Category: Brandpoint Business & Finance

2024-06-29T10:01:00

(BPT) – Have you set your employees up for success? While you may think you’ve given them all the tools needed to perform proficiently, if generative AI (GenAI) isn’t one of them, employees are operating at a disadvantage and you risk falling behind.

How can GenAI help your employees? According to Coveo’s EX Industry Report, “Can Generative AI Empower Employees to Do More on Their Own?” 40% of U.S. and U.K. employees think GenAI can help them find things faster by personalizing their intranet use.

The report’s findings provide other powerful insights into what employees want from workplace GenAI. Check out these six findings and the key takeaways you can implement at your organization.

1. Humans preferred

Employees continue to be the foundation of a great customer experience. Even when customers prefer self-service, 64% of them say the experience would be improved if they had a human on standby should something go wrong.

Key takeaway: Using GenAI isn’t about replacing human employees. Rather, it’s a tool that enables customers and employees to improve the customer experience and their own proficiency.

2. Lacking the right information at work leads to frustration and burnout

When employees can’t find the answers or resources they need to do their job, dissatisfaction is sure to follow. According to the study, one-third (34%) reported frustration and burnout due to inadequate tools. Also, 30% felt less confident in their work quality and information-sharing skills.

Key takeaway: Customers want information, so it’s imperative to empower your employees to give them accurate answers. Tools like GenAI-powered search can enhance your workforce’s capability, ultimately decreasing employees’ frustration, fatigue and turnover.

3. Knowledge of GenAI workplace policies is limited

Do you have a GenAI policy in place, and are your employees aware of it? Nearly 60% of respondents in the U.S. and U.K. said their workplace lacked a GenAI policy or they were unaware of one. Interestingly, awareness was highest among executive and senior management (75%), while junior staff at the largest organizations were least likely to be informed.

Key takeaway: If you don’t have a GenAI workplace policy, it’s time to create one. Many publicly available GenAI tools can expose organizations to risks from security, IP, hallucinations and more. It’s important for employees to know how to benefit from GenAI while protecting your brand, themselves and your customers. Once you have a policy, it’s vital that everyone in the company in every department is informed about the policy.

4. Is it a hallucination or not? Employees often can’t tell if they’ve encountered a GenAI hallucination.

Hallucinations are convincing, inaccurate answers generated by AI, and they’re more common than you may think. One-quarter of survey respondents said they had encountered a hallucination, while almost a third were unsure. Hallucinations can potentially bog down employees with inaccurate information that they may pass on to clients.

Key takeaway: GenAI workplace training can help employees spot hallucinations and protect your company’s integrity. You can take it a step further by providing your workforce with a trusted GenAI platform vetted by your organization that is known to provide accurate information. Who are large enterprises trusting? Many are using AI platforms like Coveo’s that leverage more than a decade of AI experience to help bring search, recommendations, personalization and now generative answering to every point of the employee experience.

5. Employees are keeping guardrails up due to a lack of trust in GenAI tools

Employees are curious about GenAI, but they have their misgivings. Because of hallucinations and a general lack of trust in GenAI tools, employees are wasting valuable time checking AI-generated answers. In fact, over one-third always fact-check generated answers. Staff and management trust enterprise-approved tools more than public ones but still fact-check.

Key takeaway: Help your employees become familiar with uses for GenAI at the workplace and provide them with tools they can trust. By doing so, they’ll be less likely to waste time double-checking AI-generated answers and more time serving customers.

6. While companies evaluate GenAI tools, employees are forging ahead using publicly available (and potentially untrustworthy) tools

If your company hasn’t selected and implemented GenAI tools, you risk your employees using non-permitted tools on their own. How prevalent is non-permitted tool use? According to the report, the phenomenon was shockingly highest among IT personnel (24%) and executive leadership or software development (21%).

Key takeaway: Given the prevalent use of GenAI among executives and tech-savvy workers, companies must clarify the rules and risks around the use of public generative tools. To avoid the risk altogether, organizations should consider leveraging tools that meet the security, accuracy and relevance that will benefit employees and deliver measurable business results.

