Money in the Middle
News What worries Middle America more than almost anything else? Terrorism; Tornado, hurricane or flood; Financial emergency; or Crime?
What worries Middle America more than almost anything else?
Tornado, hurricane or flood
Adults with annual household incomes of between $35,000 and $150,000 say a financial emergency is one of their top concerns, according to the MassMutual Middle America Financial Security Study. Money worries cause more angst than health, careers, children or marriage. More so than even natural disasters, terrorism or crime.
Financial concerns are impacting the workplace too as 4 in 10 study respondents say they bring their money troubles to work with them at least once a week. It’s a problem that employers are looking to remedy by seeking help from financial advisers, benefits brokers and benefits providers.
In response, insurance and financial services firms are rolling out new tools, products and support for employees at the workplace as part of a wider effort to enhance financial wellness. The most dynamic tools help workers sort through their financial issues to better understand their individual situation by providing a snapshot of their financial picture that updates as their lives and their financial needs change over time. The tools help workers prioritize their financial and benefit needs, ultimately creating a potential game plan for financial security.
With information in hand, workers can then begin attacking specific aspects of their financial woes, building short-term and long-term savings, protecting themselves and their families’ finances from death, disability, critical illnesses or accidents, managing debt or even budgeting their money.
Different employees are typically at different junctures along the financial wellness path, but by connecting to tools, education and products that meet specific financial needs, they can, in time, move forward. And have one less thing to worry about.