It may not always be obvious, but more employees than you might imagine struggle to make ends meet. Whether struggling to control debt or impacted by an unexpected financial emergency, financial insecurity can have a negative ripple effect on someone’s life:
of Americans spend 20 hours each month on finances at work
of Americans cannot meet an unexpected financial emergency of $400 or more without borrowing from family or using credit
of Americans report they have no retirement savings; 23% have less than $10,000 saved
Save First can help your employees better manage their money, improving quality-of-life and providing a sense of well-being that often spans well beyond their personal life. Survey respondents reported that:
91% are actively living on a budget, which reduces their daily level of stress
The average increase in savings is $1,650 (more than what we recommend to start their emergency fund)
62.50% of clients have paid down their debt with the average pay off being $4,500. This allows them to free up discretionary income and save more.
67% of clients have cleaned-up issues on their credit report
83% of clients have increased their credit score by an average of 33 points. Improvements that will allow them to more easily rent a home or refinance a car when they are ready.