Category: Brandpoint Business & Finance

2024-12-10T13:15:00

(BPT) – The creator economy has revolutionized the way individuals monetize their content, skills and passions. To thrive in this dynamic landscape, creators must adopt strategies that enhance productivity, streamline financial management and foster engagement.

There are more than 50 million artists, musicians and creators who are publishing content full or part time[1]. But creators face the same challenges as small and medium-size businesses: macroeconomic uncertainty, lack of timely access to working capital and competition from established players. To overcome growth hurdles, Visa recognizes creators as small businesses, unlocking access to Visa solutions that will help them grow with ease. Here are three pivotal tips for success in the creator economy.

Get Paid Faster to Help Cash Flow

Break free from slow payouts hindering growth. Many leading social platforms now offer real-time payments to creators. This means creators spend less time waiting for their earnings, improving cash flow and reducing reliance on pending transactions. Yet more than two-thirds of creators cite slow payments as a barrier to growth.

Fast access to earnings also enables creators to make timely financial decisions, invest in growth opportunities and manage expenses effectively. Visa Direct is addressing slow payouts through collaborating with social media networks and marketplaces to help creators get payouts in real-time[2] to their eligible card.

Utilize Small Business Tools for Streamlined Operations

Bridge the gap between creativity and commerce. Tools like project management software, accounting apps and social media schedulers automate tasks, freeing time for creative pursuits.

It’s not just social media tools that help creators grow — it’s also business tools built specifically for small businesses. Creators have not always had access to these financial products and solutions, but that is changing. Acknowledging the impact of creators on the digital economy, Visa is recognizing creators as small businesses. Creators can easily and securely pay and be paid with Visa’s products made available through its clients to small businesses worldwide.

“Creators drive the digital economy. We’re proud to empower their growth through financial inclusion,” says Jonathan Kolozsvary, Global Head of Small Business at Visa.

Utilizing business tools enhances credibility, ensures timely deliveries and maintains organized records for tax purposes and financial tracking.

Foster Authentic Engagement for Loyal Communities

Interacting genuinely with the audience builds trust and loyalty, encouraging consistent support and word-of-mouth promotion. Creators should leverage engagement metrics to glean valuable insights into audience preferences, guiding content creation and business strategy adjustments.

Another way creators can build authentic relationships is by brand differentiation — distinguish yourself from competitors, securing a loyal fanbase that advocates for their work.

By incorporating real-time[3] payments, leveraging small business tools and cultivating genuine audience connections, creators can solidify their presence, ensure financial stability and drive sustainable growth within the creator economy. Join Visa’s creator-focused initiative. Explore how Visa is supporting this new wave of creators here.

2024-12-09T07:01:00

(BPT) – Technology is impacting every aspect of our lives — including our cars. And as technology reshapes the automotive industry, from the advancements in electric vehicles (EVs) to increasingly sophisticated safety features like blind-spot sensors and lane-keeping assistance, American drivers’ relationships with their vehicles are evolving in distinct ways. Hankook Tire’s latest Gauge Index Survey combines new data from 2024 findings with a decade of insights to reveal key trends shaping the modern driving experience, focusing on evolving perceptions of EVs, how car safety technology boosts confidence on the road, and consumers’ increasing confidence in vehicle maintenance.

Electric Vehicles Gain Traction

EVs are increasingly shaping the American automotive landscape as consumers’ attitudes continue to evolve. In its latest Gauge Index, Hankook reports that 20% of consumers plan to buy or lease an EV within the next year, a notable increase from only 8% in 2022. Millennials are leading this shift toward hybrid and EV ownership, with 36% considering a purchase in the future, followed closely by Gen X at 35% and Gen Z at 32%.

This surge in EV interest reflects growing environmental awareness, technological appeal, and a willingness among younger generations to embrace new forms of sustainable transportation. To address this shifting demand, tiremakers are developing new solutions to meet the specific performance and durability needs of electric vehicles, such as Hankook Tire’s iON line.

Despite growing interest, cost remains a significant hurdle for EV adoption. For 36% of respondents, price is the top reason for not yet making the switch. Concerns over affordability have long been a barrier. In fact, in 2021, only 26% of consumers associated EVs with affordability. However, there are signs that cost is becoming less of a barrier for many potential purchasers.

While gas savings historically attracted potential EV buyers, its influence is waning. The appeal of fuel savings dropped from 58% in 2022 to 36% in 2024, indicating that while these economic considerations still matter, consumers are becoming more motivated by other factors, such as technological advancements (10%) and environmental impact (18%).

