| | Benefits & Administration | | Financial Education Over Time Improves Savings | | An analysis finds repeated use of financial
wellness resources improves retirement savings behaviors. According to
Financial Finesse’s 2014 Year in Review, repeat users made up 15% of all users
in 2014, up from 6% of all users in 2013. These employees show improvement in
key areas of financial wellness that is far above the improvement seen in the
general population. For example, 46% of repeat users indicated in their last
assessment that they feel confident their investments are allocated
appropriately, compared to 31% in their first assessment.Read more > | | All Age Groups May Have Misguided Retirement Ideas | | On average, workers of all ages estimate that
they will need $1 million of savings to feel financially comfortable in
retirement, according to the 16th Annual Retirement Survey from the
Transamerica Center for Retirement Studies. The majority of Americans in each
age group surveyed—20-, 30-, 40-, 50- and 60-somethings—reported that they are
currently saving toward that target, and the most commonly cited goal for their
golden years was to spend the time traveling. Their most common fear is
outliving their money, and 20% overall report that getting out of credit card
debt is their top financial priority. These similarities among the ages, on
their own, are not surprising—cruises have been popular since the Titanic hit
movie theaters; Millennials have tattoos of maps and compasses; and many
respondents were probably solicited for their first credit card in college or
even high school. However, each age group presents a unique opportunity to
improve retirement planning.Read more > | | | Economic Events | | Total nonfarm payroll employment
increased by 223,000 in April, and the unemployment rate was essentially
unchanged at 5.4, according to the Bureau of Labor Statistics. Job gains
occurred in professional and business services, health care, and construction.
Mining employment continued to decline.
THE
ECONOMIC WEEK AHEAD: Wednesday,
the Census Bureau will report about retail sales for April and business
inventories for March. Thursday, the
Labor Department will issue its initial claims report, and the Bureau of Labor
Statistics will reveal the producer price index (PPI) for April.
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