U.S. Markets close in 3 hrs 14 mins

The Most Financially Stressed Workers Are Women

Juliette Fairley

NEW YORK (MainStreet)—A good 83% of employees in the U.S. report they are under financial stress with 51% having taken a loan or hardship withdrawal from their 401(k) plan, putting them at risk for not being able to achieve retirement security, according to a new study.

"The challenge in working with these employees is that they are so stressed, they often can't see a way out and many are on the verge of giving up altogether," said Liz Davidson, president of Financial Finesse.

Financial Finesse's Employee Financial Stress study found the 53% that reported high or overwhelming stress were women aged 30 to 44 who had small children and who earned below $60,000 a year.

The source of the stress includes not having control of their current financial situation, being unable to reach future financial goals and having concerns about the economy and the financial services industry.

"Employers who have a lot of employees in this demographic are probably facing significant costs from the impact of employees' financial stress—from higher health care expenses, to drains on productivity and performance, higher turnover, absenteeism and an overall lack of engagement since they are so focused on surviving financially," Davidson said.

The study revealed that among those with overwhelming financial stress, 82% do not have an emergency fund to cover unexpected expenses, 80% say they do not have a handle on their cash flow, 49% are not able to pay their bills on time each month and 80% are uncomfortable with their debt levels.

Also see: Saving For A Rainy Day: A How-To Guide

The demographic that felt the least amount of stress at 6% were men between the ages of 55 and 64 with no minor children and income above $100,000 a year.

"Employers with low levels of employee financial stress usually need proactive financial planning since their employees are concerned about how to invest effectively in an uncertain economy to grow their wealth over the long term," said Greg Ward, director of Financial Finesse's Think Tank of Certified Financial Planner.

Also see: Dipping into Your Retirement Funds Is O.K.--Sometimes

Among those with low financial stress, 98% report paying their bills on time, 96% say they have a handle on their cash flow, 96% are comfortable with their debt levels while 89% have an emergency fund.

"One interesting thing about this group is that many still have serious financial vulnerabilities," Davidson said. "You'd think that those who report having no financial stress would be fully prepared for retirement, fully insured with a will or trust in place and basically have all their ducks in a row. That's just not the case."

Also see: Dipping into Your Retirement Funds Is O.K.--Sometimes

How to Master a 401(k) and Roth IRA at the Same Time

Despite reporting low financial stress, about 39% are not confident their investments are allocated appropriately, 41% don't understand the tax implications of their investments and retirement accounts and 46% are not maximizing available tax credits and deductions to reduce their tax liability.

"Addressing the broad financial vulnerabilities faced by employees is the next frontier in averting a retirement crisis," said Trisha Brambley, a leading retirement consultant and president of Retirement Playbook, Inc., a specialty consulting firm that offers financial wellness programs as well as workshops and support for retirement plan committees. "More plan sponsors are looking at reducing financial stress as an important component in attaining a comfortable retirement for all of their different employee demographic groups."

--Written by Juliette Fairley for MainStreet

Also see: Are The Effects Of The Payroll Tax Increase Just Psychological?

EXCLUSIVE OFFER: See inside Jim Cramer’s multi-million dollar charitable trust portfolio to see the stocks he thinks could be potentially HUGE winners. Click here to see his holdings for FREE.

  • Gayle King confronts the truth about CBS colleague and friend Charlie Rose
    Celebrity
    Quartz at Work

    Gayle King confronts the truth about CBS colleague and friend Charlie Rose

    As celebrated television talk show host and “CBS Morning News” anchor Charlie Rose defended himself against allegations of sexual harassment, his morning show co-anchors, Gayle King and Norah O’Donnell, were left to dissect the fallout with viewers. O’Donnell was all business, stoic as she issued a strong statement (beginning at 0:14 in the video above) about the swelling tide of allegations against powerful men in the workplace. “This is a moment that demands a frank and honest assessment about where we stand and, more generally, the safety of women,” she said. “Let me be very clear, there is no excuse for this alleged behavior. It is systematic and pervasive. … [W]omen cannot achieve equality

  • Bitcoin Falls After $31 Million Theft of Cryptocurrency Tether
    Business
    Bloomberg

    Bitcoin Falls After $31 Million Theft of Cryptocurrency Tether

    Bitcoin fell the most in a week after the company behind cryptocurrency tether reported a $31 million theft. The amount was taken from the Tether Treasury wallet on Nov. 19 and sent to an unauthorized bitcoin address, according to an announcement on the company’s website posted on Tuesday. Bitcoin dropped as much as 5.4 percent, the most since Nov. 13.

