![]() Each company (PICA, PLAZ, PLNJ, FLIAC, PAD) is solely responsible for its own financial condition and contractual obligations.įortitude Re is the marketing name for FGH Parent, L.P. Variable Annuities and Variable Life Insurance are distributed by Prudential Annuities Distributors, Inc. Fortitude Re has retained PICA as an unaffiliated Third-Party Administrator. nor Assurance IQ issues, underwrites, or administers health plans or health insurance policies.Īnnuities and Life Insurance are issued by Prudential Financial companies The Prudential Insurance Company of America (“PICA”) or Pruco Life Insurance Company (“PLAZ”) (in New York, by Pruco Life Insurance Company of New Jersey (“PLNJ”)), all located in Newark, NJ (main office), or an unaffiliated third-party issuer: Fortitude Life Insurance & Annuity Company (“FLIAC”), located in Jersey City, NJ. ("Prudential") matches buyers with products such as life and health insurance and auto insurance, enabling them to make purchases online or through an agent. Investment advisory products and services are made available through Pruco, a registered investment adviser.Assurance IQ, LLC a wholly-owned subsidiary of Prudential Financial, Inc. Prudential Stages is an umbrella marketing name for Pruco Securities LLC, (sometimes referred to as “Pruco”) doing business as Prudential Financial Planning Services, pursuant to a separate agreement. “There’s a tremendous opportunity now to fill the gaps in our social safety net and give people the flexibility they need to thrive.”įor more, see the fact sheet: Financial Wellness Census Special Report. ![]() “Americans need more than stimulus, they also need time and support for caregiving,” Frias says. The vast majority of respondents said the government needs to prioritize more solutions for child care and caregiving (78%), and step in to allow more employees access to paid family leave (80%). Employers with existing plans may look to offer guaranteed income solutions to help ease older employees into retirement with enough savings to last. Smaller employers can take advantage of increased opportunities to create open multiple-employer plans under the SECURE Act. While many employers are struggling, Frias says they nevertheless are in a powerful position to help their workers-and possibly their bottom line as well. We need to do more to ensure equal access to financial advice and opportunities, especially for the most vulnerable.” It’s an even bigger problem for women and in communities of color. “Instead, many are borrowing from their futures to pay for today. “For those in their prime working years, this is the time to build up retirement savings,” Frias says. Yanela Frias, president of Prudential Retirement, finds those statistics alarming. Since the pandemic hit, only 6% of Americans have created a formal financial plan for the future. To supplement or replace lost income, many Americans have turned to selling possessions (35%), drawing on savings (33%), or borrowing from family and friends (31%). “Job losses don’t tell the whole story, as even many of those still at work are under greater strain from pay cuts or increased caregiving and childcare needs.” “The pandemic has plunged many Americans into a desperate struggle to pay their rent and other bills, and feed their families,” says Jamie Kalamarides, president of Prudential Group Insurance. The challenges are even more acute among women, and Black Americans-42% of women and 52% of Black Americans have an annual household income under $30,000. Nearly two-thirds of those employed (61%) said they are finding it increasingly difficult to keep up with financial obligations. Household incomes have plummeted even as unemployment has fallen, with 36% of respondents below $30,000 in annual household income, compared to 19% in May. The survey, conducted by Morning Consult on behalf of Prudential Financial, found that nearly half (46%) of Americans describe themselves as financially struggling, up from 22% in Prudential’s May 2020 Financial Wellness Census. 40% say it’ll take years to recover financiallyĪ year into the COVID-19 pandemic, a Prudential survey finds that Americans are increasingly focused on near-term survival over planning for their future, painting a grim picture of the economy as millions await vaccines, government stimulus checks and measures to reopen businesses and schools safely.Only 6% of Americans have created a formal financial plan.35% of those with income disruption have sold items they own 31% have borrowed money from family or friends.Nearly half (46%) of Americans describe themselves as financially struggling.
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