Record share of Americans say they are worse off financially than one year earlier: survey

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

Half of American households have no retirement savings

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

The Personal Financial Wellness Scale™

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

What Digital Banks Can Do To Help Narrow The Racial Wealth Gap

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

The surprising facts about family finances from 2016–2019

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

A New Vision For Financial Wellness

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

It’s Time to Tie Bank Profits to Customers’ Financial Health

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

Financial Wellness Helps Facilitate Improved Retirement Behaviors

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

COVID-19 accentuates the need for employee financial wellness

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

How the Pandemic Is Making the Retirement Crisis Worse — and What to Do About It

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

Guide To Financial Resources And Relief For Those Affected By COVID-19

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.

How to deal with coronavirus-related money stress, according to financial psychologists

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

Pandemic Reveals Overwhelming Need for Financial Wellness Programs

The need for employee financial wellness programs has increasingly gained attention in the past decade, and what began as general education initiatives have morphed into more actionable programs.

Offering a financial wellness program to employees was considered a value-added benefit, but the novel coronavirus pandemic suggests it is an urgent necessity.

“This outbreak has just shone a

Study Highlights Connections Between Money Missteps and Financial Literacy

While 75% of Americans consider themselves financially savvy, 36% don’t know how, or prefer not, to answer basic financial literacy questions, according to KeyBank’s 2020 Financial Wellness Survey. This Financial Capability Month, Americans are facing new and unprecedented wellness challenges—both financial and health related—due to the spread of COVID-19. With temporary

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