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
The Center on Business and Poverty has a separate non-profit called the Personal Finance Employee Education Fund (PFEEF), which focuses on assisting people as they take ownership of their financial well-being. Click above for more on PFEEF.
As part of accomplishing this mission, PFEEF recently won a $970,000 grant to help deliver proven
We tend to think about banking as a pretty commonplace practice. Despite that impression, though, data from the World Bank finds that nearly 2 billion people globally lack access to conventional financial services.
This is a deliberate choice in some cases; there are plenty of
Americans would have gladly swapped out a math class or two in order to receive a better education when it came to their own personal finances, according to new research. A third of millennials would have cut geometry from their school curriculum in favor of personal finance — and other common classes respondents would boot
Thirty-nine percent of U.S. adults reported lacking sufficient liquidity to cover even a modest $400 emergency without borrowing or selling an asset, and 60 percent reported experiencing a financial shock (e.g., loss of income or car repair) in the prior year. While facing precarious financial situations may leave households unable to manage essential expenses and plan for
Plan participant demand for workplace advice and education is at an all-time high. More than half of employees would like workplace education that will help them improve their financial well-being, and 35% would welcome their employer pushing them to save more.[1]
Financial wellness directly affects productivity on the job, and it isn’t only individuals who
Managing your personal finances and understanding the concepts is critical if you want to maintain your financial well-being, so holes in your knowledge can come with serious consequences. Luckily, there are plenty of free online courses that can help you improve your financial literacy. Here are seven free online courses that everyone should consider taking.
The Consumer Financial Protection Bureau, combined with a review of research and consultation with leading experts, found that financial well-being includes the following four elements:
It’s been just a few weeks since taxes were due, and refunds and finances were top of mind for many. Now that the tax deadline has passed, have people moved on from financial concerns? Most likely, the answer is no. Financial wellness is an ongoing struggle for many American workers as low wage growth, rising
To finalize the celebration of America Save Week, I thought I would share some information to get you thinking about your taxes.
If you anticipate a tax refund, you are already planning on how to use that money, aren’t you? Whether you are getting back a little or a lot, the way you use that money
Financial literacy awareness, if done right, can help change the wealth trajectory of America’s workers and set them on a course for a comfortable retirement. Whether it is inside or outside of the 401k financial literacy awareness programs help employees’ comprehension of basic financial concepts, so they can manage their money better.
It appears debt has
A growing number of companies are paying employees to get their financial lives in order, reflecting concern over the impact money problems are having on employees’ stress and productivity levels.
Aetna Inc., AET -1.27% Pitt Ohio LLC, SunTrust Banks Inc. STI -0.10% and others are handing out
Almost half (49 per cent) of U.S. employers are concerned that employees delaying their retirements will increase benefits costs, according to a new survey by Willis Towers Watson.
The survey, based on responses from almost 150 large employers in the United States, also found 41 per cent of respondents are concerned that delayed retirement will increase salary costs and 37 per cent said
The markets might be casting a rosy glow over the economy, but employees aren’t feeling the love. In fact, after several years of steady improvement, according to a new survey by Willis Towers Watson, their feelings have taken a sharp turn south.
Findings from the biennial 2017 Global Benefits Attitudes Survey indicate that just a
Undue stress has a negative effect on health and a net-negative effect on the workplace. Certified Employee Benefits Specialist Stephen Miller cited a number of studies around the effects of financial stress on the workplace in his 2016 SHRM report “Employees’ Financial Issues Affect Their Job Performance.” When employees are stressed, they are more likely
What this means is that companies are starting to show more compassion towards their staff by being more proactive when it comes to ensuring employees are more educated on financial matters and long-term financial planning. Some companies are bringing in counselors to speak with their employees about their finances and their strategies for the future.
