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New research from the Employee Benefit Research Institute (EBRI) and J.P. Morgan Asset Management helps to illustrate the importance of emergency savings plans for consumers and the value that project sponsors can provide employees with financial wellness programs.

The report, “How Financial Factors Outside of a 401(k) Plan Can Impact Retirement Readiness,” links 401(k) plan data with consumer banking data to examine how 401(k) participants behave when faced with unexpected financial needs. The research found that households that lack the income and cash reserves to support spikes in spending are likely to increase their credit card debt or take a loan from their 401(k) plan.

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