Enable your people or risk being left behind

It’s clear that implementing GenAI tools in your organization is paramount to staying relevant in today’s fiercely competitive digital arena, where employee and customer expectations have changed. If you’re not leveraging AI today, you are choosing to compete against it. And if you don’t enable your people with the right tools to be successful at their jobs, you run the risk of them using unsafe tools on their own. If you’re hesitant to do so because you think it will require a complete overhaul of your existing intranet, think again.

You don’t need to overhaul your tech stack to empower your employees to work more effectively and productively using AI. There are flexible and composable tools like the Coveo AI Platform that can integrate with the tools you already use, and the tangible business results you can track will be worth the investment. To learn more, visit Coveo.com.

2024-06-28T07:01:00

(BPT) – Thinking about selling your car on your own? Although selling a car yourself can be challenging, it’s a great way to possibly get more money from your used vehicle than a dealer’s trade-in offer might provide.

Whether you’re looking to upgrade to a newer model or simply want to add cash to your savings account, your top priority should be getting the highest possible value for your car. Luckily, there are steps you can take to increase the value of your car before putting it up for sale.

Prepare your car ahead of time.

• A clean and well-maintained vehicle is more likely to attract potential buyers and command a higher sales price. Spend some time cleaning both the inside and outside of your car to freshen it up, such as cleaning the tires, giving your glass a once-over with glass cleaner, installing new floor mats and cleaning the seats.

• Small repairs can make a big difference in your car’s perceived value. A well-maintained and repaired car shows potential buyers that you have taken good care of it and that it’s in good, safe and drivable condition.

• Organized service and maintenance records demonstrate to prospective buyers that your car has been properly taken care of over time. Make sure you have all of your car’s maintenance and service records on hand to show interested parties. A CARFAX^® Vehicle History Report™ may also be helpful to provide additional details on your car’s history.

• A professional mechanic can identify any underlying mechanical issues with your car during a thorough inspection. Addressing these issues before selling can prevent potential buyers from negotiating a lower price due to necessary repairs. It also lets buyers know that the car has been well-maintained during your ownership and that there won’t be any surprises.

Before selling, research and set the right price.

• Determine the vehicle’s market value. Consider factors like the make, model, year, mileage and overall condition of the car to find a fair price. You can also easily learn your car’s value and could get an instant cash offer from a TrueCar-Certified Dealer through the Navy Federal Credit Union Car Buying Service, operated by TrueCar.

• Market your car in the best light possible, and that means being deliberate with your photos. Park it in an attractive setting with good lighting. Make sure the car looks clean and avoid highlighting any dents or scratches. Advertise the car on various channels, such as social media, car sale websites or sales forums.

• Don’t rush the process! You want to take your time to find the right buyer who is willing to pay the price you’re asking for. Be open to negotiation, but don’t settle for a price that’s too low.

Adding value to your car doesn’t have to be an expensive process. With a few simple tricks like cleaning, minor repairs and thorough research, you can maximize your car’s potential profitability.

While your car is up for sale, make sure you’re considering your next auto purchase. Apply your car’s value to your new purchase budget, then turn to Navy Federal’s auto resources to explore loan options and much more.

Navy Federal Credit Union is federally insured by NCUA.

2024-06-27T12:01:00

(BPT) – By Lisa Grayston, general manager of commerce, Coveo

What do consumers want from an online shopping experience? What are retailers doing right? What are they getting wrong? For the fourth year, Coveo conducted a study to take the pulse of the industry. In our 2024 Commerce Industry Report, “With Overwhelming Choice, What Really Drives Shopper Purchase Decisions?” we outline our findings. Some of what we discovered might surprise you. Hint: It has to do with digital impatience.

Just a decade ago, digital impatience didn’t exist. We were more than happy to wait a few minutes while our computers fired up and were delighted by the ability to search for things online (no matter how clunky the search was). But today? Everyone has a smartphone. You want something? It’s quite literally in the palm of your hand and can be on your doorstep the same day. Not sure which movie you want to stream this weekend? Netflix has your back with personalized recommendations just for you based on what you’ve previously watched.

That’s what consumers expect today. Not merely having their needs met immediately, but having those needs and wants anticipated. When we don’t get this personalized experience? The result is digital impatience.

It’s important to retailers because, if they’re not delivering a personalized, tailored experience that delivers relevant results quickly, consumers can go elsewhere with the click of a mouse or the tap of a finger.

