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Delta Emergency Savings Program Boosts Employee Savings and Financial Well-Being
Delta’s Emergency Savings Program Boosts Employee Savings and Financial Well-Being
More than 21,500 Delta employees have participated in the Emergency Savings Program since its launch in January, helping Delta employees strengthen their financial well-being through online instruction, one-on-one coaching and an emergency savings safety net .
In the first nine months since the launch of our Emergency Savings Program, more than 21,500 Delta employees have completed steps to increase their financial literacy and earn $1,000 to fund their rainy day bills. Participants reported a 62% increase in their sense of financial control and a 139% increase in their feeling of ability to save for other goals.
These results, and more about the Emergency Savings Program and its impact on Delta employees’ financial well-being, are available in a new whitepaper that can be viewed at DeltaFinancialWellness.com. The whitepaper was presented by Delta CEO Ed Bastian at the Operation HOPE Global Forum annual meeting in Atlanta on December 11, 2023. Operation HOPE and Fidelity Investments partner with Delta in providing financial education, training and savings tools for employees.
“When we look at the fact that more than 50% of Americans don’t have $1,000 that they can acquire today in the event of a financial emergency, and the amount of stress and insecurity that creates, I said I can’t solve this for the world , but I can solve this for the 100,000 people of Delta Air Lines – and I hope to drive the movement among other corporations,” said Ed during an onstage conversation with John Hope Bryant, founder, president and CEO of Operation HOPE. .
“It shows that you can do good and do good at the same time,” said Mr. Bryant, asserting the importance of Delta’s investment in its people as smart for business.
The Emergency Savings Program is designed to help Delta employees strengthen their financial well-being through online instruction, one-on-one coaching and an emergency savings safety net. Launching in January 2023, it is available to all U.S. employees below the director level and allows participants to choose between three paths based on their personal goals and financial situation, followed by one-on-one coaching sessions from Fidelity Investments or Operation HOPE .
Participating employees receive $750 from Delta deposited directly into the Fidelity Investments emergency savings account opened as part of the program. Additionally, Delta matches the first $250 of the employee’s personal contributions to the same account and covers estimated taxes so the employee can access the full $1,000.
The first nine months of Delta’s Emergency Savings Program saw strong participation:
- 29% of eligible employees started the educational program.
- More than 33,000 Fidelity Cash Management accounts have been opened by Delta employees.
- 21,500 employees completed the program to earn $1,000.
- 51% are Black employees, noting that this investment in financial well-being supports Delta’s commitment to closing the wealth gaps between frontline talent diversity and leadership within the company.
- $21 million in Delta contribution incentives earned.
- Average payroll deduction of $74 established by employees to fund their emergency savings accounts.
- The average total employee contribution of $1,061 to date – more than four times the $250 contribution needed to receive Delta’s $250 match.
Combining the savings program with education and coaching has had a significant impact on employees’ confidence in regaining control over their financial future. Participants interviewed at the beginning and end of the program reported:
- 62% increase in the sense of financial control.
- 139% increase in the feeling of being able to save for purposes other than emergency savings.
- 42% increase in ability to cover a $1,000 expense with emergency savings.
- 33% increase in the ability to save for retirement.
- 41% increase in the ability to spend less than you earn.
“What other company do you know that is giving you free money to ensure you are on top of your financial education?” said Loretta Day, a Delta flight attendant who lives in Atlanta. “I am a better steward of my finances because of Delta. I have emergency money and am more informed about my finances, investments and stocks.”
“The increased sense of financial control among our participating employees is meaningful in many ways,” said Kelley Elliott, vice president of Total Rewards at Delta. “Better financial health impacts not only your bank account, but also your overall health and well-being. This also supports our broader commitment to closing wealth gaps, increasing access to opportunity and promoting equitable outcomes for all.”
Read more about Delta’s Emergency Savings Program and its impact on DeltaFinancialWellness.com.
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