Copyright © 2022 ALM Global, LLC. All Rights Reserved.
There are not many of us who don’t have to deal with debt in some form or another. There are such things as good debt and bad debt but Americans are feeling the pinch of a volatile economy in the midst of inflationary numbers not seen in two generations.
But heading into 2022, Americans actually saw their average debt, excluding mortgages, decline for the past three years to $22,354. “While the past three years paint a clear picture of declining debt levels in America, economic conditions have changed measurably since the start of this year,” says Rob Hayworth, Partner/Private Wealth Advisor with Summit Financial Group, Northwestern Mutual Private Client Group in Fort Wayne, Indiana. “Inflation is rising at the fastest pace in decades, which has created the need for many Americans to dig into their savings and/or take on more debt in recent months.”
“That said, we were highly encouraged to see that many people have been chipping away at their debt for the last several years and are optimistic that, despite the challenges people are facing in the short term, they will continue to remain committed to paying down debt in the long run,” he added.
Building Inflation-Proof Benefits Packages
10 highest-paying HR jobs
Digitize and Modernize Insurance Quoting with Comparative Rater Integration
Health care costs increasing at slower rate for employer-sponsored plans, says survey
How employers can address quiet quitting: Fix the performance review
Michael Popke |
This latest notice, which gives employers until the end of 2025 to make most changes to their 401(k)s, impacts provisions of CARES and Relief Acts that were not addressed by previous deadline extensions.
Ron Gura |
As employers rethink their relationships with their employees, companies’ bereavement support is long overdue for an overhaul.
Erik Sherman |
Many workers saw the ability to work from home 2-3 days a week as worth 5% of pay, with higher valuations for women, people with children and those with longer commutes.
Report
Sponsored by Edelman Financial Engines
How Financial Uncertainty Has Evolved Throughout the Pandemic & How Employers Can Help
This report reveals that households across the country are still grappling with the financial ramifications of COVID-19, and women are among the hardest hit. And, while alarmingly few employees seek out financial advice, those who do fared better during the pandemic and are more confident in their ability to reach their financial goals. Download this report and see new emerging trends and learn how to take a more proactive role in your employees’ financial wellness.
Browse More Resources ›
White Paper
Sponsored by Crossover Health
A Measurement-Based Response to the Mental Health Crisis
Employers managing through the epidemic of mental health issues faced by their employees are actively seeking solutions that can provide access while also demonstrating health improvement at scale. Download this white paper and learn how you can help your clients achieve these urgent objectives.
Browse More Resources ›
Guide
Sponsored by Progyny
How to Support Your Employees: A Guide to the Mental Health Impact of Infertility for HR & People Leaders
While fertility coverage by employers continues to progress, the mental health support for individuals with this disease is still often overlooked. This guide will help HR leaders better understand how infertility affects the mental health of their workforce and how they can effectively support employees who may be impacted.
Browse More Resources ›
Copyright © 2022 ALM Global, LLC. All Rights Reserved.
About Author
