debt

Increasing 401(k) Balances Can Bring Increased Stress
Team SummitEmployee Outcomes, Employer Resource CenterComments are off for this post
By the second quarter of this year, the number of “401(k) millionaires” rose 2.5% from Q1, marking a record high according to Fidelity. At the same time, retirement savers overall experienced three consecutive quarters of growth — and that’s good news for many investors. However, a Vanguard analysis of its plans also shows a concerning  Read More →
The High Cost of Financial Stress in the Workplace
Team SummitEmployee Outcomes, Employer Resource Center, Plan Operations & AdminComments are off for this post
According to the results of a 2024 American Psychiatric Association mental health poll, 43% of adults reported higher subjective feelings of anxiety than they did the previous year. Respondents indicated feeling anxiety related to a number of issues, but high on the list were the economy (77%) and paying bills or expenses (63%). These concerns  Read More →
Closing the Financial Wellness Gap
Team SummitEmployee Outcomes, Employer Resource CenterComments are off for this post
A recent survey from market intelligence firm Cerulli Associates highlights a striking disparity in the financial wellness space. According to the report, U.S. Retirement End-Investor 2024, more than 90% of defined contribution recordkeepers provide financial wellness services and 71% of plan sponsors have adopted such programs. Yet at the same time, actual engagement remains low,  Read More →

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