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.
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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.
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 →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.
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:
Are my employees struggling to build rainy day fund?
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:
