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The Issue

People Have Problems with Money

76% of Americans surveyed are living paycheck-to-paycheck. Less than 1 in 4 have emergency funds to cover 6 months of expenses. 50% have less than a 3-month cushion and 27% have no savings at all. (CNN Money, 2013)

As of January 2014, American households have $856.9 billion in credit card debt. That’s $15,270 per household with 39% carrying credit card debt from month to month. (USA Today, 2014)

Only 1 in 3 adult Americans actually prepares a detailed household budget while just 30% have a long-term financial plan with investment goals. Most people (45%) plan to rely on Social Security to cover retirement expenses. (Gallup, 2013 & Washington Post, 2014)

More than one-third of adults have no retirement savings. 26% of people between 50-54 and 14% of people 65 and older have no savings. Only 18% of U.S. workers are confident they will have enough money in retirement. The median U.S. retirement account for all households is $3,000. (CBS News, 2014)

These issues and many personal concerns combine to cause financial stress at work and at home that result in decreased quality of life and reduced productivity.

Financial issues are a leading cause of stress for a majority of Americans (64%). The stress level is higher for parents (77%) and for young adults (75% for 18 to 35 year-olds; 76% for 36 to 49 year-olds). (American Psychological Association, 2015)