Monday, December 23, 2024

Investors With a Plan Double Up On Retirement Wealth

2024-03-19  |  financial planning retirement 

... especially for tools involving retirement income."Plan sponsors can meet this need by providing digital services and financial wellness programs that address the impending needs of pre-retirees and families in retirement. These types of solutions are not only valued by participants but could also be a catalyst for driving better retirement outcomes.The insights from the report are based on T. Rowe Price's annual Retirement Savings and Spending study, which surveys a national representative group of 401(k) participants. The report with more details on the importance of financial planning f...

Improving Financial Literacy Supports Retirement Wellness and Confidence

2024-02-15  |  retirement financial wellness 

... ide deeper analysis into topics highlighted here–plus additional perspectives yet to be revealed. For more information and to view initial and future results, visit TheAmericanCollege.edu/RILS....

Half of Young Adults Don't Expect to Match Parents Finances

2023-06-01  |  demographics finances 

... elp younger workers by automating retirement plan contributions, offering plans with guaranteed lifetime income and by increasing access to financial wellness tools."The survey also showed some encouraging data:More than half (54%) expect or want to fully retire at a certain point, and more than one third (36%) say saving for retirement is one of their top three financial goals. Almost three in four young adults (72%) indicate they are saving in a retirement plan – either through their workplace (48%), one that they purchased on their own (13%), or both (11%)."The sooner young people start s...

Americans Facing a New Retirement Reality

2023-05-30  |  demographics retirement 

... nsurance and employer-sponsored retirement plans have made financial wellness more difficult.56% of millennials and 49% of Gen Xers say they feel less freedom than their parents did to change jobs, and make their financial situation better, because they can’t afford to lose their employer’s health insurance, compared to 34% of boomers.57% of millennials feel like they get less support from their employer for retirement savings than their parents did, compared to 47% of Gen Xers and 43% boomers.Boomers recognize the financial challenges of the younger generations, with seven in ten believin...

Money Top Source Of Stress For Women

2022-09-22  |  consumers demographics women 

... tress to a source of strength for women," said Ms. Krawcheck. "That's why Ellevest is providing a guide to improving your financial wellness and a package of actionable, customizable financial health workbooks to help guide our community toward stability and control. We will continue to update and publish the Ellevest Women's Financial Health Index, monitor women's relationship with money, and provide best-in-class resources in the months and years to come." Source: Ellevest...

Parents Have a Long Way to Go to Prepare Financially Self-sufficient Youth

2022-05-04 12:00:00  |  education finance 

... se survey results are concerning because, when youth are unprepared to meet the financial challenges of adulthood, it has negative effects on the economy and the financial wellness of the whole nation. Although every child is born into a unique family and financial situation, children face multiple influences that will have an impact on their finances later – including parents, peers, the environment, and commercial advertising. Since very few schools offer financial education, parental involvement is key to raising financially healthy young adults and teaching kids about money. Source: ...

American Consumers Still Don’t Feel Confident About Their Financial Health

2022-01-10 12:00:00  |  consumers economy 

... line in confidence, American consumers surveyed report feeling optimistic about their longer-term financial futures. According to the study’s key indicators of financial wellness, many are feeling hopeful and optimistic (40%) about their path towards optimizing their financial health. Americans are also prioritizing financial goals in 2022. When asked what their top new year’s resolution is, paying off personal debt (37%) and saving for retirement (36%) now surpass traditionally common goals like exercising more (33%) and losing weight (28%). “The fact that paying off debt is a hig...

Gen Z Has The Lowest Financial Literacy

2021-10-20 12:10:10  |  demographics 

... eracy nonetheless tends to remain low," said TIAA Institute Senior Economist Paul Yakoboski. "Furthermore, financial wellness across generations tends to be more compromised among those with lower levels of financial literacy." The economic uncertainty created by the COVID-19 pandemic has underscored the need for Americans to improve their personal financial knowledge, and 39% of survey respondents say they are now motivated to focus on their financial literacy. This feeling is more common among younger generations, with Gen Z, Gen Y and Gen X respondents reporting feeling the m...

Americans’ Priorities, Planning for Retirement are Out of Sync

2021-10-12 12:00:00  |  retirement 

... national online survey that took place between Aug. 9-11, 2021. The survey reached 1,258 U.S. adults. The results are weighted and are representative of all U.S. adults (18+). Source: Regions Bank...

Pandemic Spurred U.S. Workers to Reevaluate Life and Finances

2021-10-11 12:00:00  |  retirement 

... ing stressed, which can also impact job performance. Offering financial wellness resources can help — in fact, 86% of employees who use financial wellness tools say they see a positive impact as a result. Seeing a holistic view of their financial health, including spending, saving, debt and protection, can help them better plan for and achieve multiple financial goals. The importance of education Education and tools can help employees make sound financial decisions, and also drives their overall confidence and engagement. Savers who use employer-provided financial resources are more...