  • Finance
    24/7 Wall St.

    Toyota Warns US Workers: Build Camry for Less, or Else

    Toyota Motor Corp. (TM) opened its first U.S. plant in 1988 in Georgetown, Kentucky. Now Toyota is threatening to move Camry production unless the plant quickly cuts costs. The video made the point that Toyota could build a Camry in Japan, ship it to Kentucky, and sell it for a bigger profit than it could by selling a car built in the state.

  • Best Dividend Stock Picks
    Business
    Simply Wall St.

    Best Dividend Stock Picks

    Exxon Mobil is one of the ten dividend stocks that can help raise your investment income by paying sizeable dividends. A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. Exxon Mobil Corporation explores for and produces crude oil and natural gas in the United States, Canada/South America, Europe, Africa, Asia, and Australia/Oceania.

  • Chesapeake Energy Corporation Could Be Setting up for a Big Breakout
    Business
    InvestorPlace

    Chesapeake Energy Corporation Could Be Setting up for a Big Breakout

    Chesapeake Energy Corporation (NYSE:CHK) has been under pressure all year, down more than 40% in 2017. Let’s see what CHK stock price is doing and then dig into some of those numbers. If CHK stock price can breakout over $4, it could breathe new life into the name.

  • Apple’s new ad is a clever comeback to Microsoft CEO Satya Nadella’s iPad putdown
    Business
    Quartz

    Apple’s new ad is a clever comeback to Microsoft CEO Satya Nadella’s iPad putdown

    Satya Nadella, CEO of Microsoft, made the quip two weeks ago after spotting two reporters using iPads during a press event in India. The CEO has been on tour with his new book Hit Refresh, which describes how he has thus far changed Microsoft’s culture to embrace a “growth mindset,” one that’s about learning, not already knowing. Only three years into the job, he has also reworked the company’s mission statement so that it better reflects a brand devoted to ubiquitous computing intelligence, rather than computer hardware or software, per se.

  • How Much Will Medicare Cost You in 2018?
    Business
    Motley Fool

    How Much Will Medicare Cost You in 2018?

    Each year, healthcare costs tend to rise, and that typically results in increases in many of the costs Medicare recipients have to pay. Specifically, Medicare sets its premiums, deductibles, coinsurance payments, and other expenses based in part on its own cost experience. Let's look at some of the changes that will take effect for Medicare in 2018.

  • A 30-Year-Old Analyst Is Taking on a Pipeline Billionaire
    Business
    Bloomberg

    A 30-Year-Old Analyst Is Taking on a Pipeline Billionaire

    Kevin Kaiser was on an airplane this summer, staring into his laptop, when he came up with the idea for taking on billionaire pipeline magnate Kelcy Warren. He was scrutinizing a nearly year-old prospectus for Sunoco Logistics Partners LP’s acquisition of Energy Transfer Partners LP, an agreement that merged two parts of Warren’s energy empire. For months, the 30-year-old Hedgeye Risk Management LLC analyst had heard clients complain that the deal -- along with a host of other Energy Transfer moves -- enriched Warren but did little to benefit Energy Transfer Partners unitholders, Kaiser said in an interview. Reading the prospectus, Kaiser realized Energy Transfer Partners investors could band

  • Krugman Says GOP Using 'Junk Model' for Tax Plan
    Politics
    Bloomberg Video

    Krugman Says GOP Using 'Junk Model' for Tax Plan

    Nov.20 -- Nobel laureate Paul Krugman, distinguished professor of economics at the Graduate Center, City University of New York, discusses the GOP's tax overhaul plan with Bloomberg's Abigail Doolittle, Julia Chatterley and Joe Weisenthal on "What'd You Miss?"

  • Charlie Rose Responds to Suspension by CBS, PBS, and Bloomberg Over Sexual Harassment Allegations
    Business
    Fortune

    Charlie Rose Responds to Suspension by CBS, PBS, and Bloomberg Over Sexual Harassment Allegations

    CBS This Morning anchor Charlie Rose, who has also hosted a long-standing interview show distributed by both PBS and Bloomberg, was suspended by all three companies on Monday after The Washington Post reported allegations of sexual harassment by eight women. “It is essential that these women know I hear them and that I deeply apologize for my inappropriate behavior,” Rose said in a statement posted to his Twitter account. Rose is also contributor to CBS acclaimed Sunday evening newsmagazine 60 Minutes.

