meeting, industry professionals addressed savings challenges.

Most importantly, industry professionals:

  • Warren Cormier, Executive Director, DCIIA Retirement Research Center (moderator);
  • Tim Flacke, Executive Director, Commonwealth;
  • David John, Senior Strategic Policy Advisor, AARP; and
  • Christine Lange, Head of Retirement Business Management & Customer Solutions, Prudential Financial

looked at the issues and commented on the industry and its associated liquidity and emergency savings shortfalls.

Financial wellness in the form of a solid personal savings plan is a great first step toward improving workers’ financial literacy and retirement savings. For example, employers now seem to be aware that financial wellness must go well beyond mere education.

Click Here to listen to the Emergency Savings TPSU Virtual Town Hall Meeting conducted on May 22nd 2020 in collaboration with DCIIA and SPARK.

By listening to the DCIIA, SPARK and TPSU Virtual Town Hall Meeting replay, you will learn the benefits of building up financial reserves.  Likewise, this helps the employees by having a buffer between life as usual and the need to stand in a food line. In conclusion the mental relief associated with knowing that you did something in advance is important for many working Americans.

Steff Chalk

Steff Chalk

Managing Editor at 401kTV
Steff C. Chalk is Executive Director of The Retirement Advisor University, a collaboration with UCLA Anderson School of Management Executive Education. Steff also serves as Executive Director of The Plan Sponsor University and is current faculty of The Retirement Adviser University.
Steff Chalk
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