Financial well-being

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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 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

You’re not really an adult until you pay for these things yourself

Americans would have gladly swapped out a math class or two in order to receive a better education when it came to their own personal finances, according to new research. A third of millennials would have cut geometry from their school curriculum in favor of personal finance — and other common classes respondents would boot

Measuring financial perceptions and experiences in low- and moderate-income households

Thirty-nine percent of U.S. adults reported lacking sufficient liquidity to cover even a modest $400 emergency without borrowing or selling an asset, and 60 percent reported experiencing a financial shock (e.g., loss of income or car repair) in the prior year. While facing precarious financial situations may leave households unable to manage essential expenses and plan for the future,

Driving Financial Wellness at Work

Plan participant demand for workplace advice and education is at an all-time high. More than half of employees would like workplace education that will help them improve their financial well-being, and 35% would welcome their employer pushing them to save more.[1] Financial wellness directly affects productivity on the job, and it isn’t only individuals who

7 Free Online Courses to Improve Your Financial Literacy

Managing your personal finances and understanding the concepts is critical if you want to maintain your financial well-being, so holes in your knowledge can come with serious consequences. Luckily, there are plenty of free online courses that can help you improve your financial literacy. Here are seven free online courses that everyone should consider taking. 1. Personal Finance

Are you on the right financial track for your age?

The Consumer Financial Protection Bureau, combined with a review of research and consultation with leading experts, found that financial well-being includes the following four elements: Having control over day-to-day, month-to-month finances. Having the capacity to absorb a financial shock. Being on track to meet your financial goals. Having the financial freedom to make the choices

Supporting Employees’ Financial Well-Being: What Employers Can Do Today

It’s been just a few weeks since taxes were due, and refunds and finances were top of mind for many. Now that the tax deadline has passed, have people moved on from financial concerns? Most likely, the answer is no. Financial wellness is an ongoing struggle for many American workers as low wage growth, rising

Use of tax refund can impact personal, financial well-being

To finalize the celebration of America Save Week, I thought I would share some information to get you thinking about your taxes. If you anticipate a tax refund, you are already planning on how to use that money, aren’t you? Whether you are getting back a little or a lot, the way you use that

Financial Literacy Awareness Needed by Employees

Financial literacy awareness, if done right, can help change the wealth trajectory of America’s workers and set them on a course for a comfortable retirement. Whether it is inside or outside of the 401k financial literacy awareness programs help employees’ comprehension of basic financial concepts, so they can manage their money better. It appears debt

Companies Pay Workers to Get Savvier With Money

A growing number of companies are paying employees to get their financial lives in order, reflecting concern over the impact money problems are having on employees’ stress and productivity levels. Aetna Inc., AET -1.27% Pitt Ohio LLC, SunTrust Banks Inc. STI -0.10% and others are handing out cash and other inducements to workers who take steps to shore up their finances by reducing debt,

Half of U.S. employers concerned delayed retirement will raise benefits costs

Almost half (49 per cent) of U.S. employers are concerned that employees delaying their retirements will increase benefits costs, according to a new survey by Willis Towers Watson. The survey, based on responses from almost 150 large employers in the United States, also found 41 per cent of respondents are concerned that delayed retirement will increase salary costs and 37 per cent

Employees’ sense of financial well-being on the decline

The markets might be casting a rosy glow over the economy, but employees aren’t feeling the love. In fact, after several years of steady improvement, according to a new survey by Willis Towers Watson, their feelings have taken a sharp turn south. Findings from the biennial 2017 Global Benefits Attitudes Survey indicate that just a bit more

Trending: Financial well-being in the workplace

Undue stress has a negative effect on health and a net-negative effect on the workplace. Certified Employee Benefits Specialist Stephen Miller cited a number of studies around the effects of financial stress on the workplace in his 2016 SHRM report “Employees’ Financial Issues Affect Their Job Performance.” When employees are stressed, they are more likely

The Financial Well-Being of Employees

What this means is that companies are starting to show more compassion towards their staff by being more proactive when it comes to ensuring employees are more educated on financial matters and long-term financial planning. Some companies are bringing in counselors to speak with their employees about their finances and their strategies for the future.