With that in mind, here are the top four shopper issues and trends we found in the 2024 Commerce Industry Report, along with takeaways for retailers.

1. Consumers have high expectations for online experiences but aren’t satisfied. Almost all consumers, 91%, expect online shopping experiences to match or exceed in-store experiences, but almost half, 49%, say they still encounter problems online. They find sites are slow, have too many choices, and are difficult to search or filter down to what they’re looking for. In short, it’s frustrating.

Key takeaway: Shoppers want retailers to rethink product discovery with a healthy dose of AI to streamline their path to purchase: injecting an intelligence layer into a site that provides them with personalized search suggestions, dynamic filters that adjust to each request, and generative AI that gives advice like a good store associate would.

2. Seventy-two percent expect generative AI to enhance their online shopping experience. People want pre-purchase education on products and their attributes and many expect a virtual assistant to help guide them on their product selection journey. They want and expect ChatGPT-like technology as their personal shopper.

Key takeaway: Customers want retailers to showcase their expertise and help summarize and educate them about the products they’re looking for. A way to accomplish this is through a generative answering solution across all of a retailer’s rich content — everything from blogs, articles, how-to guides — to offer expertise and gain the shopper’s trust at the beginning of their shopping journey. Questions such as “what type of paint should I use for a children’s outdoor playground?” can easily be answered by a well-trained and grounded generative AI solution, which can then lead to a more efficient shopping journey, increasing shopper satisfaction and reducing bounce rate and returns.

3. Shoppers are open to sharing data for a more personalized experience … to a point. The survey found 54% of respondents are happy to share personal information if it improves their experience. Even more, 65%, said they will do so for brands they trust, or if they get better deals and offers as a result. That’s a 20 point increase in willingness to share their information from the previous year’s results. But, it’s a bit of a paradox because this year, more people are concerned about how their data is used by online retailers. It’s clear there needs to be a balance.

Key takeaway: Retailers need to focus on collecting only the data that will enhance the consumer experience. Advanced AI personalization techniques that can detect a shopper’s intent as they interact on a site and do not require you to have a profile or login to be effective is a way to accomplish this delicate balance between personalized shopping and data sharing.

4. Post-purchase continues to be a problem and a big opportunity to win customer loyalty and prevent digital impatience. Admit it, when you buy something online and it isn’t right, do you return it or just save yourself the hassle and eat the cost? You’re not alone. Almost half of respondents have experienced a customer service problem when interacting with a business, specifically online with navigation and search issues preventing them from resolving problems or questions.

Key takeaway: This is about creating a better experience for the customer, before, during and after a sale. By using the same AI platform to unify around the customer and identify important commerce touch points, retailers can meet customers where they are at in their journey and create a seamless experience.

In summary, retailers need to up their AI game in order to meet customer expectations. A company’s brand and customer loyalty depend on it.

2024-06-12T12:19:00

(BPT) – For recent high school and college graduates, these life transitions often bring dramatic change — as well as opportunities to learn and grow. As young adults embark on these milestones, learning how to handle their own finances is key. While a great way to learn these skills is by doing, it pays to have a little help along the way.

To support recent grads navigating their increasing independence, here are tips to help them develop good financial habits as they pursue their educational goals, begin their career, and beyond.

1. Talk it out

One of the best things you can do is be open to having candid conversations about money. As parents, discussing the challenges, accomplished goals and pitfalls of finances with kids who are becoming adults can be hugely impactful. Don’t shy away from sharing your own mistakes, explaining what you learned from them, and letting them see that the financial journey doesn’t come easily to everyone — with or without mistakes. Help them talk through their money decisions and discuss financial goals they want to set.

If you’re a recent grad embarking on your own for the first time, decisions about where to live and how to manage your money can be overwhelming. Don’t be afraid to reach out to parents or other trusted family members who may have advice and guidance to help you navigate these new experiences.

2. Use tools designed for young people

Financial tools and resources, including checking accounts, can help high school students, college students and recent grads manage their money with confidence.

• Chase High School Checking is an account with tools and resources for students aged 13-17 that is co-owned by the parent to provide oversight and monitoring, with no monthly service fee.
• Chase College Checking is created for students aged 17-24, giving them the confidence they’ll need to help manage their money independently, again with no monthly service fee up to the graduation date.

