A recent survey found that 73% of Americans are saving less for emergencies due to rising consumer prices, higher interest rates, and shifts in income or employment. Just 41% of Americans could cover an unexpected $1,000 emergency expense using their savings.
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Goldman Sachs (NYSE:GS) has recognized Einat Steklov and Rishi Kumar, Co-Founders and Co-CEOs of Kashable, as two of the most exceptional entrepreneurs of 2024 at its Builders and Innovators Summit, held in Healdsburg, California.
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As featured in numerous trade and national media outlets, financial security levees are breaking for millions of Americans. Inflationary pressure, record household debt balances, unforeseen medical events, and more are causing 401(k) accounts to perform double duty as retirement accounts and sources of emergency savings.
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In an era where two-thirds of surveyed Americans report living paycheck to paycheck, families across America are facing greater financial pressure. Recent reports highlight that household debt reached $17.69 trillion in the first quarter of 2024, with housing now more unaffordable than it has been in nearly four decades.
Amidst these pressing conditions, one in four U.S. adults find themselves without emergency savings. Many are increasingly dependent on high-interest credit options. While this approach may provide temporary financial relief, it can pose a significant risk to long-term financial stability.
Continue reading →As the financial landscape tightens, more Americans are tapping into their 401(k) plans for emergency funds. Data collected on current Huntington Ingalls Industries (HII) employees shared by Rishi Kumar, Co-Founder and Co-CEO at Kashable, reveals that 19% of HII 401(k) plan participants are currently repaying loans from their 401(k) accounts. Additionally, this data reveals that 6.4% of active contributors are making withdrawals, with 2.5% attributed to financial hardships.
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As the cost of living continues to climb, Americans are finding it more difficult to meet their financial goals. A recent study revealed that over one-third of surveyed U.S. adults now have more credit card debt than emergency savings, with many citing inflation as a barrier to saving for unforeseen expenses.
This financial vulnerability underscores the need for effective saving strategies and robust financial planning. Amidst these economic changes, the webinar “The State of Emergency Savings and Retirement Plans in 2024” brings up some important things to consider.
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Total household debt reached $16.9 trillion by the end of 2022, indicating that Americans are grappling with a significant debt problem.1 This figure encompasses increases in mortgage, auto, and student loan balances, as well as credit card debt.2 The combination of these debts, along with rising interest rates and the inflation-driven cost of living has left Americans feeling anxious and financially strained.3
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We are currently experiencing a period that has tested our economic system. Inflation, economic instability, and a lack of savings have caused an increasing number of Americans to feel financially stressed.1 Additionally, total household debt rose by $148 billion to $17.05 trillion in the first quarter of 2023.2
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Unforeseen events, such as the COVID-19 pandemic, can have an impact on an individual’s financial health. For instance, 58% of all Americans are now living paycheck to paycheck. Additionally, 57% of Americans can’t cover a $1,000 emergency with savings, leaving them dangerously close to a financial disaster.
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Financial wellness can be defined as “the dynamic relationship of one’s financial and economic resources as they are applied to or impact the state of physical, mental, and social well-being.”1
As workplaces evolve to meet the needs and demands of the economy, more employers are recognizing the value of a holistic approach to employee wellness. While initiatives focused on physical health have become more prevalent in benefits programs, there is increased recognition of the importance of implementing strategies to support employees’ overall health.
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Last year, headlines about The Great Resignation were everywhere along with stories about “quiet quitting” and hiring difficulties. Whether it was burnout, insufficient pay, or desire for better benefits, there were many reasons employees were dissatisfied. Among these reasons, there was a major contributing factor related to how companies approach Diversity, Equity and Inclusion (DE&I).
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March is National Credit Education Month, which means there’s no better time to help support your employees by educating them on the importance of their credit score, the role it plays in financial wellness, and the tools available to improve it.
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Charging an unexpected bill to a credit card when you’re short on funds may sound like an easy solution, but credit cards might not be the best choice for many people and can lead to more problems down the road.
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Having no regular income after retirement can be a scary thought. After working hard to achieve your dreams and ambitions, you should be able to enjoy your retirement away from the ‘hustle’ and from the thought of going bankrupt the moment you spend some money.
