My Secure Advantage

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!
By MSA Staff

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

Facebook ShareTweetReddit shareLinkedIn shareEmail share

More Like This

Outcomes

Money is a major stressor in the lives of most Americans. The specific challenges may vary from person to person – a young Millennial might be struggling with student loans and the excitement of a first marriage, while Gen X is trying to manage mortgages and prepare their children for college. With so many facets […]

401(k) & Financial Planning

Student loans and retirement are two major financial topics at the heart of employees’ financial concerns. Unfortunately, they may have a crippling effect on each other and may cause a ripple that negatively affects other financial goals and challenges, too. Who is affected? A portion of adults in each age group – from young adults […]

401(k) & Financial Planning

With plans to increase 401(k) matches and savings rates, more and more companies are boosting their efforts in helping employees save for retirement, but a missing element could be key to the overall success of such a plan. Employers’ efforts to help their struggling workforce is honorable and desperately needed:  Over 50% of employees, age […]

401(k) & Financial Planning

High Deductible Health Plans (HDHPs) with Health Savings Accounts (HSAs) can be a great way to save on health insurance premiums; however, out of pocket expenses can damage a budget quickly if employees haven’t planned accordingly.  Employees need to weigh the pros and cons of their health plan options, but most employees are not comfortable […]