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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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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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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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.
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.
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.
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.
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.
The unexpected relationship between financial wellness and health
What goes into a credit score?
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].
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:
