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☆ First on CNN: Two out of three workers say prices are still rising faster than wages, new survey shows
  + stars: | 2023-09-25 | by ( Matt Egan | ) edition.cnn.com   time to read: +4 min
Sixty-seven percent of employees say the cost of living is outpacing growth in their salary and wages, according to a Bank of America survey shared exclusively with CNN on Monday. High inflation is a major reason why just 42% of employees say they feel financially well, according to the Bank of America survey. Likewise, 64% of employees say they are stressed about their finances. 23% of women losing sleep over moneyJust 38% of women say they feel financially well, according to the Bank of America survey. While 61% of Asian employees say they feel financially well, just 44% of White employees, 40% of Hispanic and 35% of Black said the same.
Persons: That’s, “, ” Lorna Sabbia, Joe Biden, Biden, ”, Black, Sabbia, ” Sabbia Organizations: New, New York CNN, Bank of America, CNN, Bureau of Labor Statistics, of Labor Statistics, Bidenomics The Bank of America, ABC News, Washington Post, ABC, “ Companies Locations: New York
☆ Americans are pulling money out of their 401(k) plans at an alarming rate
  + stars: | 2023-08-08 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +2 min
Minneapolis CNN —More Americans are tapping their 401(k) accounts because of financial distress, according to Bank of America data released Tuesday. It’s a “pretty troubling” development if more people are resorting to making hardship withdrawals, Matt Schulz, chief credit analyst at LendingTree, told CNN. Since 2019, household debt balances have increased by nearly $3 trillion, according to New York Federal Reserve data through the first quarter of 2023. Separately on Tuesday, the New York Fed reported that US households’ credit card debt surpassed the $1 trillion mark for the first time ever. The $45 billion increase in credit card debt helped to drive overall household debt levels to $17.06 trillion at the end of the second quarter.
Persons: It’s, Matt Schulz, “, ”, Lorna Sabbia Organizations: Minneapolis CNN —, Bank of America, Bank of, CNN, Bank of America’s, New York Federal, New York Fed Locations: Minneapolis
☆ Bank of America survey: 71% of workers say their pay isn't keeping up with inflation
  + stars: | 2022-09-27 | by ( Matt Egan | ) edition.cnn.com   time to read: +4 min
The Bank of America survey found that despite being employed, 62% of workers are stressed about their finances. “The major contributor to that stress is inflation,” said Lorna Sabbia, head of retirement and personal wealth solutions at Bank of America. Financial wellness hits five-year lowThe percentage of employees who feel financially well off dropped to 44% in the Bank of America survey. The Bank of America survey found 21% of employees thought about switching jobs and 9% did. A Bank of America survey of consumers found that 17% of households had either missed or made a late payment on utilities.
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