Financial insecurity is increasingly common among households in the United States (US). Over a quarter of families in the US report that it is difficult to get by, or they feel they are just getting by. In 2014, almost 60% of US households experienced at least one financial shock, with over half of those households suffering lasting consequences due to subsequent struggles to make ends meet. These statistics underscore the need for both new ideas and deeper investigation of existing practices in order to design a 21st century social safety net that delivers financial security for working families.
In this context, employee hardship funds — a little-known mechanism to help workers who experience a disaster-related or personal financial hardship — warrant more attention. The way that most of these funds work is that workers and the company contribute into a fund, and workers can then apply for cash grants from the fund. Hardship funds generally try to help employees when disasters strike, or other unexpected events occur.
Join Aspen FSP and Commonwealth for a webinar research briefing on their new report, Illuminating a Hidden Safety Net. They will share their findings, provide insights into operational best practices, and explore implications for larger employer-based financial wellness offerings. Plus, hear from Joe Flynn, President of the HCA Healthcare Hope Fund, on why HCA values their hardship fund. There will also be ample opportunity for question and answer with the researchers.