St. Louis Fed Financial Stress Index

Achieve study finds higher incomes obscure the financial strain on households struggling with debt

Retrieved on:

Monday, October 30, 2023

Motivation, St. Louis Fed Financial Stress Index, Great, SAN, Credit score, Credit, Bank

SAN MATEO, Calif., Oct. 30, 2023 /PRNewswire/ -- Despite a significant rise in household incomes, consumers struggling with debt are often in worse shape and further behind financially now than those who were dealing with these issues during the pandemic, according to a new study by Achieve, the leader in digital personal finance.

Key Points:

To examine how the profile of consumers who are struggling with debt has evolved since the pandemic, Achieve analyzed consumers who sought help with their finances by enrolling in debt resolution in 2020 and 2023.
The study found that while median household incomes are higher, these consumers also have lower credit scores, higher credit card utilization rates and tend to be younger.
Income — The Great Resignation phenomenon that emerged during the early recovery from the pandemic resulted in higher wages for many Americans, and debt resolution members are no exception.
While the typical debt resolution member is still within the "Fair" range of credit scores, this shift is indicative of the heightened strain consumers are facing.

Gryt Health and Iryss Come Together to Empower and Improve the Lives of Patients and their Care Partners

Retrieved on:

Monday, October 30, 2023

Knowledge, St. Louis Fed Financial Stress Index, Survivor, Health, Heart, Conference, Organization, Entrepreneurship, Edwards Lifesciences, Medicine, Partnership, GVCC, Cancer, Patient, Pharmaceutical industry, Nursing

ROCHESTER, N.Y., Oct. 30, 2023 /PRNewswire-PRWeb/ -- Gryt Health and Iryss are dedicated to transforming the lives of patients and care partners. This partnership represents the intersection of empathy-driven support and cutting-edge technology to holistically enhance the financial journey of patients, survivors, and care partners.

Key Points:

ROCHESTER, N.Y., Oct. 30, 2023 /PRNewswire-PRWeb/ -- Gryt Health and Iryss are dedicated to transforming the lives of patients and care partners.
This partnership represents the intersection of empathy-driven support and cutting-edge technology to holistically enhance the financial journey of patients, survivors, and care partners.
Through working together, the quilt of support for patients and care partners, the heart of each company's mission, grows.
David Craig, Chief Executive Officer of Gryt Health, on the company's mission, "Gryt is a healthcare company that was started by patients and care partners, for patients and care partners.

Women Small Business Owners Take Fewer Risks, Have Investment Confidence Gaps

Retrieved on:

Thursday, October 26, 2023

Men SMB owners are also much more likely to take risks with their money compared to women.

Key Points:

Men SMB owners are also much more likely to take risks with their money compared to women.
In the event of an economic downturn, nearly half (49%) of women SMB owners would hold tight, but only a third of men (36%) said they would do the same.
Moreover, men SMB owners are much more likely to double down on their investments than women (25% vs. 9%).
It’s important for small and midsized business leaders to find peers and trusted professionals who can help them navigate the road ahead.

ONEUNITED BANK INTRODUCES WISEONE INSIGHTS, A REVOLUTIONARY AI-DRIVEN FINANCIAL WELLNESS COMPANION

Retrieved on:

Thursday, October 26, 2023

Intelligence, St. Louis Fed Financial Stress Index, Black, History, OneUnited Bank, Multimedia, Community development, Black-owned businesses, CDFI, Community development financial institution, Cryptocurrency

BOSTON, Oct. 26, 2023 /PRNewswire/ -- OneUnited Bank, the nation's largest Black-owned bank, unveils WiseOne® Insights, a revolutionary financial wellness companion. This groundbreaking AI-driven tool is designed to guide, inform, and protect individuals by leveraging financial literacy. WiseOne Insights aims to improve financial wellness across the nation, while striving to close the racial wealth gap.

Key Points:

BOSTON, Oct. 26, 2023 /PRNewswire/ -- OneUnited Bank, the nation's largest Black-owned bank, unveils WiseOne® Insights, a revolutionary financial wellness companion.
WiseOne Insights aims to improve financial wellness across the nation, while striving to close the racial wealth gap.
As a financial wellness companion, it literally allows individuals to make better financial decisions thus directly addressing the critical need for improved financial literacy in our society."
OneUnited Bank ( www.oneunited.com ) is the largest Black-owned bank in America, the first Black digital bank, a Minority Depository Institution, and a Community Development Financial Institution (CDFI).

Ninety-One Percent of Young Adults With Student Loans Say Financial Stress is Impacting Their Wellness -- Abbott Launches Blueprint of Award-Winning Program to Help Companies Tackle This Problem

Retrieved on:

Thursday, October 26, 2023

St. Louis Fed Financial Stress Index, Chemical engineering, Education, NYSE, IRS, Freedom, Head, News, Human resources, Higher education financing issues in the United States, Retirement, Nursing, Bank, Health insurance, Management, Pension fund

In 2018 Abbott tackled the student debt crisis head-on with its first-of-its-kind, award-winning Freedom 2 Save program that helps employees pay off their student loans while also saving for the future.

Key Points:

In 2018 Abbott tackled the student debt crisis head-on with its first-of-its-kind, award-winning Freedom 2 Save program that helps employees pay off their student loans while also saving for the future.
The blueprint guides employers through the process of developing and implementing a benefit like Freedom 2 Save.
"The good news is that employers can help relieve some of this burden with a program like Freedom 2 Save.
In fact, 94% of young adults with student debt expressed interest in an employer-provided 401(k) contribution as they pay off their school loans.

