(ABC4) – A report from the Federal Reserve Bank of New York shows that Americans added $333 billion of aggregate household debt in the fourth quarter of 2021, which is a greater increase than any time in the last 14 years.
The addition brings the national total to $15.58 trillion, and while some politicians have spoken out about the national debt, everyday Americans are reportedly feeling the mental burden of financial stress.
The report from the Society for Human Resource Management and Morgan Stanley shows that, as of June, almost a third of working Americans experienced finance-related anxiety, and a fifth experienced depression as a result.
The numbers are even high for those who are unemployed.
The issue suggests that corporations may invest in financial well-being programs, gaining a recruiting advantage by offering incentives to those choosing a new job.
New York’s largest health care provider, Northwell Health, has done just this, introducing a financial planning program as a tool for their employees to use as a part of their company.
By reducing a sense of anxiety in the workplace, companies anticipate that their workers will be, in fact, more productive.
HoneyBee, for example, aims to “help companies provide access to financial support to their employees.”
Industry professionals point to the unique element of today’s workforce – five generations working together, which makes it hard for employers to cater to their workforce.
When it comes to federal spending, Utah senator Mitt Romney makes the point that, as a solution, we will either have to find a way to increase revenue (which he says he doesn’t favor), or find a way to adjust our long-term benefits, “not for current retirees,” but for young people coming along.
Romney makes the claim that if we do not find a way to balance our programs, we’ll find ourselves in a heap of trouble.