Data & Research January 26, 2010

Americans Say Fiscal Fitness Harder to Attain than Physical Fitness

A recent survey for Union Bank found 90% of Americans agree that financial stress can affect one's health.
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Even more women (91%) and older adults (92% of those 45 and older) link stress to concerns over money; however, 60% of those surveyed might not be taking the necessary steps to improve financial fitness, according to a press release.

Sixty-three percent of Americans said it is harder today to get financially fit than it is to get physically fit. The majority (61%) indicated they don’t believe they have enough money saved in the right kind of savings account to weather a financial storm during 2010.

Another six-in-10 said that if they had extra money, they would save it, but they lack extra funds to save at the end of the month.

“These responses indicate that a significant number of Americans may be in debt, without a clear plan to solve their financial problems,” said Union Bank Executive Vice President Pierre Habis, in the release. “Ensuring fiscal fitness can be every bit as difficult as getting back into good physical shape after a long period of inactivity, and while many Americans may spend time and energy accumulating wealth, many spend little time developing a sufficient plan to offset risks they might face along the way.”

Findings from the study, conducted online in December by Harris Interactive, also reveal differing opinions among U.S. adults according to their age about what is more important for 2010: fiscal fitness or physical fitness. While roughly 55% of those 18 to 34 rate financial fitness a higher priority in 2010, the majority of older Americans (70% of those 55 and older) rate physical fitness as a priority.

Products January 26, 2010

The Principal Releases Guide Based on 10 Best Companies

A new guide from The Principal shows how 10 companies protected their financial security during the economic downturn by helping protect the financial security of employees.
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The new benefits best practices guide tells how The Principal 10 Best Companies for Employee Financial Security 2009 remained committed to strong employee benefits, even during the worst part of the economic downturn. “Taking care of your employees takes care of everything else. They are your greatest asset,” said Glenn Siler, president and CEO, Knoxville TVA Employees Credit Union, one of The Principal 10 Best 2009, in an announcement.

According to the announcement, the guide is a useful resource for benefits brokers and advisers and their clients, offering:

  • a benchmarking chart for comparing their benefits with those of The Principal 10 Best Companies and national averages,
  • checklists that can help companies fine-tune their benefits programs, and
  • case studies that describe how The Principal 10 Best Companies navigated the economic crisis.

The Principal 10 Best Companies found ways to strike a balance between budgets and benefits despite unprecedented financial pressures, Principal said. The new guide delves into the best practices of these organizations, whose stories range from rebuilding entire benefit programs to making simple but effective enhancements (see “Principal Announces 10 Best for Employee Financial Security 2009”). Organizations profiled range from banks and credit unions to foundations, associations and publishers.

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