The SECURE Act 2.0 Act was passed in December 2022 to assist those with student loans in saving for retirement, according to a report published in USA Today. Many companies are still apprehensive to provide matching benefits for student loans and increased retirement savings, though. According to surveys and industry experts, the main reasons for this hesitancy are concerns about controlling expenses and the state of the economy.
Despite Early Low Adoption, Experts Forecast a Gradual Increase in Student Loan Matching Benefit Utilization
Even said, relatively few people are taking advantage of the boost in retirement savings matching advantages and student loans. Experts predict that use and interest will gradually increase in 2024. Giving these kinds of benefits is likely to grow more popular among employers, especially those in the healthcare and professional services sectors, to retain talented staff.
Businesses Provide Various Types of Student Loan Support in Light of Americans’ Growing Financial Awareness
While it might take some time for student loan matching perks to become popular, several companies already provide various forms of assistance to borrowers, including direct payments, counseling, and refinancing services. The number of companies providing these kinds of benefits has significantly increased as a result of the Consolidated Appropriations Act of 2021. This demonstrates that even though millions of Americans are still struggling financially, businesses understand how critical it is to assist students in managing their student loans.