  • The ‘VIX Elephant’ Is Due to Stampede the Market
    Finance
    Bloomberg

    The ‘VIX Elephant’ Is Due to Stampede the Market

    An options behemoth that’s been betting on a modest rise of the Cboe’s VIX index -- and traded 3.15 million contracts so far this year -- may roll over a huge position today or later this week based on trading patterns going back to July, Pravit Chintawongvanich, head of derivatives strategy at Macro Risk Advisors, wrote in a note. Rolling the trade over -- closing the old legs and refreshing the new ones -- would likely include more than 2 million contracts, around three times the average daily volume of VIX options, according to Cboe data of the past 20 sessions. The trader, who Chintawongvanich has dubbed the “VIX Elephant,” has bought 262,500 December VIX puts with a strike price of 12 and is long a VIX call spread that profits if December futures contracts expire between 15 and 25 -- selling 525,000 VIX calls with a strike price of 25 and purchasing 262,500 VIX calls with a strike price of 15.

  • Politics
    Fortune

    Report: H.R. McMaster Said Trump Has Intelligence of a ‘Kindergartner’

    At a private dinner, National Security Advisor H.R. McMaster reportedly mocked Trump's intelligence, stating that his intelligence was comparable to a "kindergartner." Citing five sources, BuzzFeed reports that during the same conversation he also reportedly called the President an "idiot" and a "dope." A spokesperson for the National Security Council said the story was “false”. Another source said that this wasn't the first time McMaster has called Trump's intelligence into question, citing a separate event where he suggested that Trump was not capable of understanding the issues the National Security Council deals with.

  • The market is nearing a crucial turning point that could crush stocks
    Business
    Business Insider

    The market is nearing a crucial turning point that could crush stocks

    Societe Generale says a 10-year Treasury yield above 2.5% could result in a US equity sell-off. If the yield for the 10-year benchmark note climbs above the crucial threshold of 2.5% that could start working against US stocks that are already close to the most expensive since the dot-com bubble, according to strategists at Societe Generale. Treasurys reaching that level would imply 7% downside for US equities, while an increase to 2.75% could translate to a 15% drop, Societe Generale data shows.

  • Lifestyle
    Investopedia

    5 Money Decisions You Might Regret Later in Life

    The room for error in most money decisions can leave you feeling pressured to make all the right moves now. The good news is we can learn from other people’s experiences to help us make better choices today so we don’t end up saddled with regrets about

  • White House Says Trump Doesn't Really Think He Should Have Left the UCLA Players in Jail
    Politics
    Time

    White House Says Trump Doesn't Really Think He Should Have Left the UCLA Players in Jail

    White House Press Secretary Sarah Huckabee Sanders said that President Trump doesn’t really believe he should have left the UCLA basketball players incarcerated in China, despite his Sunday tweet expressing that exact sentiment. On Sunday, President Trump tweeted, “Now that the three basketball players are out of China and saved from years in jail, LaVar Ball, the father of LiAngelo, is unaccepting of what I did for his son and that shoplifting is no big deal.

  • Broadcom eyes big changes for Qualcomm's patent practices
    Business
    Reuters

    Broadcom eyes big changes for Qualcomm's patent practices

    By Stephen Nellis and Liana B. Baker SAN FRANCISCO (Reuters) - As part of its $103 billion bid to buy Qualcomm Inc, Broadcom Ltd has hinted that it would make big changes to Qualcomm's patent licensing business, a major cash-cow for the company but a source of bitter conflict with regulators and key customers including Apple Inc. But Broadcom has given few details about how it would go about revising Qualcomm's practices. Qualcomm has so far rejected Broadcom's takeover offer, saying the offer undervalued the company and would face regulatory hurdles.

  • Yellen resigns as Fed chair
    Business
    Fox Business Videos

    Yellen resigns as Fed chair

    Forbes Media Chairman Steve Forbes and Moody’s Chief Economist John Lonski react to Federal Reserve Chair Janet Yellen announcing she is stepping down from her role at the top bank.

