After the pandemic, workers think they need emergency fund now due to unexpected expenses. The pandemic has been a wake-up call specially for low and moderate income employees, e.g during these critical times of COVID Pandemic, Employees had to use their long-term retirement savings to meet short-term needs.
Employers are also aware of this situation. They are offering new workplace benefits for employees to raise emergency funds e.g savings programs through banks to special accounts alongside traditional retirement plans. Health savings accounts are also being offered by Employers to build emergency savings.
Surveys show that employees have better job satisfaction in workplaces providing financial wellness benefits New Employees are also attracted in such workplaces.