Financial Wellness Benefits Market to Reach $7.0 billion, Globally, by 2032 at 13.8% CAGR: Allied Market Research

Retrieved on:

Thursday, October 26, 2023

Trust, Growth, St. Louis Fed Financial Stress Index, Luigi, Organization, COVID-19, Retirement, Video game, Online shopping

WILMINGTON, Del., Oct. 25, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Financial Wellness Benefits Market by Program (Financial Planning, Financial Education and Counselling, Retirement Planning, Debt Management, and Others), Platform (One-On-One, Online, And Group), and End User (Large Businesses and Small & Medium-Sized Businesses): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global Financial Wellness Benefits industry generated $2 billion in 2022 and is anticipated to generate $7 billion by 2032, witnessing a CAGR of 13.8% from 2023 to 2032.

Key Points:

The economic uncertainty and financial hardships caused by the pandemic led to a heightened demand for financial wellness programs.
Many employees faced job losses, reduced income, and increased financial stress, making financial wellness benefits more important than ever.
The trend towards self-directed learning and the availability of mobile apps further contribute to the growth of online financial wellness benefits.
They are increasingly offering a wide range of financial wellness benefits as part of their employee benefits packages.

Financial Wellness Benefits Market to Reach $7.0 billion, Globally, by 2032 at 13.8% CAGR: Allied Market Research

Retrieved on:

Thursday, October 26, 2023

Trust, Growth, St. Louis Fed Financial Stress Index, Luigi, Organization, COVID-19, Retirement, Video game, Online shopping

WILMINGTON, Del., Oct. 25, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Financial Wellness Benefits Market by Program (Financial Planning, Financial Education and Counselling, Retirement Planning, Debt Management, and Others), Platform (One-On-One, Online, And Group), and End User (Large Businesses and Small & Medium-Sized Businesses): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global Financial Wellness Benefits industry generated $2 billion in 2022 and is anticipated to generate $7 billion by 2032, witnessing a CAGR of 13.8% from 2023 to 2032.

Key Points:

The economic uncertainty and financial hardships caused by the pandemic led to a heightened demand for financial wellness programs.
Many employees faced job losses, reduced income, and increased financial stress, making financial wellness benefits more important than ever.
The trend towards self-directed learning and the availability of mobile apps further contribute to the growth of online financial wellness benefits.
They are increasingly offering a wide range of financial wellness benefits as part of their employee benefits packages.

Utah First Credit Union Named Top Workplace by The Salt Lake Tribune for 2023

Retrieved on:

Wednesday, October 25, 2023

Banking, Professional Services, Human Resources, Finance, St. Louis Fed Financial Stress Index, The Salt Lake Tribune, Workplace, Organization, Credit union, Vice president, Corporate development, Communication, Management

Utah First Credit Union, a leading financial institution serving the Utah community, is proud to announce that it has been named a Top Workplace by The Salt Lake Tribune for 2023.

Key Points:

Utah First Credit Union, a leading financial institution serving the Utah community, is proud to announce that it has been named a Top Workplace by The Salt Lake Tribune for 2023.
The Top Workplaces Award is an annual recognition program conducted by The Salt Lake Tribune for the past ten years that celebrates organizations that excel in employee satisfaction and engagement.
The Salt Lake Tribune will officially announce the Top Workplaces winners on October 25th at the Annual Awards Ceremony in Downtown Salt Lake City to further recognize Utah First Credit Union's outstanding achievement.
Utah First Credit Union is a not-for-profit, member-owned financial institution dedicated to providing top-quality financial services and resources to its members and community.

Nearly Half of BNPL Consumers Prefer Pay-in-4 Over Credit Cards as They Look for More Choice at Checkout

Retrieved on:

Wednesday, October 25, 2023

Additionally, the report reveals that two in five American consumers use BNPL services, with Afterpay being the most trusted BNPL offering among those who had tried it.

Key Points:

Additionally, the report reveals that two in five American consumers use BNPL services, with Afterpay being the most trusted BNPL offering among those who had tried it.
A majority of the BNPL customers surveyed believe that it helps provide an alternative to paying high-interest credit card debt (70%).
Customers who use Afterpay valued its BNPL services more, over three times higher than other BNPL providers in the survey.
The low cost and convenience of BNPL services over credit cards is especially favored by Afterpay customers.

New Research Reveals Over Two-Thirds of Adults Have Experienced Financial Trauma

Retrieved on:

Wednesday, October 25, 2023

A staggering 68% of U.S. adults feel they have suffered from, or are currently suffering from, financial trauma according to new research released today by Experian®.

Key Points:

A staggering 68% of U.S. adults feel they have suffered from, or are currently suffering from, financial trauma according to new research released today by Experian®.
A concerning 37% of adults are unaware of where to access trustworthy information about financial literacy.
“Our goal is to normalize conversations about money and financial stress and connect consumers with the financial education and resources necessary to help bring financial power to all.”
Experian’s research underscores adults’ eagerness to improve their financial well-being.
For more information on Experian’s financial trauma research, visit: https://www.experian.com/blogs/news/2023/10/20/breaking-the-chains-of-fi...
1 Credit score is calculated based on FICO Score 8 model, unless otherwise noted.