A new bill with bipartisan support would help employees, supporters of that bill say.
Americans trying to save some cash for unforeseen expenses are up against a lot — months of red-hot inflation, wages that don’t keep up, the sheer difficulty of delayed gratification in a time when people spend billions of dollars online in one day.
“‘It takes an extraordinary human being, seriously, to say, ‘I’m taking this much money out of my paycheck and I’m going to put it in an emergency savings account and not touch it.’” The findings were released in May, based on research done even earlier. The savings rate has not been helped by the end of pandemic-era government benefits. In September, the personal savings rate was 3.1%. A year earlier it was 7.9%, according to numbers from the U.S. Bureau of Economic Analysis.
Emergency Savings Act, a bipartisan bill Now, two senators are pushing a bill that would make it easier for workers to immediately deposit cash to an emergency savings accounts. In fact, the Emergency Savings Act, a bill introduced in May by Senator Cory Booker, a Democrat from New Jersey, and Senator Todd Young, a Republican from Indiana, would bring the idea of optional, automated savings to whole new stage.
It’s not like those supporting the bill want to force workers open a personal savings account, said Young. “We stay away from mandates,” he said in Tuesday’s panel discussion.
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