Tech Enhances Perceived Safety

Advanced safety features such as blind-spot sensors, lane-keeping assist, and automatic braking are now a quintessential part of the driving experience, contributing to a sense of security on the road. Hankook’s survey reveals that 30% of Americans feel safer thanks to these technologies, though they also say these features don’t necessarily alter their driving behavior. For many, the presence of these aids may bring peace of mind, especially for individuals navigating congested urban environments or long highway stretches.

The perception of safety technology varies by gender, with women (26%) more likely to report feeling more cautious on the road compared to men due to these aids (17%). This suggests that safety technology might appeal differently based on individual driving styles and preferences, which is valuable information for automakers striving to address diverse consumer needs.

While these features offer an additional layer of confidence, drivers recognize that technology complements rather than replaces attentive driving. The combination of human skill and technology-driven support represents a balanced approach, one that highlights the crucial role technology plays in reducing stress for those who may otherwise feel apprehensive behind the wheel. Hankook reinforces this balance by engineering tires that seamlessly integrate with advanced safety systems, enhancing both reliability and peace of mind on the road. For example, the Hankook Weatherflex GT tire is designed to provide year-round control and confidence, performing exceptionally well in harsher weather conditions like snow and ice.

Confidence in Car Care on the Rise

As car technology has advanced, so too has the confidence of American drivers in maintaining their vehicles. Over the past decade, drivers have become more proficient in handling essential maintenance tasks, Hankook found. By 2024, 65% of Americans feel comfortable changing a tire, up from just 52% in 2015. Likewise, confidence in changing brake fluid has increased from 35% to 49% over the same period. This trend extends to other routine tasks as well, with significant increases in confidence seen for replacing air filters (61% from 53%), car batteries (64% from 51%), oil changes (58% from 45%), and even spark plugs (50% from 39%).

This boost in self-reliance isn’t just about handling maintenance tasks independently but also reflected in a broader commitment to timely vehicle care. Checking tire condition should be a regular part of any maintenance routine, as well-maintained tires are critical for safety and performance. In 2014, 33% of drivers admitted to delaying tire rotations until the last minute; that figure dropped to 20% by 2024. Similarly, instances of drivers delaying oil changes beyond recommended mileage decreased from 31% to 22%. These improvements suggest that Americans are taking vehicle care more seriously, potentially driven by a desire to extend vehicle lifespan and save on costly repairs. When tire replacements are needed, offerings such as Hankook’s annual rebates can help drivers keep this essential maintenance within budget.

A Roadmap for the Future

The convergence of these three trends reflects a broader shift in how Americans view and interact with car technology. Growing enthusiasm for EVs, despite cost challenges, demonstrates a readiness for cleaner, more advanced transportation. At the same time, safety technologies are boosting confidence on the road, especially among those who may otherwise feel cautious, while the rise in self-sufficiency in car maintenance suggests consumers are increasingly invested in their vehicles’ care.

The Hankook Tire Gauge Index offers actionable insights for drivers, dealers, and tiremakers alike to navigate these shifts. Together, these markers signal a promising future where American drivers not only embrace cutting-edge car tech but also take greater ownership of their automotive experience. As the industry continues to innovate, consumers can look forward to a driving landscape that is safer, more sustainable, and more empowering.

2024-12-05T16:27:00

(BPT) – Generative AI is everywhere, especially in the workplace. In fact, many aspiring leaders in the workplace are excited about the widespread adoption of AI and recognize it as a valuable tool for their careers.

Google Workspace — the productivity platform that includes AI-powered tools like Gmail, Docs, Drive, Meet and more, relied on by over 3 billion users and more than 10 million paying customers — commissioned a survey with The Harris Poll to get a sense of how rising leaders view and use AI.

The study surveyed workers ages 22-39 years old who currently have or aspire to hold a leadership position at work. The result? The research found that 82% of young leaders surveyed are already embracing AI tools in their work. And, looking further out, almost all (98%) of those surveyed anticipate that AI will have an impact on their industry or workplace within the next five years.

“Our research shows that emerging leaders are adopting AI to increase their impact at work,” said Yulie Kwon Kim, VP of Product, Google Workspace. “Rising leaders are not simply using AI as a tool for efficiency, but as a catalyst to help grow their careers.”

The findings show it’s clear — aspiring leaders are adopting AI to increase their impact at work. Here are five key ways AI is transforming the way young leaders work.

1. Overcome task paralysis

Getting started on a task, big or small, can feel incredibly challenging and can lead to task paralysis. Luckily, AI can help employees navigate the difficulties of task initiation, with 88% of survey respondents saying they would use AI to start a task that feels overwhelming. Consider using AI to brainstorm ideas, help write an email, outline a blog draft, and more.

2. Improve writing

In the era of hybrid work, strong communication is more important than ever. When sending emails, conveying the proper tone and content can be anxiety-inducing, especially for those earlier in their careers.