Both checking account options can help high school and college students gain financial independence while teaching them how to budget, save and spend wisely. Plus they come with the benefit of having direct deposit, to receive and monitor funds more easily while tracking expenses each month.

3. Consolidate money tools

If you’re just getting started with using online budgeting tools and trackers, it’s tempting to download all of the latest apps to help, but learning how to budget and manage money is easier and more convenient if you do all those things through one app rather than using multiple to keep track of your money.

Chase student checking accounts offer account alerts, the ability to track spending, plus use Zelle^® to quickly send and receive funds with friends, among other helpful services — all in one place, the Chase Mobile^® app.

4. Track income and spending

Teaching your recent grad how to monitor how much money they’re earning, plus tracking where and how they’re spending, is vital as they begin living more independently. It’s crucial to understand the difference between needs versus wants, some of the basics of budgeting, to help establish these habits early in life and better prepare them for future financial stability.

5. Enjoy today while planning the future

Today’s generation is on-the-go and action-oriented, hoping to leave the world better than they found it. They are often focused on a future they may sometimes doubt. Similarly, much of what you do today is in the hope of a better future. Even steps that may seem small or unimportant truly add up — like saving for an emergency fund or other future financial goals. Staying focused on long-term goals or establishing the routine of healthy habits will make the seeds being planted today lead to growth in the future.

Explore more tips, financial resources and tools at chase.com/studentbanking.

Bank deposit accounts, such as checking and savings, are subject to approval.

Chase Mobile^® app is available for select mobile devices. Message and data rates may apply.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC.

2024-06-10T08:01:00

(BPT) – Ramen noodles have become a reliable barometer of the economy. Think about it: When the going gets tough, noodle sales rise as consumers turn to goods that help them stretch the power of their dollar. And how is the economy performing right now? Noodle sales have been strong for months, with consumers trading down on purchases to offset the rising costs of food and other essential goods.

These kinds of insights on consumer spending are critical for business success, as they highlight key trends that can help small business owners, and the companies that serve them, chart the best path for growth.

For those looking for information that is a bit more clear cut than ramen noodle sales, the Fiserv Small Business Index is a simple tool providing data at the national, state and industry levels by analyzing consumer transaction data (card, cash and check) at approximately two million U.S. small businesses.

What’s the data showing?

Here are some insights from the index:

• The pace of consumer spending at small businesses accelerated in the first quarter of 2024, growing 3.4% compared to 2023
• Foot traffic is also up considerably, growing 5.3%

However, at the same time, average transaction sizes are decreasing. In other words, while total spending and transactions are up, consumers are spending 2.4% less each time they’re at the checkout counter (meaning they are buying less or trading down for less expensive items, like those ramen noodles).

Where’s the money flowing?

Roughly 40% of all incremental spending in the first quarter went toward experiences rather than goods. For example, people are spending on dining out and lodging away from home, plus fun activities like sporting events, traveling for spring break or holidays — or to watch the solar eclipse.

In fact, compared to 2023, 28% of every incremental dollar that consumers are pouring into the small business ecosystem is going to restaurants.

How data can spur growth

Small businesses that have access to actionable insights are in a position to make better business decisions. As inflation impacts the economy, the Fiserv Small Business Index reveals how consumer spending across small businesses is changing in response.

Armed with that information, savvy business owners can make strategic decisions regarding how and what they’re selling, allowing them to better serve customers and capture a bigger share of wallet. Here are some examples of those kinds of decisions:

Offer multiple payment methods

Different age groups prefer to pay in different ways. Make it easy for all your customers to buy by allowing them to pay the way they prefer, whether that’s via credit card, debit card, mobile wallet, cash, check, bank or even gift card.

Popular point-of-sale platforms like Clover from Fiserv make it easy for small businesses to provide customers with a range of payment options and a seamless shopping experience.

Promote more budget-friendly options

Although consumer spending is resilient, what consumers are buying is changing. As inflation pushes the cost of goods higher, consumers seek to get more bang for their buck.

Businesses looking to combat inflationary impacts on consumers should consider how to drive their own sales through budget-friendly offers: discounts, bonuses and other promotions — or by selling less expensive alternatives to high-priced goods.

