St. Louis Fed Financial Stress Index

New IBD/TIPP Poll Shows Economic Optimism Plummeted in October

Retrieved on: 
Tuesday, October 3, 2023
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The IBD/TIPP Economic Optimism Index , a leading national poll on consumer confidence, fell 16.0% in October.

Key Points: 
  • The IBD/TIPP Economic Optimism Index , a leading national poll on consumer confidence, fell 16.0% in October.
  • After climbing to a reading of 43.2 last month, the index plummeted to 36.3 this month.
  • The IBD/TIPP Economic Optimism Index has established a strong track record of foreshadowing the confidence indicators issued later each month by the University of Michigan and The Conference Board.
  • We’re clearly not out of the woods when it comes to the economy.”
    The flagship IBD/TIPP Economic Optimism Index has three key components.

BrightPlan Introduces Technology Partnership with UKG

Retrieved on: 
Tuesday, October 3, 2023
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SAN JOSE, Calif., Oct. 3, 2023 /PRNewswire/ -- BrightPlan, a leader in Total Financial Wellness, today introduced a new technology partnership with UKG, a leading global provider of HR, payroll, and workforce management solutions for all people. With more than 350 technology and services partners, UKG provides one of the largest and most collaborative partner ecosystems in the HCM industry focused on creating better employee experiences and improving business outcomes.

Key Points: 
  • BrightPlan introduced a new technology partnership with UKG, making financial well-being attainable for more people.
  • As the first holistic financial wellness provider to integrate with UKG, BrightPlan empowers organizations that utilize both UKG Pro and BrightPlan to elevate their workforce's financial wellness and overall well-being.
  • With this integration, companies can establish a reliable and predictable schedule for receiving employee data from UKG into the BrightPlan platform.
  • For more information about BrightPlan and its partnership with UKG, visit brightplan.com or stop by BrightPlan's booth #1412 at the HR Technology Conference, October 10-13 2023.

SFA Partners Congratulates Lewis J. (Lew) Walker on Financial Planning Association Honor

Retrieved on: 
Monday, October 2, 2023
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ATLANTA, Oct. 2, 2023 /PRNewswire/ -- SFA Partners (SFAP) – a family of companies focused exclusively on empowering independent financial advisors – today congratulates Lewis (Lew) J. Walker, founding SFA shareholder and current Board member, for being honored as a pioneer of the financial planning profession by the Financial Planning Association (FPA) at its recently concluded annual conference, which was held last week in Phoenix.

Key Points: 
  • In 2011, FPA named him the P. Kemp Fain, Jr., Award winner, the highest recognition in financial planning.
  • "I congratulate Lewis on this well-deserved honor from the Financial Planning Association," said SFA Holdings President and CEO, Clive Slovin.
  • In 1976, Lewis founded an independent financial planning firm, the forerunner to creating Walker Capital Management in 1987.
  • Walker concluded, "Informed and comprehensive financial planning can alleviate much of the financial stress plaguing individuals, families and business owners.

MAKE LOVE, NOT CAKE - CAKE-LOVING BRITS BAN PARTNERS FROM HOME BAKING, SAYS SURVEY FROM THE DELICIOUS DESSERT COMPANY

Retrieved on: 
Monday, October 2, 2023
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For young parents (aged 25-34), a cake was something to enjoy as a private moment of indulgence when they were away from the kids.

Key Points: 
  • For young parents (aged 25-34), a cake was something to enjoy as a private moment of indulgence when they were away from the kids.
  • Furthermore, 78% of Brits find joy in cake amid financial stress, with 39% citing cream cakes as a stress-reliever.
  • The fluffy madeira cake (28%), and patriotic Victoria sponge (23%) topped the boring list – followed by fruit cake (23%), carrot cake (20%) and scones (20%).
  • That's why at The Delicious Dessert Company we have taken the hassle away from the kitchen and made it easy for people to enjoy luscious desserts from their local supermarket.

Bonds at a premium: the impact of insurers on corporate bond issuers

Retrieved on: 
Friday, September 29, 2023
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Key Points: 

Nearly Half of U.S. Consumers Report Their Financial Livelihood Fluctuates Seasonally

Retrieved on: 
Wednesday, September 27, 2023
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SAN FRANCISCO, Sept. 27, 2023 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America's leading digital marketplace bank, today released key findings from the 26th edition of the Reality Check: Paycheck-To-Paycheck research series, conducted in partnership with PYMNTS Intelligence. The Seasonal Financial Distress Deep Dive Edition examines the impact of seasonal spending on consumers' ability to manage expenses and put aside savings. This edition draws on insights from a survey of 4,218 U.S. consumers conducted from Aug. 2 to Aug. 15, supplemented by analysis of other economic data.

