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The vast majority (90 per cent) of low to moderate income workers say they’d open a long-term savings account if they were offered incentives, according to a new survey by the Defined Contribution Institutional Investment Association and non-profit organization Commonwealth.

The survey, which polled nearly 1,000 employees living on low to moderate incomes, found most respondents positively viewed the idea of receiving a reward to open an account (98 per cent), receiving employer-matching contributions (96 per cent), being rewarded for consistent savings (93 per cent) and reaching a target savings amount (92 per cent).

Read: More U.S. not-for-profit employees participating in retirement savings plans: survey

Among respondents who have emergency savings, 70 per cent were more likely to contribute to a defined contribution pension plan. When considering long-term savings plans, respondents preferred those with features of an emergency savings account, such as no fees (34 per cent), no minimum balance (17 per cent), immediate withdrawal of funds (16 per cent), the ability to move savings to other financial institutions (13 per cent), automatic features (12 per cent) and a link to a workplace retirement account (nine per cent).

When it comes to communications from their employer, 55 per cent of survey respondents cited email as the primary way to learn about benefits information. More than a third (35 per cent) said they support increasing the frequency of communications, holding workshops or having a human resources representative present new updates. Some 29 per cent of respondents said employers should hand out a benefits brochure or include more information during onboarding or benefits open enrolment. Another 18 per cent suggested employers place posters in offices or break rooms and 14 per cent suggested having a colleague or manager present the information during a group meeting.

Read: DCIIA urging U.S. government to develop emergency savings plans