FinFit releases new white paper: “Secure 2.0 Act of 2022 & The Power of Emergency Savings”

Written by FinFit on March 9, 2023.
Posted in Press Releases.
VIRGINIA BEACH, Va., March 9, 2023 /PRNewswire/ — Recently enacted Federal legislation seeks to increase the financial stability of the American workforce but leaves the emergency funding needs of nearly 60% of employees unaddressed.

In a recently released white paper, FinFit provides an overview of the Secure 2.0 Act of 2022, its wide-reaching implications in the workplace and beyond, the glaring gap in the new legislation, and practical next steps for employers.

Today, more than six out of ten employees across America are living paycheck to paycheck. This is an increase of over nine million Americans from the end of 2022. And the issue reaches across classes and touches both hourly and salaried workers. In December 2022, 50.8% of those earning over $100,000 annually reported they, too, are living paycheck to paycheck.

For many of these employees, regular contribution to an established 401(k) isn’t feasible. But the Secure 2.0 Act of 2022 only provides short-term emergency liquidity options for employees with retirement accounts, leaving employers to solve this challenge through additional initiatives.

With nearly 50% of the Americans not being able to cover a $500 unexpected expense with cash, emergency savings is a critical solution to financially stabilizing the U.S. workforce. This new legislation provides provisions for companies to increase savings for their employees, which will have a positive impact on productivity and health outcomes. FinFit is uniquely positioned to provide employers and recordkeepers with emergency savings and liquidity solutions to deliver on the promise of the SECURE 2.0 Act. – Charles Lattimer, Chief Health & Wellness Officer, FinFit

To access FinFit’s full white paper, Secure 2.0 Act of 2022 & The Power of Emergency Savings, click here:

About FinFit: FinFit was established in 2008 and currently services over 360,000 organizations across the United States. As the most comprehensive employee financial wellness solution in the Country, FinFit works to bridge the opportunity gap with equal access to services, products, and solutions to build financial stability today, and financial security tomorrow. Some of these services include personalized financial assessments, premier educational resources, online money management tools, financial coaching, financial solutions, early wage access, spending and savings accounts, student loan services, and a member rewards program. As an organization, FinFit focuses on creating positive, healthy financial behaviors and products to support long term financial wellness for all employees served.

View source version on–the-power-of-emergency-savings-301767859.html

© Copyright . All rights reserved.

Loans are made by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. Loans subject to credit approval. Loan products, features, and service providers vary by state. Service providers are FinFit Ops, LLC (see licenses) or its affiliate, Salary Finance, Inc. (see licenses). See application terms and loan agreements for more details.

Funding time dependent upon funding method selected. Expedited funding may incur additional fees.

FinFit is a financial technology company and is not a bank. Banking services provided by Choice Financial Group; Member FDIC.

Student loan services are provided by unaffiliated third parties. FinFit loans issued by Celtic Bank do not include student loans.

Wage Now is fully funded and managed by an affiliate of FinFit. If any fees apply, those fees will be disclosed prior to entering into any agreements.
Residents of California, New York, North Dakota, South Dakota, Tennessee and Vermont are not eligible for WageNow. This does not constitute an offer or solicitation for WageNow to residents of those states.

FinFit’s Financial Wellness Program, which includes educational content, a financial assessment and a financial dashboard, are free to registered members.
Services offered may incur fees and/or interest. All fees will be disclosed prior to entering into any agreements.
Products listed are a representation of FinFit offerings. Actual availability may vary. The products available to you and your organization will appear on your FinFit membership dashboard. Actual loan amounts and rates offered vary based on lender, credit worthiness and other factors.

Privacy Notice (Sp) | FinFit Privacy Policy (Sp) | Licenses | *US Patriot Act | Website Terms & Conditions | Member Rewards Terms & Conditions
SC Consumer Rights & Responsibilities | NM Small Loan Consumer Brochure | NM Loan Rate & Fee Disclosure | Additional Information for NM Residents