Too many households do not have enough savings to cope with a typical unexpected expense, from a broken water heater to a broken arm. Even a small savings cushion could prevent families from being trapped in a harmful cycle of debt or from depleting their retirement savings to pay for common emergencies.
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John Beshears, James Choi, J. Mark Iwry, David C. John, David Laibson, Brigitte C. Madrian, October 2017
This working paper outlines three approaches to building short-term savings through employer-based accounts.
Debra B. Whitman, PhD — May 2017
AARP’s Chief Public Policy Officer Debra Whitman calls for a holistic approach to financial security that meets Americans’ needs at every stage of life.
Catherine Harvey and William Shiflett — May 2017
A third of pre-retirees have less than $2,000 in liquid savings, which is the cost of a typical worst-case financial shock.
On May 4, 2017, AARP’s Public Policy Institute hosted a Savings Innovation Forum to consider how to accelerate promising strategies to expand saving among low- and moderate-income households. This unique gathering sparked conversation between veterans of the asset building field and emerging service providers and thought leaders about opportunities to improve the nation’s financial health. Participants discussed new approaches that bridge sectors, consider short- and long-term savings horizons, and put people at the center of product and program design.
On October 26, 2017, the Retirement Security Project at the Brookings Institution hosted a discussion on the practical considerations and challenges of employer-sponsored rainy day savings accounts. This was a discussion based on a working paper co-authored by leading behavioral economists from Harvard and Yale and AARP Public Policy expert David C. John.
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