Almost 50% of Employees with Federal Student Loans May Not Be Prepared to Start Payments in October!
Employers have a great opportunity to help employees IF they act now!
In a recent MSA Live event poll, a staggering 50% of respondents said they were not prepared to begin paying their federal student loans in October. This is a critical situation since U.S. household budgets are already stretched thin due to two years of rising inflation. According to a recently released report by the Federal Reserve on the financial well-being of U.S. Households, 35% of adults said that “they were worse off financially than a year earlier” (the highest level since 2014).¹
Employees with federal student loans are desperate for help as they hear the clock ticking toward payments restarting in October. What an amazing opportunity for employers! By enhancing, or even just promoting, financial well-being benefits, employers can lessen the burden on their employees and provide hope and support in a time of need.
Promoting and enhancing financial well-being benefits typically leads to a wide range of positive outcomes. Many organizations are struggling to strengthen their cultures and employee satisfaction and attract/retain top talent in a competitive job market. Acting NOW demonstrates a commitment to the overall emotional and financial well-being of an entire workforce. It shows an understanding of the rising financial stress employees are facing and that the organization genuinely cares about the present and future security of each employee.
The MSA financial well-being program interacts with over 5,000 employees from hundreds of organizations every month through one-on-one confidential coaching sessions, webinars, on-site education days, and streaming events. We can help organizations implement education initiatives such as:
- Managing debt and leveraging credit
- Taking control of spending and household budgets
- Getting an early start on open enrollment and choosing benefits
- Planning for retirement
- Preparing for the unexpected
To learn more about how you can partner with MSA to empower employees to take charge of their financial futures, visit mysecureadvantage.com/why-msa.
¹ Federal Reserve Report: Economic Well-Being of U.S. Households in 2022. Released in May of 2023. https://www.federalreserve.gov/publications/files/2022-report-economic-well-being-us-households-202305.pdf
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