This brief examines data from 20,095 students with one or more forms of basic needs insecurity (BNI) (i.e., food insecurity, housing insecurity, homelessness) from Trellis’ Fall 2020 Student Financial Wellness Survey (SFWS) with a special lens on their mental health, familial responsibilities and finances, employment, and financial security
You know you should set aside savings with every paycheck, live within your means and invest your money wisely. But do you do it?
New research from the University of Georgia suggests that answering three questions could give people insight into their spending and potentially help them modify their behavior in the future.
After a year of COVID-19 disrupting people’s lives, finances are the top cause of employee stress, even above job, health, and relationship stress combined. This has added to the stress many employees are already feeling, with nearly two-thirds of full-time employees saying their financial stress has increased since the start of the pandemic.
63% of employees say that their financial stress has increased since the start of the pandemic.
Our 2021 Employee Financial Wellness Survey of 1,600 full-time employed US adults found that many employees are experiencing deep financial strain. Employees whose financial stress has increased due to the pandemic are four times as likely:
*to have experienced a decrease in overall household income
*to find it difficult to meet household expenses on time each month
Twice as likely:
*to have used a payday loan or payday advance in the past year
*to have taken a loan or distribution from retirement accounts
*to be considering postponing their retirement
1. Make the business case for supporting employee financial health
Employee financial distress has intensified in the past year, coinciding with a time in which some employers have taken cost-cutting measures like layoffs, reducing salaries, freezing raises or bonuses or cutting back on other rewards.
2. Recognize what’s happening at home
Our survey of full-time employees offers employers a glimpse into employees’ personal lives and their financial constraints. Overall household income has decreased for more than one in four U.S. employees.
3. Leverage momentum to promote good financial habits
Even during this pandemic year, we see glimmers of positive change. There’s some indication that employees are saving more — 58% of employees are saving more than 10% of their income (vs. 50% last year).
4. Implement a technology solution paired with human interaction and guidance
The economy is expected to rebound, but economists have predicted an unequal recovery that may leave whole segments of the population behind.
States are recognizing the need for personal financial education and have begun requiring it as a condition for high school graduation. Responding to teacher requests to help them meet state-mandated financial education requirements, FCS educators in the Oklahoma Cooperative Extension Service developed a financial education tool kit. This article describes the contents of the tool kit and its many uses.
Through its HHS-ACF grant, First Things First collaborates with community organizations and businesses to implement workshops that encourage and support healthy relationships. These relationship classes are for married couples, teens, non-married expectant parents, engaged couples, and singles, as well as married couples in distress.
This brief provides a general overview of the two Healthy Marriage (HM) grantees involved in the Parents and Children Together Evaluation (PACT), provides participation rates in services, and documents how the two grantees integrated job and career advancement services for parenting couples into their programs.
In social work and other community-based human services settings, clients often present with complex financial problems. As a need for more formal training is beginning to be addressed, evaluation of existing training is important, and this study evaluates outcomes from the Financial Stability Pathway (FSP) project. Designed to prepare professionals with the knowledge, attitudes, and skills to effectively assess and respond to clients’ financial problems, we evaluated the FSP using a one-group pre-, post-, and follow-up design.
Individual Development Account (IDA) participants need strong credit histories to access affordable credit for their IDA asset purchase … Compared to national IDA participants, participants in this study had higher incomes, were more educated, and had a higher rate of being “banked.” … However, participants also utilize higher-cost alternative financial services, such as payday lenders and pawnshops, at similar rates to other low-income families and are beginning their IDA programs with low credit scores and poor credit history.
The purpose of this paper is to introduce an integrative approach to working with clients experiencing problems related to financial disempowerment. The multi-phase model integrates three theoretically-driven psychotherapy approaches, including cognitive behavioral, narrative, and Virginia Satir’s experiential therapies, and financial counseling techniques to increase one’s sense of financial empowerment. A case study is included to demonstrate the applicability and effectiveness of the model.
Healthy financial management skills can be strong predictors of happy relationships. Couples who communicate effectively about finances, have little or no debt (or who are actively working toward paying off their debt), and live within their means tend to be more stable and satisfied in their marriages,
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