Benefits Think Working Americans are in a savings crisis — and employers can help

Published 5 Min Read

Joslyn Pickens from Pexels

Americans are under chronic financial stress. And far too many are lacking the most versatile, low-cost and responsive first line of defense: emergency savings.

The Federal Reserve reports that 36% of households wouldn’t be able to cover a $400 emergency through savings; a Commonwealth analysis of the same Federal Reserve data reveals the problem is much worse for households making less than $60,000 (58%), particularly when they are female-led (58%), Hispanic (70%) or Black (72%).

Timothy Flacke
Co-founder and executive director

Timothy Flacke is the co-founder and Executive Director of Commonwealth, a national nonprofit building financial security and opportunity for financially vulnerable people through innovation and … Read full bio


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