As the new year approaches, money worries remain top of mind for many Americans. actual, Research by Ally Financial Recently, we found that 45 percent of Americans are worried about their personal finances.
This is due to a number of factors, many of which are economic related, such as changes in interest rates, cost of living, and rising prices. Other data in the survey points to the fact that Americans are most concerned about their financial future. These include not having enough money to retire (68%), maintaining living expenses (56%) and managing debt levels (45%). percent).
While people may have kept quiet about their money worries in the past, things are changing. Now, 72% say money is no longer a taboo subject. This is welcome, as it paves the way for open conversations about finances.
5 jobs to be discovered this week
- National Brain Tumor Association, Associate Director of Public Policy and Advocacy, Washington ($70,000 – $80,000)
- Vice President, Government Relations and Policy Development, National Association of Independent Colleges and Universities, Washington, DC
- Leadership Council on Civil and Human Rights, Washington Chief of Staff
- Director of Strategic Communications, Washington Metropolitan Library Council
- Communications and Media Relations Coordinator, Common Ground Alliance, Alexandria
This willingness to talk goes hand in hand with the fact that people are increasingly seeking emotional support when it comes to managing their finances. Perhaps unsurprisingly, Gen Z is most likely to do this at 55%. 42 percent of Millennials ask for help, 33 percent of Gen Xers and 22 percent of Boomers ask for help.
Preparing for retirement
occupies more than one-third of the United States essential workforce Of the population over 50, almost 15% are over 60. This is a huge number of people, especially those who tend to have financial concerns. new Retirement preparation report According to a survey by Betterment at Work, 62% of workers say they feel moderate to severe anxiety due to financial reasons.
Their top financial concerns are inflation and rising costs of living (62%), credit card debt (34%), housing costs (31%), and medical costs and debt (25%). Only 20% of respondents said they felt “very financially stable.”
Concerns about job losses and labor market instability have led Americans to shore up foreign exchange reserves. This year's report found that 63% of respondents have an emergency fund, up from 52% in 2023.
For the 37 percent of respondents who don't currently have an emergency fund, the main reason for 86 percent is simply not having the money. Additionally, 47% of people with an emergency fund used it in the past 12 months to cover an unexpected expense.
Perhaps more concerning is the change in behavioral trends when it comes to meeting emergency expenses. Currently, 54% say they use their retirement accounts for emergency expenses.
Mindy Yu, investment director at Betterment at Work, said, “While 63% of respondents said they had emergency savings, 54% of respondents said they had no emergency savings in place. “It's concerning that people are using their retirement accounts.”
“This indicates that workers' current emergency savings may not be sufficient, or they may not be aware of the consequences of early retirement account withdrawals. Strong Financial Security It is always recommended to have at least 6 months worth of expenses saved up to ensure you have a net.
“While it may not be possible for everyone, saving as much as you can, even if it's just a small amount from each paycheck, is a great way to save for retirement, which can delay your retirement.” Important to reduce the need for high fees.
5 more roles to consider this week
- Norfolk, Marriott Finance Director
- General Dentist – Longview, WA, Cascade Dental Care, Longview
- Supervisor – Blood Bank, Memorial Sloan Kettering Cancer Center, New York
- AVMA, Director of Federal Government Relations, Washington State
- Director of Nutrition Services, Encompass Health, Lee County, VA
Worrying about money can cause a lot of stress. It can also affect your relationships, leading to sleepless nights and difficulty concentrating on work.
More than half of respondents to the Retirement Readiness Report said financial worries have made it difficult to focus on work and perform at their best this year. Nearly one in five respondents said financial insecurity affects their ability to work “all the time.”
It's no wonder, then, that many Americans are looking to their employers for help. one Survey results found Nearly three-quarters of people say they would accept a job that pays a little less if it offered better health coverage, such as lower premiums and co-pays.
The survey also found that 51% say medical costs have a severe or significant impact on their ability to save for retirement.
What can you do with it? There are several routes you can choose to make more money as an employee. First, look for a new role. When negotiating salary for a new job, you're more likely to not only secure more money, but also get better overall compensation.
The second thing you can do is discuss this in a review meeting or ask your boss for a meeting to discuss compensation. While your take-home pay may not increase significantly, asking for more employer 401(k) contributions and health insurance can have a big impact on your disposable income.
Whether you're looking for a fully remote job or one with more flexibility in terms of location, you can browse thousands of job openings on The Hill Job Board.