Key Points: 
  • "The data underscores the pervasive nature of financial challenges affecting a majority of consumers," said Alia Dudum, LendingClub's Money Expert.
  • However, the problem is that there is more month at the end of the money, and seasonality is affecting consumers' financial distress."
  • Nearly half of all consumers say their financial standing fluctuates seasonally.
  • While nearly half of consumers report cutting back on nonessential expenditures to deal with seasonal financial challenges, the most frequently cited coping strategy across all financial lifestyles is using credit.

Upcoming Student Loan Repayments Likely to Test Many Retirement Dreams

Retrieved on: 
Tuesday, September 26, 2023
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“Many Americans are likely to feel increased pressure on their personal budgets once student loan payments resume,” said Terri Fiedler , President of Retirement Services at Corebridge Financial.

Key Points: 
  • “Many Americans are likely to feel increased pressure on their personal budgets once student loan payments resume,” said Terri Fiedler , President of Retirement Services at Corebridge Financial.
  • “Even with the new financial stress, borrowers can still take action to save for retirement and a financial professional can help.
  • Women (5%) were also three times less likely compared to men (16%) to have put their disposable income from paused payments toward retirement, only compounding the situation.
  • Results from the full survey have a margin of error of +/- 2 percentage points and were weighted to approximate Americans ages 18+ with student loan debt.

BofA Survey Finds Many American Workers Optimistic About Their Financial Future, Though Feeling the Strain of Inflation

Retrieved on: 
Tuesday, September 26, 2023
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CHARLOTTE, N.C., Sept. 26, 2023 /PRNewswire/ -- Bank of America today announced findings from its 13th annual Workplace Benefits Report, "The Transforming Workplace" (PDF) The report revealed that two-thirds (67%) of employees believe the cost of living is outpacing growth in their salary or wages, compared to 58% in February 2022. Over the last year, the impact of inflation and economic uncertainty has contributed to increased financial stress and to financial wellness among employees dropping to 42%, the lowest rate since this research began in 2010. Despite which, more than half (56%) of employees remain cautiously optimistic about their financial well-being over the next 2 to 3 years.

Key Points: 
  • Despite which, more than half (56%) of employees remain cautiously optimistic about their financial well-being over the next 2 to 3 years.
  • First launched in 2011, the annual Workplace Benefits Report examines trends related to workplace financial benefits and wellness programs.
  • Bank of America is a marketing name for the Retirement Services business of Bank of America Corporation ("BofA Corp.").
  • Banking activities may be performed by wholly owned banking affiliates of BofA Corp., including Bank of America, N.A., Member FDIC.

EarnUp Celebrates Ten Year Anniversary Amid Increased Demand For Financial Wellness FinTech That Enables Debt & Mortgage Payment Automation

Retrieved on: 
Thursday, September 21, 2023
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EarnUp, Inc. , a financial wellness fintech company, proudly celebrates ten years in business after tremendous growth and demand as more companies and financial institutions prioritize financial wellness.

Key Points: 
  • EarnUp, Inc. , a financial wellness fintech company, proudly celebrates ten years in business after tremendous growth and demand as more companies and financial institutions prioritize financial wellness.
  • The company was featured on HousingWire’s Tech100 for the first time this year, which recognizes companies and solutions revolutionizing the mortgage industry.
  • EarnUp was also named a 2023 Innovations Award winner from PROGRESS in Lending, and ranked on The Financial Technology Report’s 2023 Power 300 list .
  • According to Sheila G., an EarnUp customer from June 2023 , “EarnUp has been such a benefit to us.

Alight Study Reveals Employee Wellbeing Has Plateaued and Trust in Employer Efforts Has Eroded

Retrieved on: 
Tuesday, September 19, 2023
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In addition, employees have lost trust in their employers' wellbeing efforts, according to findings from the 2023 Alight International Workforce and Wellbeing Mindset Study .

Key Points: 
  • In addition, employees have lost trust in their employers' wellbeing efforts, according to findings from the 2023 Alight International Workforce and Wellbeing Mindset Study .
  • The study reveals employee wellbeing has remained relatively stagnant over the past year, with only half (51%) of the workforce reporting positive feelings across their mental, physical and financial wellbeing in 2023, compared to 53% of employees in 2022.
  • Notably, less than half of employees (41%) believe their employer cares about their wellbeing — a six-percentage point decline year-over-year— and just 56% of employees say they feel in control of their wellbeing.
  • “Maximizing the effectiveness of wellbeing programs requires that organizations consider critical moments that impact employees' mental, physical and financial health,” said Alison Borland, chief wellbeing officer, Alight.