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.
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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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.
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?
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?
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.
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?
