We live in dynamic times. The market seems to fluctuate wildly, news outlets are reporting significant layoffs, and somehow we’re still adding a massive amount of jobs to our economy. Did I mention the Fed is still raising interest rates? Like I said, wild times indeed.
There’s a tremendous amount of information to distill, and it’s important to know how all of this financial news impacts your people and their financial lives. This is exactly why I’ve recommitted this monthly email to arming you with the information you need to know to ensure that your employees’ financial lives don't negatively impact your business.
I’m currently concerned with the number of 401k loans workers are taking-on. Just last week the WSJ reported a huge increase in 401k loans. This is a big problem, and a dangerous one for your organization. Americans’ spending habits went haywire in 2021, and the result of this change in behavior has been a large amount of consumer debt, including 401k loans.
If you’ve noticed an uptick in loans, we’d love to talk to you. When left unaddressed, you will see a decrease in productivity, an increase in healthcare claims, and an increase in turnover. Let’s solve these challenges together.
We are firmly committed to creating financial stability and confidence for all.