Financial Wellness

Researchers have warned for years that many Americans lack the emergency savings to cover even a relatively brief disruption of their income. Few events have provided a clearer real-world test of that assessment than the recent 35-day partial government shutdown.

Unemployment is at its lowest point since 1969 and job openings are at a 17-year high, according to the Bureau of Labor Statistics. With a tightened labor market the competition for candidates with the right skill set is soaring. Yet, many workers lack the skills necessary to pursue new opportunities, suggests a new survey from Prudential Financial, Inc.

NEWARK, N.J., December 11, 2018 - Bright spots and areas of optimism exist within traditionally underserved groups in the face of income inequality, retirement insecurity and household debt, new data from Prudential Financial, Inc. (NYSE: PRU) reveals. The in-depth exploration of data from Prudential’s Financial Wellness Census™ highlights the dramatic differences in the experiences of diverse populations within the U.S., many of whom were disproportionately impacted by the 2008 financial crisis.

They call Alaska “The Last Frontier” for good reason. For most Americans, the 49th state evokes a frigid wilderness capped with electric-blue glaciers and frozen tundra, with spruce forests overrun by grizzly bears and crystal-clear rivers swimming with salmon. For the Braccos, a military family that was relocated from El Paso, Texas, to Fairbanks a year ago, it’s the polar opposite of everything they’ve ever known.

Prudential's fourth American Workers Survey, conducted in September, found that American workers believe the business community is among the best-suited to provide the financing needed to help their communities thrive—with small businesses and large employers ranking ahead of state government, individual community members and federal government.

A third of Americans believe they are either better or worse off financially than they actually are, a new Prudential study says.

If it seems you’ve gotten fewer wedding invitations lately, it’s not your imagination. Marriage is declining, and not only among young couples. Those nearing retirement age are shying away from marriage, too. Unfortunately, those who never marry could find themselves without a financial safety net.

President Trump today signed an executive order directing the Labor Department to promote programs that enhance retirement security and expand access to workplace retirement savings plans for American workers.

Vishal Jain, financial wellness officer for Prudential’s Workplace Solutions Group, told U.S. senators that legislation making it easier for Americans to save for retirement would go a long way to helping them ease mounting financial burdens.

The burden of saving for our own retirements, paying a larger share of healthcare costs, and coping with higher education and other debt is taking a toll on our overall health, research shows. Prudential’s partnership with Truven Health Analytics and its IBM Watson technology allowed Prudential for the first time to analyze employee financial stress over the last decade.