Event Registration

    How employer-sponsored rainy day savings accounts can help workers prepare for emergencies

    When: Thursday, October 26, 2017, 10:30 a.m. — 12:00 p.m.

    Where: The Brookings Institution, Saul/Zilkha Room, 1775 Massachusetts Ave, NW, Washington, DC


    Many Americans live paycheck to paycheck, carry credit card debt, and have little or no money set aside for emergencies such as sickness, car or home repairs, job loss, or economic downturns. One consequence of this financial vulnerability is that many individuals use a portion of their retirement savings during their working years. Research suggests that for every $1 that flows into 401(k)s and similar accounts, between 30¢ and 40¢ leaks out before retirement. Helping American households build up their emergency savings would increase their financial security today and in retirement. A forthcoming working paper by John Beshears, James Choi, Mark Iwry, David C. John, David Laibson, and Brigitte C. Madrian will explore the possibility of using employer-sponsored rainy day savings accounts to help workers prepare for an emergency.

    On October 26, the Retirement Security Project at Brookings will host a discussion on the practical considerations and challenges of helping households accumulate rainy day savings for use during their working years. Following a presentation of the research by David C. John and Brigitte C. Madrian, a panel of experts will reflect on these options and next steps for policymakers and employers. The speakers will take questions from the audience.

    Join the conversation on Twitter using #RainyDaySavings.

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