4 Tip#4: Offer an automated savings plan

Tip #4: Offer an automated savings plan

One of the most common obstacles to financial wellness (and the confidence of feeling able to weather a financial crisis) is the lack of a formal savings plan.

A simple way to help your employees save more money is to enable (or work with a financial institution to offer) an automatic savings program. These programs redirect funds from an employee’s paycheck into an interestbearing savings or investment account. Employees can choose how much to redirect, and have full access to the funds should they need it. Many companies encourage this type of basic savings plan by offering to match or top-up employee contributions, or waive any bank fees.

There’s a dual benefit to these plans — employees can quickly see their savings accumulate, while building more confidence in their ability to be more financially prepared.