It's easy to confuse “not earning enough money” with “not having enough money”. Having a well-funded emergency savings account, plus savings to meet short and mid-term purchase needs is a fundamental step of financial wellness.
Financially stressed workers are: 10x more likely to not finish daily work tasks; 9x more likely to submit less work; 9x more likely to have poor relationships with co-workers; 2x more likely to spend 3+ hours each week dealing with money matters at work.
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Financially stressed workers are: 7x more likely to be depressed; 2x more likely to be looking for a new job.
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71% of employees say they would participate in an emergency savings program if their employer offered one, and 87% would participate if their employer offered a match.
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Employees don’t need to complete forms or see their employer to access their funds. Employees can not overspend their account, so there are no surprising overdraft fees. Funds are accessible to the employee when they need it, without incurring a penalty, such as the 10% penalty imposed on 401(k) participants for early withdrawal.
All employee and employer contributions to the plan are after-tax, however, employer contributions are treated the same as wages, which means they are tax-deductible to the business.
Currently a MatchSavings plan is not subject to ERISA or other qualified plan regulations, which means it is less complicated and is much lower cost than a 401(k) plan.
MatchSavings is a simple and effective way to build a more financially stable workforce and improve your company’s bottom line. Book a 45-minute demo with our team to see how MatchSavings can add value to your workforce.
