A bar plot showing the effect of having at least $2,000 in emergency savings on 401(k) contributions and withdrawals. The estimated effects come from regressions that control for annual income, age, employment tenure, and plan fixed effects. Having at least $2,000 in emergency savings raises contribution rates by 2.2 percentage points, decreases loan origination rates by 19 percentage points, decreases hardship withdrawal rates by 17 percentage points, and decreases cashout rates by 43 percentage points.