$333 billion added to US household debt
(ABC4) – A report from the Federal Reserve Bank of New York shows Americans added $333 billion in overall household debt in the fourth quarter of 2021, a bigger increase than at any time over the past 14 years.
This addition brings the national total to $15.58 trillion, and while some politicians have spoken out on the national debt, ordinary Americans would feel the mental burden of financial stress.
The report by the Society for Human Resource Management and Morgan Stanley shows that in June nearly a third of American workers suffered from financial anxiety and a fifth suffered from depression.
The numbers are even high for those who are unemployed.
The issue suggests that companies can invest in financial wellness programs, gaining a recruiting advantage by offering incentives to those who choose a new job.
New York’s largest health care provider, Northwell Health, has done just that by introducing a financial planning program as a tool for its employees to use in their business.
By reducing the feeling of anxiety at work, companies anticipate that their workers will, in fact, be more productive.
Some venture capitalists have taken notice, making substantial investments in financial wellness startups like HoneyBee and Northstar.
HoneyBee, for example, aims to “help companies provide access to financial support for their employees”.
Industry professionals point to the unique element of today’s workforce – five generations working together, which makes it difficult for employers to cater to their workforce.
When it comes to federal spending, Utah Sen. Mitt Romney argues that as a solution, we will either have to find a way to increase revenue (which he says does not favor) or find a way to increase revenue. ‘adjust our long-term benefits, ‘not for current retirees’, but for young people arriving.
Romney says that if we don’t find a way to balance our programs, we’ll be in a lot of trouble.