A new study has found that emergency retirement savings plans can be an attractive option for lower-income workers.
The study, by Commonwealth and the Defined Contribution Institutional Investment Association, found that workers earning low and moderate incomes (LMI) who have emergency savings accounts were 70% more likely to contribute to their defined contribution plan.
The study said that LMI workers face challenges to financial security, which have become even more pronounced with things like the pandemic, inflation, and other recent challenges.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
