Financial Wellness

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Middle-income Americans are increasingly ‘financially vulnerable,’ despite strong economy

Most Americans are struggling with at least some part of their finances, a new report shows, despite a strong economic indicators to the contrary. Just 29% of Americans — an estimated 73 million people — are “financially healthy,” according to a report released Thursday by the Financial Health Network. The share of financially healthy individuals increased

Could The 30-Year Mortgage Be Detrimental To Your Financial Wellness?

Which mortgage loan is best: the 15-year or the 30-year? It’s one of the most common questions we receive in this business. Like many financial questions, it really depends on the circumstances of the individual. Why 30 years? Prior to the Great Depression, mortgages were shorter. To stimulate home buying, the government agreed to back

The Need (And Demand) For Better Financial Literacy

Today, many young adults are experiencing stress when faced with taking responsibility for their finances and planning for the future. This is because most lack the skills, knowledge and confidence to do so. Average student loan debt continues to climb to never-before-seen amounts, but many young adults know little beyond a transactional bank account. As a result, many report

Why We Need To Close The Financial Literacy Gap For Women

Women have never felt more empowered than we do today. There are more female CEOs in the Fortune 500 than ever. Women are running for office in record numbers. More women are pursuing entrepreneurship. Women are earning more bachelor’s degrees than men. More working mothers are the primary or sole earners in their households. The list goes

Most Americans Think They Know More about Money Than They Do

Have you ever met someone who doesn’t want to start a CrossFit class until they get in shape, and found yourself wondering, isn’t the point of the class to help you get in shape? That mentality is not uncommon — even for our personal finances. Americans lack savings, are increasingly in debt and face a

Vanquish these 5 financial fears

Fear can consume you. The anxiety of the unknown can drive you to pull the blanket over your head, whether you’re worried about a rustling sound outside your bedroom window or that you won’t have enough retirement savings. Financial fears — not wanting to check your credit, confront your debt or even discuss your student

Even in Strong Economy, Most Families Don’t Have Enough Emergency Savings

Six weeks of take-home pay. That’s how much cash families should aim to set aside to ride out gyrations in their income and expenses, a new analysis from JPMorgan Chase’s research arm finds. The recommendation, based on an analysis of millions of Chase checking accounts, is considerably less than the traditional rule of thumb of

Want To Provide Value To Your Employees? Support Their Financial Wellness

The Business Roundtable recently shook up the corporate world with its new “Statement on the Purpose of a Corporation.” The document, signed by 181 CEOs from leading companies, responded to growing concerns that capitalism is working for those with wealth, while leaving others behind. In what was a major policy change, the Business Roundtable said companies should

Financial Literacy Promotes Successful Financial Wellness

Financial literacy dramatically differs from the resulting financial wellness.  Financial Wellness and financial literacy are related however they are certainly not the same thing. There’s a major difference between being financially literate and achieving financial well-being. Let’s begin with the fundamental differences between financial literacy and financial wellness. Financial literacy refers to the understanding and

Don’t ignore the signs of financial abuse

Nearly 70 percent of millennial women have experienced financial abuse by a romantic partner. Let that sink in for a second. That means, for every 10 women you know in that age group, odds are that seven of them have had a partner use money to control or manipulate them, according to a 2017 survey of 2,000

The benefits of being financially literate

Short-term lender Wonga recently asked over 1 000 of its customers about their attitudes towards money. It found that, despite 88 percent believing that financial health was “extremely important”, most (66 percent) claimed to have only an amateur knowledge of money management. “Financial literacy is key to financial health. It can help people to manage

The Four Financial Gaps in Retirement Preparation

Retirement is a monumental life event for which people prepare for decades. It is marked by changes in virtually every area of one’s life, from work to relationships, and from health to self-identity. However, the most significant life domain relevant to retirement is money. Personal finances can make or break a person’s retirement and even dictate whether it happens at all. Today, personal finances

Closing the Gender Wealth Gap

In the United States, women who work year-round earn somewhere near 82 cents for every dollar earned by men — but they only own about 32 cents for every dollar of wealth owned by their male counterparts. Both of these gaps are far more acute for black and Latina women. These stats aren’t new, but the way we talk about

The Societal Benefits of Financial Literacy

While it’s good for people themselves to be financially literate—to know how to earn and manage money—society itself needs widespread financial literacy among the people in it. Even though hundreds, if not thousands, of organizations in the U.S. advocate for individual financial literacy training, we don’t necessarily recognize the global benefit of it. Even the

What are employers doing to boost financial wellness?

Employers are becoming much more proactive in helping their workers achieve financial well-being, according to the Employee Benefit Research Institute Issue Brief, 2019 Employer Approaches to Financial Wellbeing Solutions. While helping workers save for retirement continues to be the most important (40 percent) topic within financial wellness initiatives, additional financial topics are also becoming more popular,

Financial Wellness Differs from Financial Literacy

Financial wellness differs from financial literacy.  Clearly, Financial Wellness and financial literacy are not the same things. Surprised? This author was, too. But it turns out there’s a major difference between being financially literate and achieving financial well-being. Essentially, there are some of the fundamental differences between financial literacy and financial wellness. Financial literacy means

Getting millennial employees on board with financial wellness programs

Financial stress among American workers is high, particularly among millennials, a group that makes up 35 percent of the U.S. workforce. A study by Payoff shows that one in four Americans and one in three millennials suffer from a condition known as Acute Financial Stress (AFS).  Study author Dr. Galen Buckwalter suggests that there is virtually no difference between

Procrastination or financial literacy?

Working Americans, by their own admission, struggle to save for retirement. Only 36 percent say they’re banking enough. Stanford economist Gopi Shah Goda, through her analyses of 401(k)s and other employer-sponsored retirement plans, has been unearthing roots of inertia in saving decisions and shining a light on what can be done about it. In a

2019-08-20T06:50:29-06:00Tags: |

Why employees are yearning for more financial wellness benefits

Financial wellness benefits may be more popular than employers and benefit advisers think. In fact, it’s not inconceivable that employees will come to expect financial wellness benefits the same way they’ve come to expect health insurance and retirement savings accounts, says Matt Bahl, vice president financial wellness strategies at Prudential. Increasingly, individuals need a broader

Measuring the Success of Financial Wellness Programs

While some employers are merely concerned with offering financial wellness programs at a reasonable price, others are intent on achieving a specific return on investment (ROI), according to Cerulli Associates. To help sponsors measure the success of their financial wellness programs, it is important to first determine what specific goals the sponsor has for the program. Next