63% of Americans don’t have enough savings to cover a $500 emergency.
Employees are borrowing from their 401(k)’s
52% of Americans have withdrawn from their retirement early.
401(k) leakage due to plan loan defaults is expected to delay the retirement timeline for millions of working Americans.
Others are turning to their credit cards or taking out payday loans
The average U.S. household carries $8,398 in outstanding credit card debt.
For employees who rely on payday loans to get by, the cost of such loan products come with an average annual percentage rate (APR) of 391%.
And that’s not all, financial stress impacts your employees’ overall wellbeing
1 in 5 Americans say they either considered skipping or skipped going to the doctor because of the inability to pay medical bills.
23% of those with debt reported having severe depression compared to just 4% without.
Learn how HoneyBee empowers HR leaders to attract new talent and improve retention with a best-in-class supplemental financial wellness program that meets the financial needs of the modern-day workforce.