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Generation Next: Three Ways To Help Gen Z Forge A Path To Financial Well-Being

Similar to what millennials faced from the 2008 recession, Gen Z is now entering the workforce at a time of uncertainty. Just a few months ago, it was a tight labor market where opportunities abounded, and now we face a future of unknowns. Born in 1997 or later, Gen Z is estimated to comprise about a quarter of the

The pandemic and George Floyd: A biopolitical trap of poverty and racism

Black lives, whether under the knee of a killer cop or at the mercy of a racist health system, are under attack. It was for the alleged crime of fraud that 46-year-old George Floyd was choked to death by a police officer. The officers claim he resisted arrest, but this has already been proven to be false

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Providing Financial Services to Employees Is a Win-Win

Today’s global events are forcing employers to rethink their role in supporting their workers, especially in terms of pay.  ADP Research Institute’s Evolution of Pay Research shows workers frequently rely on their employers to offer the guidance and resources needed to help secure their financial futures by aiding in better personal financial decisions. As these expectations become

Global Poverty Set for Alarming Increase, Analysts Warn

According to major charities, banks and international agencies, as many as 420 million more people will slip into poverty this year — and as many as 60 million of them could be propelled into extreme poverty, defined as living on less than $1.90 per day. The pandemic risks reversing all the gains made in the past decade to

Majority of Americans Believe They are Likely to Be Impacted by a Natural Disaster, Few are Financially Prepared

With the focus on the COVID-19 pandemic, the coming hurricane and wildfire season is likely not on many Americans’ radars right now. However, with tens of millions more Americans in a financially precarious position over the last couple of months, it’s more important than ever to be prepared for a natural disaster. Recent data found

The Real Problem With Inequality

Unless you live on Billionaire’s Row, you’re probably aware that economic inequality is as salient a topic these days as it’s been in perhaps a century. That should be no surprise. Substitute heavy-industry robber barons with hyper-rich social-media moguls; Gilded Age Newport mansions with $238 million Manhattan condos; and slum-dwelling immigrants with the opiate-addicted Rust Belt underemployed,

Your Mindset Is Everything When It Comes To Your Finances

It’s my belief that the most important aspect of your financial life, beyond your level of income, financial plan and investment strategy, is your mindset. Without the right mindset around your financial well-being, no amount of planning or execution can improve your current financial situation. Having a pessimistic mindset around money, money management and financial

Poor Neighborhoods Are Only Getting Poorer

The latest maps of coronavirus cases in the U.S. confirm much of what we already know about the economics of location: People in poor neighborhoods have it worse. Health care isn’t as accessible, the ability to socially distance is less, and many residents fall into the role of essential workers, unable to work from home. What new

Will Coronavirus Spike The Rate Of Poverty In Retirement?

America was already facing a retirement-planning crisis long before the coronavirus shut down the world economy. Layoffs may lead many people nearing retirement age to throw in the towel and just retire early. Being forced to retire early during the coronavirus recession will likely have a devastating effect on their incomes during retirement. It could

Employees need access to affordable credit now more than ever

A few weeks ago, anyone with a credit score above 600 could get approved for a personal loan or credit card, at a fairly reasonable interest rate, in a timely fashion. They would likely have a different experience today. Credit scores help financial institutions determine the risk associated with loaning money to a particular person.

The Effect Of COVID-19 On US Consumers’ Financial Well-Being

Even before the COVID-19 outbreak, our research showed that US consumers were facing multiple financial challenges and were worried about their financial situation. To see how the pandemic was impacting consumer finances and behaviors, we surveyed 1,122 US online adults in April 10–15, 2020 and found that US consumers: Are already feeling the impact of COVID-19 on

Emergency Savings Needed for Financial Wellness

Emergency Savings is now a headline component of Financial Wellness.  In recent months, Emergency Savings has come to the forefront for the American workers.  Emergency Savings is now a major concern for many employers as well.  There is now a new perspective on financial well-being and the meaning of retirement security.  Retirement Industry professionals now

New Guide Will Help Employers Improve the Financial Wellness of Their Workforce

Almost half of low-wage workers find it difficult to "just get by" on their regular income. A single unforeseen expense can upend their lives. Workers are bringing this stress into the workplace, and many employers are trying to do something about it. The Guide to Employee Financial Wellness, developed by the National Fund for Workforce Solutions and the

Income inequality and life after coronavirus: Flattening the spread

As the world has been brought to a standstill—from the dizzying heights of having just surpassed the global record in the volume of air passenger traffic to the ubiquitous grounding of high-flying executives—the coronavirus outbreak has rendered a moment to take a serious look at  the way in which we order our societies and our

This is the effect COVID-19 will have on global poverty, according to the World Bank

Forecasts suggest COVID-19 is likely to cause the first increase in global poverty since 1998. Using the most recent data, the World Bank has predicted coronavirus is pushing 40-60 million people into extreme poverty. The areas most affected depend on the impact of the virus on economic activity and the number of people living close

How COVID-19 is economically hurting women, minorities the most

As the country braces for yet another brutal week of job losses, it’s increasingly clear that the pain — like the coronavirus itself — is spreading unequally, with women disproportionately slammed. We’re in a full-blown “she-cession.” Women accounted for 55 percent of the 20.5 million jobs lost in April, with especially high unemployment rates for those ages 20–24

Financial Wellness Helps Facilitate Improved Retirement Behaviors

Employees fully engaged in a financial wellness program can experience significant improvement in a short amount of time, particularly for those who are financially stressed, a new study suggests. Financial Finesse’s “2019 Financial Wellness Year in Review” finds that employees who engaged in online, group and individual coaching with respect to financial wellness benefits had

COVID-19 accentuates the need for employee financial wellness

With layoffs, job losses and stock market fluctuations, nearly everyone is experiencing some sort of economic repercussion from the pandemic. In fact, the U.S. Department of Labor now shows that there are more jobless claims than during the Great Recession or any natural disaster. The government is stepping in to help with the CARES Act stimulus bill that puts money into

10 financial mistakes your clients may make

Advisors, beware—as if your job weren’t complicated enough in the midst of a crashing economy and a pandemic, you’ll have to keep an eye on your clients lest they panic and do something stupid in what may seem like the end of the economy. It’s not as if people don’t normally make mistakes anyway, but trying to function under the

Improving gender inequality means more prosperous businesses

A major phenomenon that has accompanied globalization is the widening of inequality. Between 1980 and 2018, globally, the incomes of the richest 1% of people increased twice as much as that of the poorest 50%. Several studies, including from the Organisation for Economic Co-operation and Development (OECD) and the International Monetary Fund (IMF) show that