Financial Anxiety and Stress Common Even Before the Pandemic

2021-04-28 12:00:20  |  financial wellness pandemic 

... esources to help individuals cope with the anxiety and stress stemming from their financial situation. Personal finance experts—such as advisors, counselors and planners—should take heed of the harmful effects of financial anxiety and stress on their clients. Source: FINRA, GFLEC ...

Many Employers Are Concerned About Employee Retirement Readiness

2021-04-15 12:00:10  |  employment retirement 

... g employee savings rates or deferral percentages within the retirement plan (37%) and help employees start saving in the plan offered, if eligible (31%). Source: Principal...

COVID-19 Has Exacerbated Economic Inequality in the U.S.

2021-04-15 12:00:01  |  pandemic retirement 

... ging director and head of financial wellness advice and innovation at TIAA. "As we emerge from the crisis, stakeholders must work together to help improve financial wellness for all Americans by helping them create emergency funds and plan for a secure retirement." Those earning less than $50,000 per year are most uncertain about their financial futures Key findings from the survey also exposed the financial uncertainty among Americans who are making less than $50,000 per year. When restrictions are lifted, Americans across the board overwhelmingly want to make up for "lost time," but those ...

Say Goodbye To Money Management By And For Men

2021-04-14 12:01:00  |  demographics investing 

... lthier relationship with money. What if financial wellness became part of our everyday health routine, just like nutrition, sleep and exercise? Rich, Redefined: Old ideas of wealth feel out of touch in a world where natural resources are dwindling and inequality is rising. More ethical measures of financial success are disrupting the system. As money and values become increasingly interlinked, we'll see the rise of Islamic finance, ethical ROI, and built-in givebacks.What if credit card companies structured their rewards programs based on ethical spending? The more socially responsible the co...

Many Americans Still Lack Critical Financial Knowledge

2021-04-05 12:00:05  |  consumers 

... tions spanning eight functional areas: Earning: determinants of wages and take-home pay. Consuming: budgets and managing spending. Saving: factors that maximize accumulations. Investing: investment types, risk and return. Borrowing/managing debt: relationship between loan features and repayments. Insuring: types of coverage and how insurance works. Comprehending risk: understanding uncertain financial outcomes. Go-to information sources: recognizing appropriate sources and advice. Source: TIAA Institute...

Young Adults Low In Financial Literacy

2021-03-30 12:00:03  |  financial literacy 

... ring one's financial future. "This nationwide test demonstrates that many Americans lack the basic financial knowledge they need to make informed financial decisions. This knowledge gap can have consequences that extend into many other areas of their lives." - Vince Shorb, CEO, National Financial Educators Council The NFEC acknowledges that while testing represents an indicator of content knowledge, unlike other subjects typically taught in school, financial literacy requires more than just understanding content. Learners also must be able to modify their daily financial behaviors and posses...

Employers Overestimate Employees Financial Wellness

2021-02-23  |  financial wellness financial resilience 

... ees faced this six times or more in the same time period—or about once every other month. Three-quarters (75%) of employees surveyed feel concerned about their financial stability this year; 36% of salaried workers say they are very concerned. Nearly 60% of employees who say they are very concerned with their financial stability in 2021 are part of households that make over $75,000 a year. Financial stress negatively impacts employees' physical and mental health, affects job performance More than 75% of employees report that financial struggles negatively impact their physical heal...

Status Money Launches Virtual Coaching Starting at $3 per Month

2021-02-01 12:00:00  |  financial advice 

... hes an incentive to help people who aren’t wealthy – because their good review can help attract paying clients.” Status Money is planning to introduce a financial wellness offering for employers later this year – enabling them to cost-effectively provide employees with access to financial planning and coaching as a benefit. The new offering is part of a new wave of app-based financial advice offerings, with similar services offered by Albert Genius for a minimum fee of $4 per month, and Savology Plus, a soon-to-be-introduced service from Savology.com at an estimated fee of $8 per...

One-Third of American Workers Don’t Understand the Benefits They Selected During Open Enrollment

2021-01-29 09:30:30  |  benefits workplace 

... g younger workers, like millennials — is providing ongoing support and education to help employees understand how to maximize their new benefit selections to address their holistic financial wellness needs.” Voya’s latest survey reveals that the majority of working Americans are eager for education, guidance and support from their employers. Two-thirds of employees (66%) indicated they want their employer to help them better understand their employee benefits throughout the year — not just at open enrollment. Interestingly, this number jumps for younger workers with 78% of millennia...

eMoney Rolls Out Financial Planning App

2021-01-15  |  financial planning apps advice 

... a lack of understanding or financial education were their biggest barriers to achieving financial wellness, which underscores the need for a resource like Incentive to help individuals take control of their financial health and wellness. Source: eMoney...

Majority of Americans Prioritize Mental Health and Well-Being Over Material Possessions

2020-12-17 09:26:29  |  financial wellness retirement 

... the impact uncertainty might have on their future nest egg. As a result, a more significant amount (87%) believe having a guaranteed source of income in retirement is important or extremely important....