Create appealing experiences

Businesses that sell experiences, notably in the restaurant, travel and leisure spaces, are reaping the rewards of shoppers who are increasingly buying things to do instead of physical goods.

Small businesses can capitalize on this trend by creating engaging experiences that make sense for their particular business. For example, an art gallery can host pottery classes, an Italian deli can offer pasta-making lessons, or your business could provide a membership program letting customers tap into special events.

Consider local expansion

As a business grows, opening a new store presents the opportunity to reach more customers, but deciding when and where to open that new shop can be complex.

By analyzing how comparable businesses are performing in potential locations, a small business owner can pinpoint their most advantageous expansion opportunity based on consumer spending patterns in those markets.

“Understanding trends and making the most of them can make a huge difference for any small business,” said Prasanna Dhore, chief data officer at Fiserv. “Right now, businesses that can offer consumers a memorable experience are especially well positioned to succeed.”

Small businesses, and the businesses that serve them, should be optimistic as consumer spending remains resilient despite inflation, and using current data can help them keep their fingers on the pulse of consumer needs and wants.

For more information on the health of small business, visit the Fiserv Small Business Index at fiserv.com/smallbusinessindex.

2024-05-13T15:59:00

(BPT) – So, you’re ready to buy your next car. Are you considering going through a private seller? If you haven’t bought a car from a private seller before, you may have some concerns and questions. To help you navigate the private seller market, Autotrader — one of the most comprehensive vehicle marketplaces — offers the following eight tips to help you purchase your next car with ease.

1. Do your research

Before you begin looking at car listings, do your homework. Narrow down which cars fit your needs and lifestyle. Once you have a handful, research common issues and going rates for specific car makes, models and years. Arming yourself with this information will allow you to enter the world of private car sales with confidence.

2. Create a budget

Once you know which cars you’d like, create a budget and stick to it. If you don’t have a clear picture of your finances, take the time to track your income and expenses. Once you know how much money you have to work with, set a realistic price range and see which cars on your list make the cut.

Remember, your car expenses are more than just the monthly loan payment and average monthly fuel costs. You’ll also need to account for car insurance, scheduled maintenance and other related expenses. You can use a handy tool like Autotrader’s monthly car payment calculator to factor in all your costs.

3. Find private seller listings

Locating private seller car listings isn’t as difficult as you may think. Do a deep dive into the classified ads, neighborhood chat boards and online platforms. If you’ve narrowed down your choice to a specific model, a website like Autotrader can help you find options based on a make, model and year.

4. Ask the right questions

When you find a car with potential, it’s time to contact the seller. As you discuss the vehicle, come prepared with a list of questions. During your chat, find out why the owner is selling the car, how long they’ve had it and where they got it. Ask if they can provide a vehicle history report that details any accidents and repair history as well as maintenance history and if any warranties still apply.

5. Arrange a trial run

If the seller answered your questions to your satisfaction, your next step should be setting up an appointment to see the car and get behind the wheel. During your test drive, you can experience how it handles and if the vehicle matches your expectations. Make sure to note any strange noises and odd vibrations.

When meeting with a private seller, insist on meeting in a public place during the day and bring a friend or relative. You’ll feel more secure, and your buddy can help you spot any problems or concerns you may have missed.

6. Schedule a professional inspection

Even if the car seems to be in the exact condition the seller specified, ask to take it to a third party, like your trusted mechanic, for a professional inspection. A professional inspection can help you detect any problems that might not be obvious just by looking at or driving the car. Inspections tend to cost $100-$150, and they’re well worth the cost for your peace of mind.

7. Negotiate price and discuss payment

Negotiating the price of a car can sound intimidating, but it’s a common part of the buying process when purchasing a vehicle from a private seller. Remember, be respectful but firm. Don’t be afraid to walk away if the price is outside your budget or you feel that the car’s condition doesn’t reflect its value.

If you agree to purchase the car, talk with the seller about how they’d like to receive payment. There are many ways you may be able to pay for a car, including cash, certified checks, bank transfers and digital payment platforms, just to name a few.

8. Don’t forget the paperwork!

Finally, make sure all the paperwork is in order. The seller must transfer the vehicle’s title to the buyer to complete the transaction. Check your state’s requirements for bill of sale, car registration, and any applicable taxes or fees.

