Having emergency savings can help individuals maintain their finances, yet a new survey shows that 55% of workers do not have enough savings to cover a $500 unexpected expense:
Personal finance expert Suze Orman notes that this situation is dangerous, as people who have jobs are still unable to meet their financial obligations:
According to her, 41% of respondents reported skipping necessary expenses such as medical care or food because they did not have enough savings:
New Opportunities for Workplace Savings
A law passed in 2022 known as Secure 2.0 includes changes aimed at encouraging employee savings:
It allows workers to withdraw up to $1,000 per year for emergency expenses without penalties:
The new law also permits the automatic enrollment of workers into pension-linked emergency savings accounts:
