Retirement, Summer of Giving, and More: Recent Finance News Trends

A look at the finance industry news from PR Newswire in July and August that you might have missed.

 

 

By Jacqueline Gomez | Published Sept. 11, 2023

 

Throughout July and August, PR Newswire distributed over 6,800 finance-related press releases. We know it can be difficult to keep up with all the headlines, so our team has monitored the press releases and in this post, we'll cover some of the major news trends of the past two months.

Among the trends, Americans are feeling increasing pressure when it comes to retirement. Lack of financial planning and dwindling Social Security benefits are just some of the reasons reported by various generations. And even though Americans are tightening their budgets to save, businesses were giving back during the summer months to natural disaster relief, child safety and wellbeing causes, homeless adults, climate innovation, and more.

Finally, we'll also revisit the previous finance blog to follow up on continuing labor market trends. But first, let’s start with some of the most-read finance releases for the last two months.

Some of the Most Popular Finance Releases

These finance industry releases were some of the most-viewed in July and August 2023:

• Realtor.com® 2023 Hottest ZIP Codes in America Reveal Demand for Closer Commutes is Back
• Venmo Small Business Grant Now Accepting Applications to Support Emerging and Small Businesses
• Thoma Bravo Completes Acquisition of Talend
• SBI Life Insurance forays into Metaverse; launches its very first 'LifeVerse Studio' to revolutionize customer experience in an immersive virtual world
• ADP National Employment Report: Private Sector Employment Increased by 177,000 Jobs in August; Annual Pay was Up 5.9%
• Christmas Tree Shops Stores are GOING OUT OF BUSINESS!
• Zillow Home Loans offers a 1% down payment option, opening homeownership to more borrowers

 

Finance News Trends

Here’s a look at some finance-related press releases and the reoccurring trends we noticed among finance news in July and August 2023.

Retirement

No matter which generation you are a part of, there is one thing they all have in common: preparing for retirement. The younger you are, the less chance you have of obtaining Social Security. Even 40% of Baby Boomers have reported feeling Social Security will become less dependable. All generations are looking to their 401(k)s as a primary source of retirement. However, according to a survey by the Transamerica Center for Retirement Studies® (TCRS), members of every generation admitted to taking out an early withdrawal from their 401(k).

Another challenge the younger generations such as Gen Z and Millennials face is the lack of emergency savings and household savings accounts. But while older generations have more savings, they are still working to avoid dipping into their savings in case of a health emergency.

Generation X is the next generation to be quickly approaching retirement age. However, only half are reported to be on track for retirement. The bottom half of earners have little to no savings. 

Two-thirds of Americans feel their financial planning could use improvement in general. Those who feel secure about their financial future have sought advice from financial advisors over family members and friends. 

With nearly 400 finance releases distributed in August and July addressing retirement, social security, and 401(k), here are just a few that caught our eye:

• Retirement Security Across Generations Is Faltering in the Post-Pandemic Environment
• New Report Finds Alarming Retirement Outlook for Generation X
• HealthView Services Outlines New Approach to Automating Portfolio Management to Address Healthcare (and other) Expenses Through Retirement
• Two-Thirds of Americans Say Their Financial Planning Needs Improvement
• Majority of U.S. adults believe Social Security benefits will dry up in their lifetime

Summer of Giving

Whether it was helping kids of military families with supplies to prepare for the school year or giving back during natural disasters, we have seen various businesses aid those in their communities in recent months.

Companies have also found ways to help their customers give back by offering to make a donation if a client signs up for e-statements via their bank or other various avenues to amplify the support of those in need. For example, First Horizon Bank donated to the Ocean and Climate Innovation Accelerator (OCIA).

Companies not only contributed funds to different causes, but they also made commitments as part of their social responsibility to the community. There is no limit to how companies can help their community or environment.

Over the last two months, over 100 published releases mentioned donations and giving back to the community. Read more about the stories that caught our attention during this summer of giving:

• Freedom Mortgage Partners with the USO for 11th Annual Rucksacks to Backpacks Campaign
• TD Bank Donates $150,000 to Vermont Flood Relief Efforts, Offers Customer Support Program
• Vantagepoint A.I. Makes Generous Donation to Pasco Kids First, Reinforcing Commitment to Child Safety and Wellbeing
• Weidner Apartment Homes Donates to We Fortify to Construct Four Tiny Homes for Young Adults Experiencing Homelessness in Colorado Springs, CO
• First Horizon Supports the Ocean and Climate Innovation Accelerator

Follow up on Labor Market Trends and Expenses

In our last blog, we discussed the labor market and consumers' personal expenses. We are still seeing a steady flow of releases being published on the wire on both topics. Consumer confidence in the labor market dipped from July to August, and some numbers point to the possibility of a recession in the next year, with a primary concern being finding a job with a livable wage. 

84% of employees say they are stressed about finances while working. In turn, 75% of companies reported that their employee's financial stress negatively impacts the business. As many employees continue living paycheck to paycheck, some employees are asking organizations to consider offering financial benefits such as access to financial advisors or emergency fund aid as they struggle with personal savings.

Conclusion

From Baby Boomers to Gen Z, every generation faces some degree of uncertainty regarding financial peace of mind about retirement, but seeking professional advice can be beneficial for those looking to plan for a better future. Even with reoccurring expense trends, Americans want other avenues of financial security and aid from their employers. For those who cannot give for economic reasons, they are increasingly looking to do business with companies that donate to support their community.

Moving into the fall season, our team will continue to track these trends for any updates.

 

About the Author

Jacqueline Gomez is a Customer Content Specialist for PR Newswire and Industry Ambassador and has been with the company since 2021. She has a BA in Business Management and is working on her MBA. Outside of work, you can find her sipping coffee or doing yoga. She is also a dog mom of two and a wife. She and her husband will be celebrating their 10th wedding anniversary in August.