Simplifying car buying (and selling!)

You can simplify buying from a private seller by using Private Seller Exchange on Autotrader. Private Seller Exchange on Autotrader will verify the seller’s identity, provide a platform to chat with the seller, allow you to schedule a test drive, make offers online, confirm a car’s ownership and accident history, and provide a secure payment platform. Best of all, once you’ve purchased the car, you can use Private Seller Exchange on Autotrader to arrange car pickup or have it delivered to your door!

By using Private Seller Exchange on Autotrader, you can proceed with a private car sale with convenience, security and ease. Sellers can also use the platform to list and sell their cars!

Are you ready to buy your next car? Use these 8 tips to make purchasing from a private seller a breeze. Visit Autotrader.com/Marketplace for more information and to view a “How It Works” video.

2024-05-08T07:01:01

(BPT) – Defying the oceans on a 12 meter sailboat — while reaching speeds of 17 knots — to cross the finish line first, showing resilience, courage and great strategic skills: this is Sailing into the Future. Together, the challenge launched by IBSA, the Swiss multinational pharmaceutical company, which chose sailing to tell a great story of sport and sustainability.

In March 2022, IBSA launched an ambitious project: providing talented Italian sailor Alberto Bona with all the tools to promote sharing and inclusion through the thrilling sport of sailing.

After over two years and seven regattas, the Class40 IBSA arrives in the United States to finish the Transat CIC — one of the most difficult crossings of the Atlantic Ocean. Starting on April 28 from Lorient, one of the most famous French ports in ocean sailing, the regatta includes 48 solo sailors navigating to New York, along a challenging and dangerous route, due to the presence of icebergs, fog, currents and very strong winds.

This year marks Alberto’s third season aboard the Class40 IBSA. Bona was the winner of the Class40 International Championship, ranking as the first-place skipper based on his finishes in 2023. He is one of the two favorites among the 13 participants in the Class40 category and is ready to take on the challenge.

Earlier this year, the Class40 IBSA was completely overhauled in a French shipyard. The hull underwent several adjustments to prepare the boat to face the grueling North Atlantic crossing, a completely different experience from previous regattas which ended in the Caribbean, a destination much easier to reach and safer to navigate than the northwestern coast of the United States.

“It’s as if we had been preparing for this regatta for two whole years,” said Bona. “Each challenge has its own unique ingredients, but the Transat CIC contains them all: when sailing solo, I will face complex weather conditions; the boat will often have to navigate at risky and difficult speeds. I will have to manage my opponents, the icebergs, the fog and the currents; in short, the perfect regatta in terms of difficulty and exciting like no other. A regatta in which, as in all my endeavors, I will feel all the IBSA people at my side: indeed, they will follow me through the tracking system and encourage me with their messages.”

With this multi-year project, sailing becomes an effective means of reaching a wide audience with important messages about sustainability and inclusion. As part of Sailing into the Future. Together IBSA has undertaken an international project to support inclusive sailing — through the donation of several Hansa 303 boats suitable for people with disabilities — and established partnerships with Swiss, French, Italian and Spanish nautical clubs to support inclusive sailing initiatives, in order to involve people with physical and cognitive disabilities in experiences in close contact with the sea.

“We are proud that, after two years of success in Europe, the Sailing into the Future. Together is coming to the United States,” stated Nick Hart, CEO IBSA USA. “This project is a significant undertaking, which sees us competing in some of the world’s most prestigious and challenging regattas. It also provides an opportunity to highlight IBSA’s values and increase our global visibility as a company with an eye to the future and a commitment to sustainability.”

Educating people on respect for others and promoting a real inclusion of diversity by fighting prejudice and discrimination are the objectives that IBSA aims to achieve through the project Sailing into the Future. Together.

To learn more about the program and follow the Class40 IBSA’s journey, visit the project website.

Photo: Courtesy IBSA | Beppe Raso

2024-05-06T09:01:00

(BPT) – Chase’s fourth annual Digital Banking Attitudes survey explores the ways consumers are using their mobile banking apps and digital tools to manage their finances, as well as how often. For example, users are increasingly monitoring their credit scores, booking travel, and finding offers and discounts. Read on to learn more.

