Andrea Levere, President of the Corporation for Enterprise Development, recently described the role that employers can play in helping American workers establish greater financial security in a feature for The Huffington Post.
Since many employees already meet with human resource or finance personnel to discuss personal finance matters such as direct deposit, retirement benefits, and health insurance, the workplace is a natural fit for financial coaching.
Employers can also offer services increase employee savings, a goal supported by research from the US Financial Diaries:
Employers should connect workers to programs that encourage savings. According to the U.S. Financial Diaries just 7% of households are able to meet their emergency savings goals. Programs like myRA, which is administered by the U.S. Department of Treasury, allow employees to automatically contribute to a savings account through payroll deductions. Although the accounts are primarily for retirement savings, contributions can be withdrawn at any time without penalties.