The PFW Scale™ is an eight item survey, which is a reliable measurement of perceived financial distress/financial well-being. It provides the user with a score, which has been scientifically determined to be a valid and reliable measure of one’s perceived personal financial wellness, as well as measure for employees learning progress during the financial literacy
According to the Federal Reserve Board’s May 2023 report Economic Well-Being of U.S. Households in 2022, nearly four in 10 US adults reported that they couldn’t cover a $400 emergency expense with cash, savings, or a credit card paid off at the next statement.
The Federal Reserve Board noted, the higher savings aren’t
A record share of Americans in a new survey from the Federal Reserve Board say they’re worse off financially than they were a year earlier.
According to the “Economic Well-Being of U.S. Households” report, the 35 percent of adults who reported they were worse off in 2022 than they year prior is the highest share recorded
In 2019, about half of American households had no savings in retirement accounts, according to the Survey of Consumer Finances (SCF). These accounts include individual retirement accounts; Keogh accounts; certain employer-sponsored accounts, such as 401(k), 403(b), thrift savings accounts; and pensions.
Personal saving has grown more important as
Poverty is most often assessed using objective measures such as absolute and relative income levels. However, different individuals may experience different levels of financial stress at the same income level. Studies have found that the perception of income is only moderately correlated with actual income level and that it is the perception itself that relates
Like many people, I am a Mark Twain fan. Therefore, on a recent trip to Hartford, Connecticut I visited his historic home.
Browsing through the gift shop after the tour, the following book caught my eye, “Ignorance, Confidence, and Filthy Rich Friends: The Business Adventures of Mark Twain, Chronic Speculator and Entrepreneur” by Peter Krass. This
In 2018, two professors and a Ph.D. candidate in economics from the University of Bonn designed a study to investigate long-term income and wealth inequality in the United States. They were specifically interested in how the financial crisis of 2008 had exacerbated existing inequalities and disproportionately affected
Every three years, the Federal Reserve conducts a survey of consumer finances, collecting information about family income, net worth, balance sheet components, credit use and other financial outcomes. The results of this survey were published in late September with some surprising results.
During the three years covered, real gross domestic product grew at an
More U.S. employers are offering financial wellness programs, yet the increasing popularity of this employee benefit has raised an important question: What exactly is “financial wellness”? If you asked 10 people this question, you’d likely get 10 different answers ranging from employee financial education, retirement planning, 401(k) advice, budgeting, debt management, estate planning and emergency
America’s current financial system is essentially broken for the many working Americans who live on the edge financially. Mismatched incentives are at the heart of the problem. One has only to look at the sad history of payday and car title loans, subprime mortgages, or bank overdraft “protection” schemes for examples of financial products and
My eyes are hot and tearful. I’m trembling, as my gasps for air grow increasingly difficult. I’m trapped.
Employees fully engaged in a financial wellness program can experience significant improvement in a short amount of time, particularly for those who are financially stressed, a new study suggests.
Financial Finesse’s “2019 Financial Wellness Year in Review” finds that employees who engaged in online, group and individual coaching with respect to
With layoffs, job losses and stock market fluctuations, nearly everyone is experiencing some sort of economic repercussion from the pandemic. In fact, the U.S. Department of Labor now shows that there are more jobless claims than during the Great Recession or any natural disaster.
The government is stepping in to help with
Advisors, beware—as if your job weren’t complicated enough in the midst of a crashing economy and a pandemic, you’ll have to keep an eye on your clients lest they panic and do something stupid in what may seem like the end of the economy.
It’s not as if people
Even as some states are reopening, many parents face telling their children that things they were looking forward to are effectively still canceled for them — because they can no longer afford them.
Economic distress from the pandemic is widespread, and many experts
COVID-19 has changed the day-to-day lives of millions of people and the vast majority of Americans are affected by social distancing measures to stop the spread of the disease. At the same time, equity markets have been volatile, and many people are out of work, at least temporarily.
One of the most pressing questions that many are
The coronavirus crisis has torn the Band-Aid off the financial fragility of many Americans. With an unemployment rate between 15% and 20%, bank accounts draining, and the Dow down 23% in the first quarter, things are dreadful for millions of people. But Americans in their 50s and 60s nearing retirement may be among the most
The coronavirus pandemic has challenged us all in ways never imagined. Not only does constant danger lurk of contracting COVID-19, but our daily routines have been turned upside down. It certainly doesn’t help that the virus has also placed enormous financial pressure on workers and businesses owners.
Over 22 million people have filed for unemployment, thrusting the United States into the worst crisis since the Great Depression, while other Americans worry that pay cuts and layoffs are on the horizon.
“Job loss can feel like a threat to our stability and survival,” Amanda Clayman, a psychotherapist
