Assessing Financial Wellness
While it may not be a surprise to most employers that two-thirds of American adults are physically overweight, the financial health and fitness of their employees is not always as readily apparent as their physical fitness. And yet, it’s equally as important; if not more so.
Approximately 40 percent of working Americans are not saving any money for retirement, and one-quarter of all American families have no savings at all.i This is despite dire warnings emphasizing the importance of savings, issued time and again from experts and media reports throughout the recent recession and economic recovery.
So why aren't Americans saving money?
The reality is that persistent unemployment and stagnant wages have made it nearly impossible for the average family to save money on their own. Moreover, because low- to middle-income Americans were hit harder by the recession and slow recovery than wealthier workers, the savings gap continues to widen.