In an era of economic challenges and uncertainties, having an emergency savings fund is a financial lifeline that can provide peace of mind during turbulent times. Yet, statistics reveal a startling reality: 66% of the US population lacks adequate savings to weather unexpected storms and live paycheck to paycheck. And this problem is not limited to the US and it seems to only be getting worse. Is there light at the end of the tunnel?
Claire Chamberlain, Global Head of Social Impact at BlackRock, joins The Bid to discuss what factors are exacerbating the problem and how it can be solved.
Sources: Report on the Economic Well-Being of U.S. Households in 2017, Federal Reserve (2018)
FED Economic Well-Being of U.S. Households in 2022 Fact Sheet (PDF)
ASPAA Article Aug 2021 “Employee Financial Stress Costs Companies Nearly $5B a Week”
Nest Insight Report 2022 “Does payroll autosave support employees to get started with saving?”
FEDS Notes Sep 2020
Article Economics Observatory, June 2021 “How has the pandemic affected household finances in developing economies?”
Mercer Report “Inside Employees Minds Vol 2” 2017 Report
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