2024-05-01T08:09:00

(BPT) – Time is money, and there’s a premium: Americans say their time is worth $240 per hour, on average, according to new research from Empower, a financial services company. Based on a standard 40-hour week, that puts the perceived value at $499,200 per year — nearly eight times higher than the average U.S. salary of $59,384.¹ One third of people set the price at under $50 per hour, though 1 in 4 Millennials value their time at over $500 per hour — the highest of any generation (just 6% of Boomers name that rate).

Many Americans are racing against the clock when it comes to financial goals: half think they’re running out of time to save for retirement, even though 44% say they started putting money away early enough. Another 43% wish they could go back in time to start saving sooner, and half (48%) would rather have a longer retirement period with less money, than retire later in life with more.

People may be further along than they think. According to Empower Personal Dashboard™ data, the average 401(k) balance clocks in at $291,810 and for people in their 50s approaching retirement age, the number jumps to $580,259² — one key measure of overall personal savings and investments.

Additional key findings:

• Spending time wisely: The average price of 60 minutes varies: Millennials say it’s worth $328.84 per hour, followed by Gen Z at $266.92, Gen X at $215.90 and Boomers at $137.19. Based on this study’s findings of how Americans value their time, two hours of meetings at work cost close to $500 per person; catching nightly Z’s costs nearly $2,000 a day (or close to $60,000 a month).
• Less is more: 1 in 4 people (26%) are willing to take a 15% pay cut to gain more free time. 40% would rather pay to make life easier right now than to save and have more money later and more than 2 in 5 say outsourcing household tasks gives them a better work/life balance (41%).
• Cost of convenience: 36% would rather pay more to get an item delivered instead of driving 10 minutes to get it. A third of Gen Z (30%) would pay up to $5,000 per year to save time not doing everyday tasks like cleaning and yard work, and 36% of Millennials would shell out up to $10,000 for someone to take on in-house chores and cook meals.
• AI to save time: 21% would use AI to recommend money moves to plan for retirement, help pay bills on time (25%) and make a budget by examining personal financial accounts (23%).
• Time on money: 26% would spend $5,000 per year to have someone else manage their long-term financials, investments, and savings. More than a third of Americans admit to procrastinating money tasks like paying their bills.
• Clocking in: 44% say they wish they could work part-time, but can’t afford it. More than a third (32%) say they want to start their own business, but don’t have the time.
• The luxury of time: 6 in 10 people (63%) “feel wealthy” if they have enough time to spend with family and friends. Nearly a third feel comfortable taking on debt if it buys more free time (29%) or a memorable experience (29%). Nearly 2 in 5 say saving time is more important than saving money (37%).

Sign of the times

Americans are having to work alongside the wider economy on their journey to hit their goals. Though 30% of adults are not keeping track of any financial “signs of the times,” around a quarter are keeping an eye on shrinkflation (24%), as product sizes get smaller for the same or more cost. It can be a struggle, as more than 3 in 4 Americans believe they’re doing as much as they can to save money while shopping (76%). Some 22% of Americans are also keeping track of their ability to retire and when (22%), as nearly half (48%) worry about how they’ll pay for expenses once they’re no longer working.

Americans are watching the strength of the job market (21%), and cryptocurrency (19%). The same amount are keeping an eye on volatility in the stock market. Compounding gains can play an essential role in building wealth and 3 in 10 people say they would have invested in a popular stock if they could go back in time.

The time is now

Time is of the essence as people work toward streamlining their lives and focusing on what matters most to them, amid commitments across work and home that can affect their financial happiness. More than half of Millennials (52%) and 37% overall think saving time is more important than saving money.

For many, getting advice early on is key: nearly 1 in 5 would have worked with a financial professional sooner. Overall, Americans remain optimistic, with 78% saying it’s never too late to start focusing on your finances.

Methodology

Empower commissioned the “Time is Money” survey, which is based on online survey responses from 2,204 Americans ages 18+ and fielded by Morning Consult from March 11-14, 2024.

1 U.S. Bureau of Labor Statistics Dec 2023. Quarterly Census of Employment and Wages.

2 Anonymized user data from the Empower Personal Dashboard™ as of March 2024.

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