At Commonwealth, we're exploring whether the upcoming minimum wage increase that will impact 13 million employees can be used as an opportunity to encourage employees to start saving and build financial security. There is a great deal of research that shows that employee financial insecurity has a negative impact on worker productivity and retention. We believe that there is an opportunity for employers to facilitate savings opportunities and positively impact both their employees and their bottom line.
We surveyed minimum wage workers and found that 88% of respondents view this upcoming raise as a potential savings opportunity. We also found that 62% of minimum wage workers that had already received a raise, had saved their raise.
We are looking for employers to partner with us to pilot new no-cost, innovative approaches to building worker financial security. Commonwealth will be a hands-on partner and will design a customized employee engagement and implementation program with employers.
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