- 10 Trends That Will Shape Insurance in 2021
It’s good to remember just how unpredictable our world really is
2021 will surely deliver plenty of surprises but 10 trends—including ‘growth of the giants’, a race to green, the switch to usage-based cover, and Bitcoin as a new asset class—look set to have a big impact on the insurance industry in the year ahead.
read more - The Way We Save
How advisors can ‘win on the saver spectrum’
The ways Americans save – from “Big Savers” to “Aspirational Savers” – provide insights that can lead to better financial outcomes and help financial services firms to engage with different saver segments, according to a new report by Hearts & Wallets, the research and benchmarking firm that specializes in how consumers save, invest and seek…
read more - Closing The Savings Access Gap
How 40 million more Americans could save for retirement by 2040 with national universal access to retirement savings options
National universal access policies could dramatically close the retirement savings access gap for millions of employees and provide larger annual incomes for retirees, according to new research from the Georgetown University Center for Retirement Initiatives (CRI) in collaboration with Econsult Solutions, Inc. (ESI) and supported by a grant from the Berggruen Institute’s Future of Capitalism…
read more - When Health Suffers, Finances Go On Life Support
As COVID-19 concerns continue to mount, Americans face greater risk of suffering from high medical debt
Even adults who do not contract COVID-19 are facing a healthcare crisis. A Debt.com survey of more than 1,000 American adults reveals 56 percent of respondents had medical debt sent to collections and nearly two-thirds owed under $5,000, while 5 percent owed over $50,000.
read more - Americans Struggle To Cover Living Expenses During The Pandemic
Forced to withdraw significant amounts from retirement accounts
Nearly 60% of Americans withdrew or borrowed money from an IRA or 401(k) during the pandemic, and nearly two-thirds (63%) used those retirement savings to cover basic living expenses, according to a new poll released today by Kiplinger's Personal Finance magazine and industry-leading digital wealth management company, Personal Capital, an Empower Company.
read more - Pandemic Devastates Americans’ Finances But Bolsters Financial Acumen
Taking away a better understanding of spending, saving, and debt
COVID-19 might have permanently changed how an entire generation thinks about spending, saving, and debt – and in ways that might offer a silver lining to a devastating pandemic, says Jean Chatzky, best-selling author and CEO of HerMoney.com.
read more - Poor Performance of Long-Term Care Product Persists
Keeping pressure on U.S. life insurers
Loss ratios in the beleaguered U.S. long-term care (LTC) insurance market continue to climb for individual and group business, according to a new AM Best report.
read more - Supporting Military Community’s Financial Well-Being
Prudential Financial Inc. partners with the U.S. Department of Veterans Affairs to provide financial wellness resources to Veterans, transitioning Servicemembers and their families
Prudential Financial, Inc. (NYSE: PRU), is partnering with the U.S. Department of Veterans Affairs (VA) to provide Veterans, transitioning Service members and their families with access to financial wellness resources to improve their economic well-being and financial stability at no cost.
read more - Empower Retirement Closes Acquisition of MassMutual Retirement Plan Business
Acquisition increases Empower’s participant base to more than 12 million
Empower Retirement today announced the completion of the previously announced acquisition of Massachusetts Mutual Life Insurance Company’s (MassMutual) retirement plan business, following the receipt of regulatory approval required by the agreement.
read more - Human Capital Trends 2021
Post-Pandemic- Reimagining the future of work
Thousands of business leaders and HR professionals around the world have participated in the 11th annual Human Capital Trends: The social enterprise in a world disrupted - Leading the shift from survive to thrive.
read more - For Private And Public Sector Pensions: Substantial Economic Gains
Pension spending supports $1.3 trillion in output, 6.9 Million Jobs, $192 billion in tax revenue across the U.S. economy
A new report finds that economic gains attributable to private and public sector defined benefit (DB) pensions in the U.S. are substantial. Retiree spending of pension benefits in 2018 generated $1.3 trillion in total economic output, supporting nearly seven million jobs across the nation. Pension spending also added nearly $192 billion to government coffers at…
read more - Long Term Care Product Continues Poor Performance
Keeps pressure on U.S. life insurers
Loss ratios in the beleaguered U.S. long-term care (LTC) insurance market continue to climb for individual and group business, according to a new AM Best report.
read more - Filling The Gap Between Employer Actions And Employee Perceptions
There are opportunities for continued engagement as as many remain focused on retirement readiness
The COVID-19 pandemic has dramatically increased employers’ focus on employee physical and financial health yet has also created gaps between their perceptions about the benefits employees need and their employees’ expectations. Sixty-nine percent of employers say they have increased their focus on improving employees’ financial wellness during the pandemic, but just one-third of employees feel…
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