Emergency savings adoption

T. Rowe Price’s panel emphasized the demand for emergency savings solutions as workers balance short-term needs with long-term financial goals. The firm’s 2024 Retirement Savings and Spending Study found that 33% do not believe they are saving enough, while 21% are not sure whether they are.

Still, 55% of participants surveyed said they could cover an unexpected expense of $1,000, and 33% have six months or more of income saved for an emergency.

As provisions offered in SECURE 2.0 expand emergency savings account adoption, 52% of plan sponsors expect the number of out-of-plan emergency savings programs to increase, while 70% believe the same for in-plan programs.

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