Data & Research March 10, 2025

Americans Plan to Increase Savings Amid Concerns About Affordability

Nearly seven in 10 mass affluent respondents (an income level at or above $90,000 annually) plan to increase their savings by $500 or more per month.

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Many Americans plan to increase their monthly saving in 2025, as they change financial habits to respond to economic concerns, according to a recent Equitable survey.

Specifically, four in 10 respondents intend to increase their savings by $500 or more. This percentage was higher among mass affluent respondents (an income level at or above $90,000 annually), with nearly seven in 10 indicating they plan to increase their savings by $500 or more per month.

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The survey, fielded in early December 2024, found four in five (80%) of Americans—regardless of income level—are worried about the affordability of everyday living costs. Six in 10 respondents view the economy as highly volatile. Americans continue to report inflation as the most common obstacle, citing it more than twice as much as other issues. Equitable notes this has stayed relatively consistent in each quarterly survey over the past year.

With concerns about purchasing power, comes interest in lifetime income, the survey found. In fact, nearly nine in ten (88%) of those surveyed said they value features that would provide a guaranteed payment at a regular interval for the rest of their life. Not surprisingly, however, less than half of respondents reported being confident about their understanding of annuities.

“It’s encouraging to see so many people aiming to improve their financial habits. Yet, with concerns about affordability, inflation and the economy still weighing heavily on many Americans, transforming those intentions into actions can feel daunting,” said Nick Lane, President of Equitable. “This is where a financial professional can help by offering guidance to navigate today’s ever-changing and uncertain landscape.”

Financial professionals are going to be in demand, Equitable believes, especially as trillions of dollars are expected to flow to today’s pre-retirees, Gen Xers and Millennials by 2030. Millennials (both men and women) and surviving spouses (predominantly pre-retiree women) are expected to take control of the bulk of the assets changing hands. Eight in 10 of those surveyed for a separate Equitable study about the great wealth transfer said they plan to work with a financial adviser to help manage their new wealth.

Compliance March 10, 2025

Fired Probationary Workers Reinstated at EBSA

The probationary employees and head of the Department of Labor’s Division of Employee Ownership, who were recently terminated, reportedly received notices that their positions will be reinstated.

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Previously terminated probationary employees at the Department of Labor’s Employee Benefits Security Administration received noticed of reinstatement as of today, March 10, according to Lisa Gomez, the most recent EBSA head and former assistant secretary of labor under President Joe Biden.

Gomez said the reinstatement includes the head of the Division of Employee Ownership, Hillary Abel, who had been terminated as part of President Donald Trump’s efforts to drastically downsize the federal government.

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Ali Khawar, the former deputy assistant secretary of labor for EBSA, also confirmed that he has heard from at least four probationary employees that they received notices of reinstatement,

Similar news has come out in other areas of the federal government. A federal civil service board ruled Wednesday that the firings of more than 5,000 probationary employees in the Department of Agriculture may have been unlawful, and the workers should be reinstated for at least the next 45 days. The Merit Systems Protection Board issued this ruling at the request of the Office of Special Counsel.

It is unknown how many probationary employees at EBSA were terminated and received notices of reinstatement. Gomez said she has not heard of any limitations or conditions put on the probationary employees’ reinstatement.  

The Department of Labor did not respond to a request for comment.

All federal agencies are still required to submit their reduction-in-force plans to the Office of Personnel Management by March 13, according to reports. This could include eliminating organizations and certain positions.

The federal government is also set to shut down this weekend unless Congress reaches a funding agreement before the current short-term federal spending measure expires on March 14.

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