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As employers and employees face the changing market and economic realities, new challenges and opportunities for re-defining company culture and facilitating positive management and employee relationships present themselves.
Continue reading →Renfro Brands, founded in 1921, has been a leading designer and manufacturer of quality socks and legwear products for over a century and has over 1500 domestic employees.
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Inflation has been rising faster than employee income in 2022, putting American workers in a tough spot. The latest data shows that U.S. private sector wages increased by 5.7% in the first half of this year, which is a healthy jump but when adjusted for inflation, wages actually dropped by 3.1%[1].
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In the era of shiny plastic cards that promise to buy you the world, it is easy to be lured into spending money. And before you know it, you are knee-deep in debt and struggling to stay afloat.
Continue reading →Financial Wellness Benefits help you compete in a tight job market
It’s harder than ever to attract and retain talent in today’s tight job market. The post-pandemic recovery created nearly 21 million jobs in two years[1] and reduced U.S. unemployment to 3.6%, which was great news for workers but made things extremely competitive for recruiters and companies looking to hire.
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The Equal Credit Act of 1974 guaranteed equal treatment for women seeking financing, but many women still lack full access to traditional banking services like personal loans, credit cards, auto loans, and mortgages. Why?
When Einat Steklov, co-founder and CEO of Kashable, came to the United States, she was well educated, gainfully employed, passionate about entrepreneurship and yet completely unable to gain access to financing. As an immigrant from Israel, she recalls, “I literally was not able to establish a credit profile with any credit bureau.”
Continue reading →How a Socially Responsible Credit® benefit helped Huntington Ingalls enhance employee retirement security
Huntington Ingalls is America’s largest military shipbuilding company and a leading provider of government technology, with a 135-year history of advancing U.S. national security.
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We asked recent Kashable customers seven questions about their financial wellness, including how they handle financial stress, how they use financial wellness benefits, and how important these benefits are to them.
“The Great Resignation” has presented significant businesses challenges in an already challenging year. Yet what much of the news surrounding this trend has overlooked is that it has also presented a great opportunity: Rather than scrambling to find enticing, but temporary solutions to influence current and future employees, the Great Resignation gives employers the chance to adjust their perspective on the employee-employer relationship. This gives employers the potential to implement impactful, permanent solutions that will not be affected by future economic trends such as the Great Resignation.
At the start of every year, many people find themselves making promises for the year to come. These resolutions may relate to things like weight loss, professional development, or finances. Yet no matter what category they fall into, if you have ever set a New Year’s resolution for yourself, you know how difficult it can be to see them come to fruition.
Financial habits are especially hard to build, and bad financial habits are hard to break. The good news? If you have been looking for a way to stick to your savings plans, educate yourself on finances or just spend less, this is your year! With these 6 financial resolution tips, it’ll be New year, same you… but with way more financial confidence:
A recent Prudential survey indicates that 1 in 4 workers plan to look for a new job in a different company as the pandemic subsides.
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The majority of Working Americans today are considered non-prime borrowers. This not only makes it difficult for them to access mainstream credit in times of financial hardship, but excludes them from access to a key driver of wealth creation – home equity.
Employers are uniquely positioned to help these employees improve their credit, access mainstream financial services, and build wealth, through innovative employee benefits programs like Kashable. In so doing, employers can enable their hard-working employees to climb the financial ladder and ultimately bridge the wealth gaps present in our society.
It’s been a busy past few weeks: the final rounds of stimulus check payments have been issued, the tax deadline has been pushed back, and many Americans have been hard at work assessing how all of this will impact their financial plans.
What does privacy have to do with financial wellness?
An often-overlooked piece of financial wellness is protection. No matter how much you save and invest, if your assets are not protected, you are at high risk of a financial emergency.
I have high-interest debts that are piling up. What can I do?
The unexpected relationship between financial wellness and health
I have debts and expenses – should saving still be a priority for me?
If you are struggling to bolster your savings, you’re not alone:
What goes into a credit score?
What is a 401(k)?
We’re sure you already know what a 401(k) is, but just for good measure, we’ll sum it up:
What does privacy have to do with financial wellness?
