Our Unique Approach to Helping Frontline Employees Save and Build for Their Future

Our Unique Approach to Helping Frontline Employees Save and Build for Their Future


Celebrating Financial Literacy Month

Financial Literacy Month, observed in April of each year, is dedicated to raising awareness about the importance of financial education and saving for the future. At Salt, we’re on a mission to help frontline workers build long-term employee wealth with a first-of-its-kind rewards and incentives program designed specifically for their needs.

Employee savings plans were never meant for hourly workers

Every type of financial savings mechanism we have for employees today requires them to reduce their paychecks by a certain amount. That money is then diverted to some form of savings, typically a 401(k) account.

But low-income workers don’t earn enough to reduce their paychecks. Getting them to reduce an already scarce resource is virtually impossible when they need every dime they make to pay rent and buy food, gas and other household necessities.

The 401(k) was never meant to be a savings tool for low-income workers, a belief that’s even held by the “Father of the 401(k),” Ted Benna. In fact, 401(k)s were commonly referred to as “salary reduction plans” because, to save, a worker had to give up some part of their paycheck, something an hourly worker simply can’t fathom doing.

It’s time to try something different. Something that does not come at the expense of paying necessary bills, providing childcare or putting food on the table. When 84% of hourly workers have less than $500 in savings, no number of free financial literacy classes is going to move the needle. What’s needed is a better solution.

Meeting the needs of the hourly employee

The next step is to help these workers build savings to achieve the level of financial health necessary for them to meet their short to long-term financial goals and enjoy their lives more.

Salt is a non-cash asset that helps workers build a store of value as they work. Something that grows alongside their paycheck. Something that can be redeemed for something they’re working toward, like a savings product or a family trip.

Here’s how Salt is helping employees save

1. Employees can earn one Salt for each hour they work. As employees accrue Salt daily, they’re building a new store of value alongside their existing paycheck.

2. Employees are saving their Salt for something they can get in the future offered through an employer-sponsored rewards program. 65% of employees are setting medium to long-term goals on rewards in the app, and 30% of those goals are for financial products like stocks and treasury bonds.

3. 91% of employees feel more financially secure because they’re earning and saving their Salt for something they need and want that they can’t get with their paycheck alone.

Salt activates a savings motion that motivates hourly employees to come to work so they can continue earning Salt.

What Salt is doing this Financial Literacy Month

At Salt, we take Financial Literacy Month seriously and are promoting unique opportunities for our Salt users to advance their own personal financial journey.

Exclusive stock options available to Salt users this month

In order to promote healthy savings habits that result in ownership, Salt users have the ability to earn full stock options for five premium companies this month: Coca Cola, Harley Davidson, Mattel, Walmart, Ford, Target and Amazon. This limited-time offering allows Salt users to take a great step forward in long-term ownership, whether this is their first experience with stock or they already have a portfolio.

Salt VIP Total Money Makeover Weekend

Our Salt Rewards concierge team has curated a partnership with David Ramsey and his team to provide Salt users with tickets to the Ramsey Total Money Makeover Experience in Nashville on May 10-11, 2024. This weekend will give Salt users a crash course on everything they need to know about money, including practical strategies and techniques to motivate employees and help them build for their financial future.

What’s included:

1. Round-trip travel expenses to Nashville, Tennessee.

2. A one-night hotel stay in Nashville.

3. Two tickets to Dave Ramsey’s Total Money Makeover for both days.

We are delighted to participate in Financial Literacy Month this year and continue our mission to help frontline workers start on their journey to build long-term employee wealth.