According to a recent survey, more than 70% of employees would have some level of financial difficulty if their next paycheck was delayed by one week. Thus, the need for emergency savings to cover unforeseen expenses is clear. But how can employers encourage their participants to take control of their own financial wellness?

One option, growing in popularity among retirement plan sponsors, is to offer an emergency savings account through the retirement plan recordkeeper. But are these "sidecar" accounts the best approach?

In episode 18, Mike Webb and Jack Towarnicky of the American Retirement Association discuss differing views over utilizing sidecar accounts for emergency savings.