St. Louis Fed Financial Stress Index

Not So Merry and Bright: D.A. Davidson Survey Reveals Credit Card Debt and Financial Stress Are on The Rise This Holiday Season

Retrieved on:

Thursday, November 9, 2023

Banking, Personal Finance, Professional Services, Finance, Family, Wealth management, Woman, St. Louis Fed Financial Stress Index, Holiday, News, Gen, Baby boomers, Travel, Friends, Season, Life, Tourism, Millennials

Davidson & Co. today announced survey results revealing that almost three-quarters of Americans who plan to celebrate the 2023 holidays (71%) are stressed about their expected spending this upcoming holiday season.

Key Points:

Davidson & Co. today announced survey results revealing that almost three-quarters of Americans who plan to celebrate the 2023 holidays (71%) are stressed about their expected spending this upcoming holiday season.
Likely contributing to this stress, four in ten credit card owners (40%) are currently carrying a higher credit card balance than this time last year, and over half (54%) do not typically pay their credit card balances off in full every month.
Only half (53%) of Americans who have a credit card and plan to celebrate the holidays expect to be able to pay their credit card balances off in full during the holiday months.
“It’s evident that the spirit of giving is alive and well despite the financial challenges many Americans are facing,” Crowell added.

DailyPay Extends Partnership With Oak View Group to 125 Venues Nationwide for Landmark Deal Including NBA and NHL Arenas

Retrieved on:

Wednesday, November 8, 2023

DENVER, Nov. 8, 2023 /PRNewswire/ -- Oak View Group (OVG), the global venue development, advisory, and investment company for the sports and live entertainment industries, and DailyPay, a leading financial technology company, today announced it has expanded the rollout of a first-of-its-kind OVG integration into venues across the U.S. The partnership will reach seven NBA and NHL sports teams and 125 venues across the country, and will bring DailyPay financial wellness benefits to all Oak View Group employees company-wide. The expansion comes following the regional-level launches of the program in select markets including UBS Arena at Belmont Park, NY, home of the NHL's New York Islanders; Xcel Energy Center, and the NHL's Minnesota Wild; and Toyota Center, and the NBA's Houston Rockets.

Key Points:

The partnership will reach seven NBA and NHL sports teams and 125 venues across the country, and will bring DailyPay financial wellness benefits to all Oak View Group employees company-wide.
OVG employees will also benefit from the platform's robust financial wellness tools, which include budgeting and savings features.
OVG, known for its exceptional management of world-class venues, including arenas, stadiums, and convention centers, is dedicated to enhancing the employee experience across its diverse portfolio.
In total, the partnership will reach approximately 65M+ fans in major venues across the U.S.

MoolahMate Ventures Inc. Simplifies Personal Finance Management With the Launch of Innovative Personal Finance Platform

Retrieved on:

Tuesday, November 7, 2023

Fintech, Personal Finance, Professional Services, Finance, Financial management, CFO, St. Louis Fed Financial Stress Index, Certification, CPA, Multimedia, Online shopping

MoolahMate Ventures Inc. announces the launch of its groundbreaking personal finance platform, MoolahMate.

Key Points:

MoolahMate Ventures Inc. announces the launch of its groundbreaking personal finance platform, MoolahMate.
(Photo: Business Wire)
MoolahMate is more than just a budget planner; it's a personal finance partner.
Developed by Fauzi Zamir, a seasoned CFO with more than 30 years of success in financial management, MoolahMate brings big-business efficiency to personal finances.
For more information about MoolahMate, visit www.moolahmate.com or follow the personal finance platform on Facebook , Instagram , LinkedIn , and YouTube .

Nonprofit MMI Data Shows Requests for Mortgage Help Increased 90% Compared to a Year Ago

Retrieved on:

Monday, November 6, 2023

Pressure, MMI, St. Louis Fed Financial Stress Index, COVID, Sport, Housing, Money Management International, Senior counsel, Insurance

Additionally, MMI found that housing default counseling clients in 2023 are burdened with an average unsecured debt 12% higher than clients in 2022.

Key Points:

Additionally, MMI found that housing default counseling clients in 2023 are burdened with an average unsecured debt 12% higher than clients in 2022.
Furthermore, clients in 2023 are grappling with average non-mortgage secured debt 10% higher than in 2022.
Consequently, consumers facing mortgage payment challenges today have fewer lifelines compared to previous years.
"Our mission at MMI is to provide crucial financial counseling and support to individuals facing these challenges,” Bulger added.

Pension or pay raise: do employers know what their employees want?

Retrieved on:

Tuesday, October 31, 2023

Public affairs, St. Louis Fed Financial Stress Index, Pension, Health care, Government, Workplace, News, Organization, Research, Ipsos-Reid, Senior, Risk, Retirement, HR, Mental health, Pension fund, Life insurance

In fact, previous HOOPP research has found that almost two-thirds (61%*) of Canadian workers would prefer a pension over a pay hike.

Key Points:

In fact, previous HOOPP research has found that almost two-thirds (61%*) of Canadian workers would prefer a pension over a pay hike.
“Workers may want pensions even more than their employers know,” said Ivana Zanardo, Head of Plan Services, HOOPP.
Employers who offer retirement benefits consistently rank retention (64%) and recruitment (59%) as the top benefits of doing so.
Most employers are concerned about the effects of inflation (86%) and rising interest rates (82%) on their employees’ financial stress.

