Tag

Financial Well Being

All articles tagged with #financial well being

finance1 year ago•3 min saved

"Parents with Young Kids Face Financial Strain Amid Rising Inflation"

A Federal Reserve survey reveals a significant decline in financial well-being among parents with young children, dropping from 69% in 2022 to 64% in 2023, the lowest since 2015. The expiration of pandemic-era financial supports, such as the expanded child tax credit and increased funding for child care centers, has contributed to this decline. Rising child care costs and inflation are major concerns, with fewer parents able to handle emergency expenses and more experiencing food insufficiency. Overall, financial well-being for most Americans slightly worsened in 2023.

via Yahoo Finance|

#child-care #federal-reserve #finance

finance1 year ago•3 min saved

"Parents Struggle Financially in 2023 Amid Rising Inflation and Child Care Costs"

A Federal Reserve survey reveals a significant decline in financial well-being among parents with young children, dropping from 69% in 2022 to 64% in 2023, the lowest since 2015. The expiration of the expanded child tax credit and reduced support for child care centers are major factors, leading to increased financial strain, food hardship, and poverty. Inflation remains a top concern, with 35% of respondents citing it as a major issue. Despite President Biden's efforts to address inflation, more voters trust Donald Trump to handle the issue.

via NBC News|

#child-care-costs #child-tax-credit #finance

personal-finance2 years ago•0 min saved

"Understanding the Link Between Financial Stress and Mental Health"

The Washington Post is hosting a live chat with personal finance columnist Michelle Singletary and clinical psychologist Traci S. Williams to discuss the connection between mental health and financial well-being, offering an opportunity for individuals to gain insight into how their personal backstory may influence their spending and saving habits. Williams, a certified financial therapist, aims to help families improve their emotional, mental, and financial health through understanding this connection.

via The Washington Post|

#financial-well-being #live-chat #mental-health

psychology2 years ago•3 min saved

The Downside of Optimism: Impaired Decision-Making and Cognitive Skills

Excessive optimism, although often celebrated, can lead to poor decision-making, especially in financial matters. A study from the University of Bath reveals that individuals with lower cognitive ability tend to exhibit unrealistic optimism, while those with higher cognitive ability are more realistic and pessimistic in their future expectations. This optimistic bias can result in risky financial behaviors, inadequate savings, and poor choices, particularly in situations involving uncertainty. Unrealistic financial expectations driven by excessive optimism can lead to high consumption, debt, and business failures. It is important to balance optimism with realism in important decision-making processes.

via Neuroscience News|

#cognitive-skills #decision-making #financial-well-being

finance2 years ago•5 min saved

"Microsoft, Uber, and Dell back plan for stock market portfolios for every American child"

Tech investor Brad Gerstner is working with lawmakers to promote a legislative program called Invest America, which aims to create a government-funded investment account seeded with $1,000 for each child born in the U.S. Gerstner is also encouraging corporate America to offer matching funds to help employees further their savings. Companies like Zillow, Dell, and Uber have shown positive responses to the proposal. The program could benefit companies by offering competitive benefits and attracting and retaining talent. It could also provide tax incentives and create a brand bump for participating companies. However, critics argue that there are already existing ways for parents to invest on behalf of their children and that not all employees may be able to take advantage of the program. The implementation of the investment account system may take years, but efforts are underway to make it a reality.

via CNBC|

#corporate-america #employee-benefits #finance

mental-health2 years ago•3 min saved

The Power of Self-Compassion: Overcoming Procrastination, Saving Money, and Achieving Success

Self-compassion has been found to have numerous positive effects on mental health and various aspects of life. Studies have shown that practicing self-compassion can help reduce procrastination, increase work performance, and lead to greater resilience and well-being. It can also have a positive impact on financial well-being by reducing impulse buying and materialism. Cultivating self-compassion involves techniques such as noticing negative self-talk, speaking to oneself as a friend, and practicing gratitude. Overall, self-compassion is a powerful tool that can bring about desirable outcomes, including success, confidence, and improved financial outcomes.

via Inc.|

#financial-well-being #mental-health #procrastination

personal-finance2 years ago•7 min saved

"Protecting Your Finances Amid Looming Debt Default"

As concerns grow over a potential U.S. debt default, experts recommend protecting your financial well-being by diversifying investments, including allocating funds to bonds and reviewing your 401(k) plan. It is also advised to have an emergency fund and avoid taking on unnecessary debt.

via CNN|

#401k #bonds #debt-default

economy2 years ago•2 min saved

"Financial Instability: 40% of Americans Unable to Cover $400 Emergency Expense, Fed Survey Finds"

The Federal Reserve's 2022 Economic Well-Being of U.S. Households survey shows that 37% of Americans lack enough money to cover a $400 emergency expense, up from 32% in 2021. Additionally, 18% of Americans said the largest expense they could cover using only their savings was under $100. The survey found that self-reported financial well-being was among the lowest levels observed since 2016, and higher prices have negatively affected most households. Despite a low unemployment rate, most Americans are struggling to keep up with inflation, and many are avoiding big-ticket discretionary purchases. The financial burden of high borrowing costs and rising prices is rearing its head in spending this year as well.

via Fortune|

#economy #emergency-expenses #federal-reserve

economy2 years ago•2 min saved

Fed survey reveals inflation's damaging impact on US household finances.

The Federal Reserve's 2022 Survey of Household Economics and Decision Making (SHED) report found that historically high inflation had a significant impact on Americans' finances last year, with rising prices outpacing wage gains and reducing household budgets. The share of US adults who reported being worse off financially than a year earlier rose to 35%, the highest level in nearly a decade. The report also found that financial well-being declined markedly, with 73% of respondents saying they were doing at least OK financially, a drop of five points from the year prior. Additionally, anxiety about being able to afford retirement increased, with only 31% of non-retirees reporting that their retirement savings plans were on track last fall.

via Fox Business|

#economy #federal-reserve #financial-well-being

economy2 years ago•2 min saved

The Impact of Inflation on U.S. Household Financial Well-Being.

The Federal Reserve Board's Economic Well-Being of U.S. Households in 2022 report shows that higher prices have negatively affected most households and overall financial well-being declined over the prior year, though workers continued to benefit from a strong labor market. The report draws from the Board's tenth annual Survey of Household Economics and Decisionmaking, or SHED, which was conducted in October of last year. The report discusses findings related to financial well-being, income, expenses, employment, banking and credit, housing, retirement and investments, and higher education and student loans.

via Federal Reserve|

#economy #federal-reserve #financial-well-being