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- 52% of Americans have withdrawn from their retirement early.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.
Interested in providing HoneyBee rainy day coverage for your team?