Let’s Hope Your Secret Santa is a Millennial: SoFi Checking & Saving Study Shows This Generation Spends $1,500 on Holiday Shopping

Retrieved on:

Wednesday, November 1, 2023

SoFi, the all-in-one digital personal finance company, conducted the second annual SoFi Spending & Saving Study2 to explore consumers' feelings and plans around their holiday shopping, charitable giving and travel this year.

Key Points:

SoFi, the all-in-one digital personal finance company, conducted the second annual SoFi Spending & Saving Study2 to explore consumers' feelings and plans around their holiday shopping, charitable giving and travel this year.
It’s not surprising that Americans have reported finances to be their number one stressor this holiday season, and nearly half (45%) of Americans reported feeling stressed about how much they are expected to spend on holiday shopping.
SoFi Checking and Savings is striving to help simplify every step of the holiday planning process.
Research findings are based on an online survey conducted by SoFi Checking and Savings in the U.S. between September 27 –September 30, 2023.

Interest-Free Promotions Outshine Discounts and Sales This Holiday Season

Retrieved on:

Wednesday, November 1, 2023

Today, Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, released new data revealing shoppers’ priorities this holiday season.

Key Points:

Today, Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, released new data revealing shoppers’ priorities this holiday season.
About 2 in 3 (64%) said interest-free promotions that allow them to pay over time with zero late or hidden fees are most helpful for retailers to offer this holiday season – even more so than discounts and sales (54%).
“With holiday shopping season starting earlier and earlier each year, there is a growing pressure for retailers to offer discounts bigger, sooner and longer in order to stay competitive.
Offering Affirm at checkout can help merchants increase sales, average order values, and conversion, while reaching new customers, responsibly.

Visible Wireless Extends Connection Protection to Give More Job Seekers a Way to Stay Connected

Retrieved on:

Monday, November 6, 2023

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"We do wireless differently," said Jeremy Bolton, Managing Director of Visible. "We're not just here to be a wireless carrier -- we're here when times are tough. Layoffs are HARD, but staying connected in critical moments shouldn't be, which is why we wanted to extend our program further so more members can get the support they need. Whether you're using your phone to search for a job, send in your application, or take an interview, we're here to make sure your phone service is one less thing for you to worry about."

Key Points:

Connection Protection offers eligible participants three months of wireless service with costs covered by Visible*, in addition to coaching and resources from Empower Work , to help those experiencing job hardships get support to find their next role.
Since launch, Connection Protection has helped more than 2,200 people throughout the U.S. while they were experiencing a work hardship.
Connection Protection is just one way Visible gives back to the community it serves as part of the brand's mission to change wireless for the better.
**All data derived from an Empower Work survey of 120 Connection Protection participants, conducted between October 23-27, 2023.

Guardian finds Americans' overall well-being at 12-year low

Retrieved on:

Thursday, November 2, 2023

Well, Knowledge, Workplace, Overalls, St. Louis Fed Financial Stress Index, The Guardian Life Insurance Company of America, Mental health, Nursing, Guardian

NEW YORK, Nov. 2, 2023 /PRNewswire/ -- In its 12th Annual Workplace Benefits Study, The Guardian Life Insurance Company of America (Guardian®) has found that overall employee well-being has dropped to its lowest level in 12 years, with most Americans citing personal finance-related stressors as the primary contributor to their declining well-being.

Key Points:

Well-being drops to 12-year low, with personal finance stressors cited as primary contributor to declining well-being.
The new report, entitled "Mind, Body, and Wallet™," surveyed more than 4,000 employees and benefit decision-makers.
"Financial pressure doesn't exist in a silo and isn't something that individuals forget about at the end of the workday.
"At Guardian, we believe that just as mental, physical, and financial stressors are interconnected, so too are the solutions for improving overall wellness.

Empeon and ZayZoon Partner to Revolutionize Employee Financial Well-Being with Earned Wage Access

Retrieved on:

Thursday, November 2, 2023

Earned wage access, Human resource management, St. Louis Fed Financial Stress Index, EVP, HCM, HR, Organization, Partnership, Health care

MONTEBELLO, N.Y., Nov. 2, 2023 /PRNewswire/ -- Empeon, the enterprise-grade Human Capital Management (HCM) platform for health systems, and ZayZoon, a market leader in providing Earned Wage Access and employee financial wellness to small and mid-sized businesses, today announced a strategic partnership to deliver on-demand wages to employees of Empeon customers.

Key Points:

In today's healthcare landscape, nearly two-thirds of healthcare workers live paycheck-to-paycheck , hampering employee financial stability and increasing their personal stress.
This collaboration between Empeon and ZayZoon addresses this problem for healthcare workers and healthcare organizations by enabling access to earned wages instantly, promoting financial wellness and providing employers with a distinct competitive advantage for recruiting and retention.
Earned Wage Access programs have proven to extend employee tenure, reduce turnover rates, and drive the adoption of digital solutions within healthcare HR.
The ZayZoon solution integrates with Empeon's comprehensive HCM platform to enable employees to access their wages in real-time as they earn them.