Here’s yet another reason to offer a quality 401k. Americans continue to experience their highest levels of personal financial satisfaction due to record job openings and a rebounded market, according to AICPA, the national advocacy organization for accountants.
It means they’re happy about investing, and more workers will walk if employers fail to offer an opportunity to do so.
The number nerds report that the second quarter Personal Financial Pleasure Index measured 27.7, a new all-time high, representing a 0.7 point (2.6 percent) increase from the prior quarter. This positive reading indicates that the average American should be feeling a strong sense of financial well-being.
The number of job openings increased in professional and business services, trade, transportation, warehousing, utilities and several other industries.
In May, the most American workers in 17 years quit their jobs, indicating strength in the job markets as more people appear confident they can find a new job elsewhere, possibly at higher pay.
“A great job market is the perfect time for Americans to shore up their emergency fund, double check they’re making the most of their work benefits, and even consider shopping around to see if there is a better financial opportunity in their field,” Kelley Long, a member of the AICPA’s Consumer Financial Education Advocates, said in a statement. “In these times of increased market volatility, the best thing to do is stay the course, unless you’re near retirement. If that’s the case, then now is a great time to rebalance your portfolio to ensure you have adequate cash set aside, so that when the market does inevitably take a downturn, your retirement plans aren’t affected.”
Inflation is now the leading contributor to the organization’s Personal Financial Pain index, narrowly overtaking taxes which held the distinction for eight consecutive quarters.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
