Does Your Employer Offer This Great Benefit?

Many of you with workplace benefits are about to run into the annual “open enrollment period” where you are able to update your preferences for 2026. In the coming weeks, I will share my advice on exactly what you need to review and update for health insurance, life insurance, and your 401(k)/retirement account.

But right now, I want to let you know there is a benefit that only some employers currently offer, that I think all employers should offer: an emergency savings account that you fund with automatic deductions from each paycheck. I am not talking about a retirement account that you can make emergency withdrawals from. Rather, I hope your employer offers you the chance to build emergency savings in a full-fledged savings account that is backed by FDIC deposit insurance, by simply having direct deposits made into the account as a payroll deduction.

I want to be upfront with you: I am a co-founder of SecureSave (securesave.com), a company that helps employers set up automated payroll-deduction systems that make it easy for employees to build up an emergency savings account. Those of you who have been with me for years probably aren’t surprised. You know how passionate I am that an emergency savings account is the foundation of building a financially secure life. Now the business world is catching up to what I have been advocating for years. Each year, more and more employers have been adding this benefit as an option.

I am so glad this is becoming more common. One thing you and I know is that we can have the best of intentions to do something, but sometimes we are unable to consistently follow through. That’s what is so great about an emergency savings account that you can fund it directly by an automated payroll deduction.

And the great news is that more employers are waking up to the fact that offering an emergency savings plan as an employee benefit is good business. Surveys show that workers who have an emergency savings plan not only report a higher level of financial well-being, but they also spend less time worrying about their finances. That helps workers focus more on work when they are at work. A win-win.

When your employer sends out this year’s notice for open enrollment, I want you to look to see if you have the option to set up a savings plan that will deduct money from each paycheck into an account that is 100% yours. Again, this isn’t yet super common, but more and more businesses are adding this valuable benefit. (Some businesses even make contributions to an employee’s emergency savings account, much like how a matching contribution is made for a workplace retirement plan.)

If this benefit is offered, and you don’t yet have at least eight months to a year of living expenses set aside in a savings account, I encourage you to jump on this workplace offer. It will make building security so easy.

And if you don’t see this benefit, I hope you will get together with colleagues and let HR know that adding an emergency savings account to the lineup of benefits would be very popular. Again, this isn’t about doing you a favor. It is how smart businesses can help their valued employees live more secure lives, which makes for more focused and productive workers.

Now, what to do while you are waiting for your employer to add this benefit: If you already have a checking account you can access online or through an app, I bet you can open a companion savings account in under 10 minutes.

Just log in and look for links to open new accounts. You can link a savings account to your checking account, and choose how often you want to have your bank automatically transfer money into your new savings account. I would make it at least monthly. How much to transfer is up to you. Just keep in mind that people who commit to building up emergency savings report being much less stressed. I hope that’s all the motivation you need to gift yourself this financial security.