To that end, many (88%) young leaders say that AI can help them strike the right tone in their writing. Even more telling, 70% have used AI for tasks like drafting email responses, writing challenging emails from scratch, or helping overcome language barriers.

3. Increase work flexibility

Hybrid work is becoming the new normal for many organizations, so it’s important that people have tools to support more flexible collaboration from anywhere, across any device. A whopping 87% of respondents believe AI can make them more comfortable composing lengthy emails on their phones and 90% also believe they would feel more confident joining meetings on-the-go if they knew AI was taking meeting notes for them.

4. Improve management capabilities

It’s important that managers have strong communication and interpersonal skills, can think strategically, and more. The survey found that these are areas where AI can help in meaningful ways. When considering how to improve their management capabilities, 79% of respondents said they are interested in using AI to become better managers. This includes 47% who said AI can help enhance communication to improve problem-solving and facilitate better relationships.

5. Create a bigger impact

Rising leaders want to drive real impact in their workplace. Oftentimes, however, routine tasks can bog down young leaders and keep them from focusing on strategic, career-defining work. To better prioritize their time, many young leaders are using AI. Fifty percent recognize the current and potential impact of AI to automate routine tasks, so that they can spend more time focused on strategic work.

These are just five ways rising leaders are using AI to aid their professional development and get ahead in the workplace. With AI as an impetus to help young leaders grow their careers and drive more impact, AI will undoubtedly have a ripple effect on organizations around the world.

“The future of work is here — and it’s AI-powered,” said Yulie Kwon Kim.

To learn more about AI and its uses, visit Workspace.Google.com/Solutions/AI/.

2024-12-05T08:01:00

(BPT) – Every day on the news, we hear about another data breach. Ticketmaster recently reported that 560 million customers had their data stolen — names, addresses, email, payment information, etc. AT&T noted that 73 million records were hacked, but their breach also included Social Security numbers. Early in the fall of this year, a hacking group claimed to have stolen 2.7 billion personal records, including Social Security numbers, and sold the information on the dark web. That number is mind-boggling.

The high cost of fraud

Data stolen and used by bad actors is a financial nightmare. But it’s not only that. According to the 2024 Trust Index Report by customer identity and engagement solutions provider Telesign, 47% of global fraud victims experienced financial repercussions, including lost savings and stolen bank information, but they also suffered emotionally. The study found that 34% of victims experienced anxiety, depression and stress. Additionally, 21% faced social repercussions, and 20% experienced physical safety concerns.

Nearly half of all fraud victims (49%) considered the experience life-altering or very impactful. It changed their use of social media, payment services and e-commerce, and it also changed their view of the hacked brands.

Some 64% of global consumers report that fraud incidents negatively impact their perception of the brand responsible for the breach. Many sever ties completely with the brand, but even more damaging, they often take their grievances to social media and discourage friends and family from engaging with it.

What people and brands can do

A straightforward first step everyone can take immediately is to freeze their credit. This doesn’t mean you can’t use your credit cards or lines of credit, but it does mean no new credit can be taken out in your name. It’s simply a matter of contacting the three credit bureaus and filling out an online form. In a few minutes, it’s locked down. When you want or need to get a car loan, mortgage or new credit card, unfreezing is just as easy.

Another step you can take is to avoid engaging with brands that don’t take digital identity protection seriously.

According to the Telesign study, nearly everyone (92%) believes that the companies they engage with are the first line of defense and that brands are responsible for protecting digital privacy.

Christophe Van De Weyer, CEO of Telesign, summed it up. “Companies that neglect to safeguard their customers’ digital identities are putting more than just data at risk — they’re jeopardizing their reputation, customer trust and future growth,” he said. “In today’s landscape, there’s no justification for not implementing stronger security measures like multi-factor authentication, especially since most consumers are willing to embrace additional steps to prevent fraud and feel more secure.”

Multi-factor authentication is one example of an additional step. Receiving a security code or going through a few clicks to ensure you are who you say you are is worth it compared to the repercussions of fraud.

The Telesign study also found that an overwhelming 80% of global consumers believe that security measures such as multi-factor authentication are necessary to protect against fraud.

The 2024 Trust Index underscores the urgent need for businesses, governments and individuals to prioritize trust and security in the digital world. Telesign connects, protects and defends companies and customers and the digital interactions between them. Harnessing intelligence from more than 2,200 digital identity signals, Telesign’s AI models empower companies to transact with their customers free of fear, enabling the promise of the digital economy. Telesign helps its customers prevent the transmission of 30+ million fraudulent messages each month and protects 1+ billion accounts from takeovers yearly.

