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UK PM Rishi Sunak Cites Growing Up Without Sky TV As Example Of Hardship

Rishi Sunak’s family’s net worth is estimated to be just over £650 million. (File) London: British Chancellor Rishi Sunak, whose family is estimated to be richer than King Charles, was asked if he understood the hardships of ordinary people and said he didn’t have “a lot of things” as a child, including Sky TV. The […]

401(k) ‘hardship’ withdrawals surge to another record as high inflation stings

“Morning with Maria” panelists react to February Consumer Price Index data. Record numbers of Americans are urgently withdrawing money 401(k) retirement plan New data from Vanguard Group shows this is to cover fiscal woes amid the ongoing inflation crisis. Nearly 3.6% of workers participating in employer-sponsored 401(k) plans made so-called “hardship” withdrawals in 2023, according […]

Student loan borrowers facing financial hardship may qualify for Biden’s new round of debt relief

Borrowers with large medical debts, childcare costs, and other financial burdens are eligible for relief. (iStock) Recent Biden-Harris Administration Announcing another proposal We help borrowers deal with high-cost student loans. This round of student debt relief is intended to help students facing severe financial hardship. The proposal would provide automatic relief to borrowers deemed likely […]

House Of Lords Faces Criticism Over Rs 1 Crore Champagne Spending Amid Economic Hardship

1,589 bottles of champagne were purchased at approximately £56 each. The House of Lords spent around £90,000 (Rs 9,466,293) on champagne last year, purchasing 1,589 bottles for events and gift shops.according to guardianFigures released after a Freedom of Information request revealed that 1,589 bottles of champagne were bought over the year for a total of […]

401(k) balances shrank in latest quarter on ‘hardship withdrawals’

The average 401(k) balance for Americans fell 4% in the latest fiscal quarter as consumers continued to be hit by inflation and “hardship withdrawals” increased, according to a new study. Fidelity Investment Found A typical 401(k) fell from $112,400 in the second quarter to $107,700 in the most recent three months ended Sept. 30, a […]

Second-Hand Clothing Gains Popularity in Argentina Amidst Economic Hardship

Many people now shop at second-hand stores. In October, Argentina recorded its highest annual inflation rate in more than 30 years, reaching 143%. This surge in inflation has created widespread hardship for Argentines as people grapple with the challenge of meeting their basic needs. The rising cost of living is forcing many people to take […]

401(k) hardship withdrawals are surging as high inflation squeezes Americans

Former St. Louis Federal Reserve Board member James Bullard addresses concerns about rising interest rates on “Kabuto: Coast to Coast.” More Americans are withdrawing money in an emergency. 401(k) retirement plan New data from Bank of America shows this is to cover the financial crisis amid chronically high inflation. Approximately 18,040 workers who participated in […]

Hardship withdrawals from retirement accounts increased in the second quarter: report

A recent report from BofA shows that more workers are turning to retirement plans for emergencies. (iStock) The number of workers who tapped into their 401(k) savings to cover financial emergencies increased in the second quarter of 2023, according to a recent report. Approximately 15,950 employees received hardship distributions from company-sponsored retirement accounts during the […]

More Americans Say Inflation Is Causing Financial Hardship

The popular Wall Street notion that inflation is in the rear-view mirror does not reflect the experience of a growing proportion of American households who say they feel financially burdened by inflation. Sixty-one percent of Americans say recent price increases are causing financial difficulties for their households, up six percentage points from the last survey […]