The economic impact of Covid-19 amplified the crisis situation facing many working families. Pre-Covid-19, 78% of the population lived paycheck-to-paycheck and 69% of Americans didn’t have $1,000 to cover an unexpected expense. These staggering statistics indicate that the financial fragility of our country is both pervasive and widespread. Living paycheck-to-paycheck means that the people in…
A common assumption today is that salaried employees are generally financially secure. They have a job, likely a 401(k) plan that they contribute to, a budget for maintaining their finances, and more. However, what many people fail to realize is that a lack of savings for unexpected expenses is the primary cause of financial insecurity…
“Business leaders should be thinking more about their employees’ financial wellbeing, says Marion Mathes, co-founder and CEO of Florida-based financial wellness company CreditWorks.” Read the complete article here.
“According to PwC, today’s employees are unprepared for an extended economic downturn or recession, with more than one-third of full-time employed millennials, Gen Xers, and baby boomers having less than $1,000 saved to deal with unexpected expenses. CreditWorks CEO and Founder Marion Mathes shared her thoughts with BenefitsPRO on why financial wellness programs are essential…
“Banks are tightening up their loan approval processes amidst the current economic crisis. CEO and Founder Marion Mathes shared a few thoughts with Match Financial about what to do when you’re turned down for a personal loan.” Read the complete article here.
The Case for Employers to Invest in Employee Financial Health. In a new survey of 1,000 full-time employees of mid-sized and large U.S. firms, the Financial Health Network finds widespread evidence of financial fragility. This financial stress has spillover effects on employee productivity. Employers have an opportunity to reduce employee stress, improve retention and engagement,…
More than 39 million American adults incurred at least one fee for overdrawing their bank account or having insufficient funds in the past 12 months, according to an analysis of survey data by The Pew Charitable Trusts. Most of these consumers, known as overdrafters, view bank overdraft programs as a way to ensure that payments…
Payday loans are unsecured short-term small dollar loans that, in general, are very expensive. They are usually repaid on the borrower’s next payday, and are more expensive than loans from banks, credit unions, and other traditional financial institutions. Click here to download the full PDF report.
The economy may be growing and the stock market may be on a tear, but for many workers such broad measures of financial gains aren’t translating to their wallets and sense of financial security. This year, only about a third of U.S. employees, or 35%, reported feeling satisfied with their financial situation, a drop from…
Fed survey reports that 44% of Americans don’t have $400 for a major emergency, and the median out-of-pocket cost for an unexpected, major medical expense was $1,000. Read the full article here.