  • AT&T and Time Warner’s Words May Come Back to Haunt Them
    Finance
    Bloomberg

    AT&T and Time Warner’s Words May Come Back to Haunt Them

    The Justice Department is citing some surprising authorities in its lawsuit to stop AT&T Inc. from buying Time Warner Inc.—namely the companies themselves. Time and again, the complaint quotes from statements and filings by AT&T and Time Warner to make the government’s case that the $85 billion merger would be bad for customers. The Justice Department strategy puts AT&T and Time Warner in the tricky position of having to explain that while, yes, they did write or say those words, they don’t imply what the government says they imply.

  • Exclusive: Saudi prince detention holds up loan to investment firm - sources
    Business
    Reuters

    Exclusive: Saudi prince detention holds up loan to investment firm - sources

    Kingdom Holding's plan to borrow money to fund new investments has stalled because owner Prince Alwaleed bin Talal has been detained in Saudi Arabia's anti-corruption crackdown, according to four banking sources familiar with the matter. Kingdom had approached banks to obtain the loan, but the financing plan has been held up because the lenders are worried about potential repercussions if they lend to the prince's company, the sources said. One of the sources, who was approached for the loan, said it would have been worth roughly 5 billion riyals ($1.3 billion).

  • Business
    Benzinga

    Bill Ackman: Fannie, Freddie Have Increasing Odds Of A Positive Resolution

    Bill Ackman is as bullish as ever on Federal National Mortgage Association (OTC: FNMA) and Federal Home Loan Mortgage Corp (OTC: FMCC), but the two stocks' trading action this year suggests the market isn’t convinced. Fannie Mae and Freddie Mac stocks are trading lower by roughly 30 percent each in what has been an exceptionally strong U.S. stock market this year.

  • How to Quickly Estimate Your Social Security Payment at Various Ages
    Lifestyle
    Motley Fool

    How to Quickly Estimate Your Social Security Payment at Various Ages

    Deciding when to begin receiving Social Security is a personal decision, but that decision shouldn't be made without a clear understanding of the pros and cons associated with claiming early, on time, or late. A lot goes into figuring out how much money

  • Two very different photos show why the US can't process mass shootings
    News
    Quartz

    Two very different photos show why the US can't process mass shootings

    At first glimpse, the Reuters photo above is acutely mundane. Taken outside the First Baptist Church in Sutherland Springs,Texas, it shows a law enforcement officer securing a fence around the site of a shooting rampage that left 26 dead earlier this month. There are plenty of reasons to erect a fence. It’s a crime scene. It begs modesty. It’s a buffer against pain. But I would argue that this photo defies those explanations. Why? Because the image itself is quirky, the “split screen” effect a little artsy. The officer’s body language could be mistaken for someone craning for a view. Mostly though, it’s because the angle floats us, the viewers, above the partition—making the the photo less about

  • Business
    TheStreet.com

    What's the Right Price to Buy a Battered GE?

    has been in a free fall and I'm asked where a good place for a buy entry might be, I look at Fibonacci time and price parameters to help me identify where this might be. On the weekly chart below, I have found a standout support decision where I can define my risk on the buy side.

  • Trump charity stepped up 2016 giving amid campaign scrutiny
    Finance
    Associated Press

    Trump charity stepped up 2016 giving amid campaign scrutiny

    President Donald Trump sharply increased the amount of money he gave away through his foundation last year as the charity drew scrutiny during the campaign. A 2016 tax return posted on the nonprofit monitoring website GuideStar shows that the Donald J. Trump Foundation gave away $3.1 million, more than it did in the prior three years combined. Most of that money came from a fundraiser for veterans held by Trump early last year.

  • Air China suspends North Korea flights, deepening isolation
    World
    ABC News

    Air China suspends North Korea flights, deepening isolation

    State-owned airline Air China suspended flights Tuesday between Beijing and North Korea due to a lack of demand, deepening the North's isolation amid mounting U.N. sanctions over its nuclear and missile programs. The move followed U.S. President Donald Trump's decision to add Pyongyang to a list of governments that support terrorism but there was no indication that prompted Air China's decision. A Chinese foreign ministry spokesman said he had no information. The suspension left North Korea's Air Koryo as the only airline with regularly scheduled service to the North. Its website lists flights to Beijing, Shanghai, Shenyang and Dandong in China and Vladivostok in Russia. Beijing has supported