An often-overlooked piece of financial wellness is protection. No matter how much employees save and invest, if their assets are not protected, they are at high risk of a financial emergency.
The truth of the matter is, almost all American adults have some form of debt. And unfortunately, a large percentage of them struggle to repay it on time.
The unexpected relationship between financial wellness and health
Financial wellness and overall wellbeing are far more interrelated than you might think. According to the American Psychological Association, money is the leading cause of stress among American adults[1].
With this week marking the start of a new political era, many individuals have questions about what may be coming for their financial wellness.
Are my employees struggling to build rainy day fund?
What goes into a credit score?
There are five main categories of information that impact a credit score:
What is a 401(k)?
We’re sure you already know what a 401(k) is, but just for good measure, we’ll sum it up:
2020 has brought a lot of economic change, and in turn, quite a few relief efforts from the federal government. One effort that was especially important for federal employees was the Memorandum on Deferring Payroll Tax Obligations, issued by President Trump back in August. The Executive Order allowed employees to defer the 6.2% OASDI tax that is typically taken each paycheck to fund Social Security. Instead, employees could take home the extra funds to help manage everyday expenses or combat COVID-related financial hardship.
Americans are worried about their financial futures. According to a study from Capital One, 56% fear they may not be able to keep up with the cost of living, and another 58% feel that financial worries have taken over their lives. This includes their work lives, where many employees find themselves unproductive, fatigued and unable to concentrate.
Open enrollment is always a critical time for employers and brokers. But this year open enrollment presents a unique set of challenges and opportunities. The ‘new normal’ – whatever that may be – is changing everything, including how we think about and approach benefits offerings. As we consider the best way to support both our businesses and our employees this year, here are some key factors to keep in mind:
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It’s finally here! Time for us to begin leaving our homes and heading back into the world…including back to work. But as exciting as it is to have your workforce returning, a transition back to the office does not mean a transition back to normal. Continue reading →
We are in the midst of an American Savings Dilemma where 78% of employees are living paycheck-to-paycheck, with little to no emergency savings. When a financial shock inevitably occurs, where do people turn for emergency funds?
by John Baldino, President of Humareso
It’s time for benefits professionals to face the harsh reality that 78% of employees are living paycheck-to-paycheck, with little to no emergency savings. When a financial “shock” inevitably occurs, employees frequently sacrifice their futures to make ends meet today by borrowing from retirement or avoiding medical care.
In this week’s edition of Kashable Conversations, we spoke with Supervisor Richard Elias, and Ending Poverty Now Manager, Bonnie Bazata of Pima County, Arizona about what they are doing to promote and protect employee financial wellness.
Our VP of Business Development, Jameson Fauver, joined Jon Thurmond, SHRM-SCP on the HR Social Hour Half Hour Podcast to talk about Kashable and how we’re helping to protect employee financial wellness.
In this installment of Kashable Conversations, we had the pleasure of speaking with Nicole Mebane, Benefits Manager at Community Medical Centers (CMC), a private, non-profit healthcare network in Fresno, California, about their approach to employee benefits, why the hospital system focuses on employee financial wellness, and how Kashable has helped their employees.
A few days after the longest government shutdown in U.S. history ended, a Prudential Financial survey of federal employees exposed the “financial fragility” of a majority of U.S. workers. According to the survey, 49% of respondents fell behind on bills, 27% missed a mortgage or rent payment, and 23% cut back spending on health or medical expenses for themselves or family members as a result of the shutdown.
2019 is off and running, but 80% of our New Year’s Resolutions have already come to a screeching halt.
Kashable’s VP of Business Development, Jameson Fauver, recently spoke with HR industry thought leader and President of RecruitingDaily.com, William Tincup.
America – home of the free and land of the unhealthy.
Life expectancy in the United States has dropped for the second year in a row, and as of 2012, about half of all American adults had one or more chronic health conditions and 24% had two or more conditions. [1]
If something sounds too good to be true, it probably is. That’s the unfortunate reality of 401(k) loans and free vacations getaways.
Financial stress in the workplace is a major threat to employee engagement and overall productivity.
Many companies are looking at financial well-being as a way to improve employee performance and employee satisfaction. Continue reading →
