In many countries, a large percentage of people experiences financial ____ to some extent. Many families and households live from paycheck to paycheck and can't afford to put money aside for retirement or cover unexpected bills. The COVID-19 pandemic - and the economic ____ that it resulted in - has ____ the situation. This is why many companies have made it their goal to improve their employees' general financial wellness and ability to ____ such tough times. According to some companies, keeping their staff on the ____ is crucial. Some have achieved this by reducing executive compensation: their partners' ____ has fallen, allowing the employer to mimimize the ____ of the crisis on the employees. Such companies view layoffs as their last resort and have made it their ____ strategy to commit to taking care of their personnel. In order to prepare for possible financial challenges, some companies offer their workers so-called 'rainy day' savings accounts and income-advance programs. Not only does it help the workers' accumulate____ on rainy day accounts that they can use to save money for ____, but it also helps improve ____: some reports suggest that new ____ who completed such programs were 30% more likely to stay in the company than those who did not participate. While a good ____ and benefits influence one's financial stability considerably, they alone aren't likely to make an employee financially secure unless a basic knowledge of investments, ____, debt management and saving are present. This is where ____ come into play to help companies educate their staff on financial wellness. By taking a test at the beginning of a program, individuals can better understand what their personalized action plan should be and what specific educational tools they should have to ____ important life events. In terms of financial benefits provided by employers, a good retirement plan is often the best a company can offer. Contribution retirement plans have suffered over the years from employees' ____ to participate in them and failure to save enough or invest enough. A solution to this has been the introduction of automatic default components into retirement plans. Employees might be, for instance, ____ into a retirement scheme automatically, get automatic payroll ____ that are progressively increased over time, and have their funds allocated according to their age. Plan sponsors' opinion of this move, however, hasn't been uniform: while 50 per cent adopted smart plan designs, others felt such ____ are too aggressive and would rather discuss them with their clients than introduce them forcibly.

4 Steps To Improve Financial Resiliency - summary (

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