SecureSave: Pioneering a New Era of Emergency Savings Solutions (Blog)

SecureSave is a financial technology company focused on the financial wellness of employees. It provides an innovative solution designed to help workers build and maintain emergency savings, thus empowering employees to navigate unexpected financial challenges.

The Emergency Savings Program is an employer-sponsored program that automates savings for employees. The program offers a platform that allows employees to easily access and manage their emergency funds. SecureSave works with employers of all sizes across various sectors, including healthcare, manufacturing, and retail.

How it Works

Employees are invited to join the program by their employer.

Funds are automatically deducted from the employee’s paycheck and deposited into a secure, FDIC-insured account.

Employees can easily access their savings when needed through the user-friendly app.

The program offers various incentives, including employer contributions and bonuses, to encourage participation and savings growth.

Company Overview

SecureSave’s mission is to empower employees to navigate unexpected financial challenges by providing them with the tools and resources they need to build and maintain a financial safety net. SecureSave’s leadership team includes industry veterans with extensive experience in financial services, benefits administration and technology. The company has partnered with various organizations, including BlackRock and Commonwealth, to conduct research and develop effective financial wellness solutions.

Highlights

Based on a business briefing with Brandon Hall Group ™ analysts, here are some key takeaways:

Financial education: The Emergency Savings Program provides employees with educational resources and tools to help them better manage their finances.

High adoption rates: The program boasts an average adoption rate of 60% among employees, significantly higher than traditional elective benefits. This high participation rate underscores the program’s relevance and appeal to employees across various demographics.

Automated savings deposits: By automating deposits through payroll deductions, the program fosters consistent savings habits among employees. This automated approach removes the friction often associated with manual savings contributions, making it easier for employees to prioritize emergency savings.

Employer-sponsored incentives: The program allows employers to offer various incentives, such as matching contributions or bonuses, to further encourage employee savings. These incentives not only boost participation but also contribute to the growth of employee emergency funds and illustrate the employer’s value proposition.

User-friendly platform: SecureSave’s platform is designed with user experience in mind, providing employees with an intuitive and easy-to-navigate interface. This accessibility ensures that employees can easily manage their savings and access funds when needed, without encountering unnecessary barriers.

Positive impact on financial wellness: By enabling employees to build and maintain emergency savings, the program contributes to their overall financial wellness. This financial safety net reduces stress related to unexpected expenses and promotes financial stability, leading to a more engaged and productive workforce.

The Bottom Line

SecureSave’s Emergency Savings Program has the potential to transform the way employees approach emergency savings. By automating contributions, offering incentives, and providing a user-friendly platform, SecureSave makes it easier for employees to build and maintain a financial safety net. The program’s positive impact on financial wellness, combined with its high adoption rates and innovative approach, positions SecureSave as a leader in the financial wellness space.

— Michael Rochelle, Chief Strategy Officer and Principal HCM Analyst, Brandon Hall Group™