UpTogether’s Post

Insightful blog article by Steve Burns on seven key factors contributing to the struggles of the poor and middle class to build wealth. Burns describes the challenges facing the poor and middle class in building wealth as "multifaceted and interconnected" requiring comprehensive solutions involving personal responsibility, policy interventions, improved financial education, and efforts to create more equitable economic systems. #povertytrap #financialliteracy #financialprogress #SDGs https://lnkd.in/gMeVNqrg

To achieve our mission of economic opportunity for all, we are actively working to close the racial wealth gap. However, AANHPI communities are too often left out of conversations about economic inequality and financial empowerment. Let's ensure everyone is included in this critical dialogue. https://lnkd.in/eAUdSvPq #FinanceFriday #PersonalWealth #SmartMoney

7 Reasons the Poor Stay Poor and the Middle Class Doesn’t Become Wealthy In today’s complex economic landscape, the persistence of poverty and the challenges the middle class faces in building wealth are pressing issues. Understanding the factors contributing to these financial struggles is crucial for individuals and society. This article explores seven key reasons why the poor often remain in poverty and why the middle class frequently struggles to accumulate significant wealth. https://lnkd.in/db_VYrG4

Are you wealthy? These are the median net worth numbers across 5 social classes in the US: Poverty Class (Bottom 20%): 6,030. This group typically includes younger individuals with significant student debt or low-wage jobs. Lower-Middle Class (Next 20%): $43,760. This pack typically includes young families and early-career individuals who save and invest modestly. Middle Class (Middle 20%): $104,700. This includes individuals in their forties who have paid off some debt and accrued home equity. Upper-Middle Class (Next 20%): $201,800. This group often enjoys more discretionary income and benefits from long-term investments. Wealthy (Top 20%): $608,900. This group often represents older individuals who have accumulated significant savings and investments.

Financial literacy, income levels and mental wellbeing all play significant roles in your relationship with your money, the latest Sanlam Financial Confidence Index shows.

Financial literacy, income levels and mental wellbeing all play significant roles in your relationship with your money, the latest Sanlam Financial Confidence Index shows.

Following a 2021 that saw ALICE (Asset Limited, Income Constrained, Employed) caught in the crosscurrents of higher wages and costs, diminishing public supports, and other economic forces, what did 2022 bring for these families living paycheck to paycheck? Dive in with #UnitedForALICE for “ALICE in the Crosscurrents: An Update on Financial Hardship in New Jersey,” with findings from #oneyearlater and trends emerging over time. Read the Update: https://lnkd.in/ejM2Jddy And check out exclusive coverage from Juliana Kaplan and Noah Sheidlower, Business Insider: https://lnkd.in/euZ5uEri #ALICE2024 #economy #poverty #workingpoor

Young South Africans are more confident about their financial destinies, reveals Sanlam index Financial Confidence: The Sanlam Financial Confidence Index shows that young South Africans, particularly Generation Z and Millennials, are more confident about their financial futures. Financial Literacy: Education, income, and employment significantly impact financial confidence and wellbeing. Money Conversations: Talking about money is becoming less taboo, with more South Africans eager to learn and improve their financial skills. Psychological Insights: Experts recommend setting financial goals, budgeting, and seeking professional guidance to manage financial anxiety and build confidence. https://lnkd.in/dP-7bk3i

Following a 2021 that saw ALICE (Asset Limited, Income Constrained, Employed) caught in the crosscurrents of higher wages and costs, diminishing public supports, and other economic forces, what did 2022 bring for these families living paycheck to paycheck? Dive in with #UnitedForALICE for “ALICE in the Crosscurrents: An Update on Financial Hardship in New York,” with findings from #oneyearlater and trends emerging over time. Read the Update: https://lnkd.in/eTk-Tm6N #ALICE2024 #economy #poverty #workingpoor

By this winter, worryingly, 423,000 more households are expected to become “extremely financially vulnerable”. The highest rates can be found in single earner families with children. Read Baringa's analysis on this pressing topic to learn more. By openly discussing this challenge, businesses can better understand customer needs and proactively plan for potential payment defaults, fostering greater economic resilience and helping customers avoid further distress. https://lnkd.in/eyygTfzP