Americans are living and working longer than ever before. By 2020, 56 million Americans will be 65 or older, and that number will go up to 84 million by 2050. As the aging population grows, more working professionals will juggle work with caring for family members—spanning dependent children to aging parents.
When it comes to the state of financial wellness in the US, the numbers don’t lie: 49% of Americans reported feeling discouraged or pessimistic about their financial situations, and more than a third of US employees report that financial stress has plagued them at work. With all that stress comes some harrowing truths for employers: Employees lose on average 13 hours of productivity per month, and their employers an astounding $250 billion in profit a year, due to worrying about money.
From paying down debt to saving more money, improving your personal finances tops many New Year’s resolution lists. Most resolutions are forgotten by February, but financial health is important enough to maintain all year. And your work can help you do it.
The prospect of a financially healthy future at age 80 feels elusive for many millennials. They have more debt and fewer assets than preceding generations did at the same age. They’re finding their footing in the increasingly multigenerational workplace, but their employment security is slipping away as unions dissolve and a gig economy emerges. By 2034, when the oldest millennials turn 54, Social Security is expected to be insolvent.
The prospect of a financially healthy future at age 80 feels elusive for many millennials. They have more debt and fewer assets than preceding generations did at the same age. They’re finding their footing in the increasingly multigenerational workplace, but their employment security is slipping away as unions dissolve and a gig economy emerges. By 2034, when the oldest millennials turn 54, Social Security is expected to be insolvent.
A recent BuzzFeed poll asked, “millennials, what should we kill next?” There were over 60,000 respondents and 50 categories, and in second place, winning 13% of votes: pennies.
A recent BuzzFeed poll asked, “millennials, what should we kill next?” There were over 60,000 respondents and 50 categories, and in second place, winning 13% of votes: pennies.
Last year, Harvard Business Review investigated a company where women comprise only 20% of senior roles. Their goal was to find out whether differences in gender behavior explained promotion disparities. The researchers perused communication exchanges and data coming from sociometric badges that recorded interactions between employees. They hypothesized that explicit preferences such as women having fewer mentors or less facetime with managers would account for discrepancies. But as they analyzed their data, they found men and women’s work patterns and performances were indistinguishable. And yet women weren’t advancing whereas men were. What gives?
79 cents on the dollar. By now, most of us are well aware of the gender pay gap. Despite its constant coverage, progress toward equal pay has been frustratingly slow. According to research from the Institute for Women’s Policy Research, if change continues at its current pace, women will not reach pay parity until 2059. And for women of color, the rate of change is even slower: Black and Latino women will be waiting until 2124 and 2233 respectively.
79 cents on the dollar. By now, most of us are well aware of the gender pay gap. Despite its constant coverage, progress toward equal pay has been frustratingly slow. According to research from the Institute for Women’s Policy Research, if change continues at its current pace, women will not reach pay parity until 2059. And for women of color, the rate of change is even slower: Black and Latino women will be waiting until 2124 and 2233 respectively.
Last year, Harvard Business Review investigated a company where women comprise only 20% of senior roles. Their goal was to find out whether differences in gender behavior explained promotion disparities. The researchers perused communication exchanges and data coming from sociometric badges that recorded interactions between employees. They hypothesized that explicit preferences such as women having fewer mentors or less facetime with managers would account for discrepancies. But as they analyzed their data, they found men and women’s work patterns and performances were indistinguishable. And yet women weren’t advancing whereas men were. What gives?
The Lost Generation came of age during World War I. The group’s swift loss of innocence distinguished them sociologically from generations that preceded it. The label of “Lost” was popularized by Ernest Hemingway in A Moveable Feast, and every generation since has been segmented, named, and analyzed for their particularities: the heroes of The Greatest Generation, the traditionalists of the Silent Generation, the optimistic Baby Boomers, the slackers of Generation X, the cynical Millennials.
The Lost Generation came of age during World War I. The group’s swift loss of innocence distinguished them sociologically from generations that preceded it. The label of “Lost” was popularized by Ernest Hemingway in A Moveable Feast, and every generation since has been segmented, named, and analyzed for their particularities: the heroes of the Greatest Generation, the traditionalists of the Silent Generation, the optimistic Baby Boomers, the slackers of Generation X, the cynical Millennials.
In 1780, the prescient John Adams wrote to his wife about his children: “I must study Politicks and War that my sons may have liberty to study Mathematics and Philosophy… in order to give their Children a right to study Painting, Poetry, Musick, Architecture, Statuary, Tapestry and Porcelaine.” His words evoke an early vision of the American dream: that each generation can surpass the achievements of the previous. But they also speak to an intergenerational harmony of the time—a harmony that seems to have been lost today.
In 1780, the prescient John Adams wrote to his wife about his children: “I must study Politicks and War that my sons may have liberty to study Mathematics and Philosophy… in order to give their Children a right to study Painting, Poetry, Musick, Architecture, Statuary, Tapestry and Porcelaine.” His words evoke an early vision of the American dream: that each generation can surpass the achievements of the previous. But they also speak to an intergenerational harmony of the time—a harmony that seems to have been lost today.
Today’s workplace is filled with benefits designed to fit the needs of a contemporary workforce. Flexible hours, remote work options, and company-wide wellness programs reflect a shift to prioritize employee well-being. Other life-related benefits—like paternity leave or an on-site office doctor—show a commitment to accommodating the needs of employees. The way that these workplace benefits have evolved is no accident: companies examine data that tell them which have the best payoffs, most closely meet the needs of their workforce, and align with company goals. Often these goals include making employees feel happier, and in turn more productive and loyal.
Today’s workplace is filled with benefits designed to fit the needs of a contemporary workforce. Flexible hours, remote work options, and company-wide wellness programs reflect a shift to prioritize employee well-being. Other life-related benefits—like paternity leave or an on-site office doctor—show a commitment to accommodating the needs of employees. The way that these workplace benefits have evolved is no accident: companies examine data that tell them which have the best payoffs, most closely meet the needs of their workforce, and align with company goals. Often these goals include making employees feel happier, and in turn more productive and loyal.
Achieving both short- and long-term happiness might sound like a paradox: what feels good in the short-term may not necessarily sustain our well-being for the long haul. Strategic consideration around how money is spent can help reconcile the tension. It is up to us to determine how we can maximize money’s utility to help us achieve happiness.
Achieving both short- and long-term happiness might sound like a paradox: what feels good in the short-term may not necessarily sustain our well-being for the long haul. Strategic consideration around how money is spent can help reconcile the tension. It is up to us to determine how we can maximize money’s utility to help us achieve happiness.
If your approach to money is “more is more,” you are probably not alone. When it comes to the relationship we have with our own money, however, what counts is how it was earned. It turns out self-reliance, a tried and true philosophy touted by philosophers from Nietzsche to Emerson, can provide the framework for our financial well-being.
If your approach to money is “more is more,” you are probably not alone. When it comes to the relationship we have with our own money, however, what counts is how it was earned. It turns out self-reliance, a tried and true philosophy touted by philosophers from Nietzsche to Emerson, can provide the framework for our financial well-being.
