Inflation, which remains elevated as of Tuesday's CPI report, has led to increased stress, less financial preparedness and growing debt, according to EBRI.
Student debt has put those in the Millennial generation at a disadvantage when it comes to turning their education into wealth, particularly in the form of home ownership.
The nonprofit financial wellness provider SaverLife has teamed up with the KFC Foundation to meet the straightforward but ambitious goal of ensuring KFC workers can amass $500 in emergency savings.
The firms say strong demand among employers and employees for student loan repayment support solutions made their new partnership “an easy decision.”
Data provided by CommonBond shows that workers in the technology and retail industries are most straddled with student loan debt; even workers in industries less impacted by student debt say they believe employers should help.
While not a traditional topic for retirement specialist advisers to speak about, experts agree that student loan repayment benefits are a powerful boon to financial wellness programming—and a topic that financial advisers should learn more about.
Nearly 70% of families where the head of the household is 55 or older carry debt, EBRI found.