debt

Hardship Distributions Surge: Strategies for a Troubling Trend
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary GovernanceComments are off for this post
More and more workers are taking hardship distributions from their 401(k) accounts, a recent report shows. Bank of America’s June 2023 Participant Pulse study reveals nearly 16,000 participants withdrew money to cover a financial hardship in Q2 of this year — up 36% compared to the same quarter in 2022. At the same time, the  Read More →
Customized Content is Good Medicine for Retirement Readiness
Team SummitEmployee Outcomes, Employer Resource CenterComments are off for this post
From recent college grads struggling with student debt to seasoned professionals planning an imminent retirement, participants’ financial needs and goals are as diverse as the workforce they’re part of. In response, many organizations have chosen to implement a multi-faceted financial wellness offering. According to the 2022 PLANSPONSOR Recordkeeping Survey, four in 10 recordkeepers have an  Read More →
Financial Stress in the Workplace
Team SummitEmployee Outcomes, Employer Resource CenterComments are off for this post
As the global economy continues to gyrate on an uncertain path, many are feeling increased stress regarding their finances. As of 2022, for example, total U.S. household debt was up more than 8% year over year, according to a study by NerdWallet. And while debt and financial strain are often treated as personal problems, anxiety  Read More →

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