2024-12-03T08:31:00

(BPT) – As the holiday season approaches, cybercriminals are ramping up their efforts to exploit both businesses and individuals. Cybercriminals know the biggest vulnerability in any organization isn’t the technology — it’s the people behind it. Whether you’re working late to finish up projects or just trying to get some last-minute holiday shopping done, it only takes one slip-up to trigger a costly cyberattack.

Humans remain the weak link in the security chain. According to Verizon data, 68% of breaches involve a non-malicious human element, such as an employee falling for a social engineering attack or making a simple mistake. These human errors can open the door to significant data breaches and financial losses. Even more concerning, a 2022 Statista study found many employees are using their employer-issued devices for personal tasks — 50% checking email and 32% shopping online — creating more entry points for cybercriminals to exploit.

This human factor makes small businesses particularly attractive targets. With fewer resources allocated to cyber security, small businesses are 350% more likely to experience social engineering attacks than their larger counterparts, according to a StrongDM study. Criminals know these businesses are often more vulnerable and easier to breach, plus they hold valuable data worth stealing.

The financial impact can be staggering. According to Acuity Insurance data, the average cyber insurance claim costs more than $20,000. The cost can be much higher than just the immediate financial loss — it can damage a business’s reputation and customer trust.

So how can you protect your business? Start by preparing your employees. Ensure they understand what to look for and how to respond if they make a mistake — like clicking on a suspicious link. Implement multifactor authentication wherever possible and reinforce the message that no business is too small to be targeted by cybercriminals.

Add cyber insurance to your business’s insurance policy. It provides protection for businesses by helping mitigate financial losses and covers a wide range of cyber-risks, including fraud, data breaches, identity theft, cyber extortion and system attacks. Beyond financial reimbursement, cyber insurance gives businesses access to expert resources for incident response, like information technology forensics, legal support and public relations professionals. Cyber insurance provides peace of mind by putting you in contact with experts who know how to manage the aftermath of a cyber event, and the financial backing to know that a cyber incident won’t cost you your business.

2024-12-03T08:01:00

(BPT) – Did you know the cost of a four-year college education has increased 38% at private schools and 32% at public colleges/universities over the past decade?^[1] Between these increasing college costs, lingering inflation and market uncertainties, many families are rethinking the gifts they’re giving for the holidays, birthdays, graduations and more.^[2] Many are asking: Would a contribution to a family member’s college savings account for their children be a more appreciated gift this year?

Apparently, most parents are on board with thinking outside the gift box. According to Fidelity’s 2024 College Gifting Study, a whopping 74% of parents say they would welcome a contribution to their child’s college savings account instead of traditional gifts and 62% would even prefer it. Looking back on their own experience, nearly 7 in 10 parents also say they would have been OK receiving fewer gifts as a child in exchange for more money in their own college funds.

When asked specifically about the holidays, parents in the “sandwich generation” are more likely to say they prefer more money be allocated to a college savings account instead of traditional gifts or experiences, with two-thirds of millennials and more than half of Gen X preferring those contributions for their kids (66% and 59%, respectively). In contrast, 47% of Boomers and 55% of Gen Z say they would prefer this kind of gift.

The study reveals the growing popularity of receiving gifts toward a child’s college fund. Although parents say their friends and family typically spend about 61% of their gifting budget on traditional gifts or experiences, they would prefer gifts be split 54% versus 46% between traditional gifts/experiences and college savings account contributions for their children.

If a contribution to a college fund sounds like a gift you’d like to give or receive, you may want to learn about the advantages of a 529 education savings plan.

Benefits of gifting contributions to a 529 plan

For parents planning for their children’s future, 529 plans are flexible, tax-advantaged accounts designed specifically for education savings. Funds in a 529 plan can be used for qualified education expenses at schools nationwide, including college expenses at postsecondary schools, tuition for K-12 schools, certain apprenticeship costs, vocational schools and student loan repayments. While your money is in a 529 account, no taxes will be due on investment earnings, and withdrawals for qualified education expenses are free from federal income tax.

If you want to contribute to a friend or family member’s 529 plan, contributions up to $18,000 annually are not subject to the federal gift tax, and some states may even offer tax incentives for contributions by state residents.

Even better, in the event that the 529 account is not used for education (such as a child who chooses another path), legislative changes have determined that under certain conditions, 529 plan assets can now be transferred to a Roth IRA for the beneficiary, giving them a retirement boost. Parents can also transfer unused funds to another family member, such as another child, their spouse, extended family, or even themselves.

“A contribution to a 529 plan is a great option for anyone who wants to help give the gift of college this holiday season,” said Tony Durkan, vice president, head of 529 Relationship Management at Fidelity Investments. “It speaks volumes about the importance of education, and helps families achieve their long-term goals in a real, tangible way.”

There are no account minimums required to open a Fidelity-managed 529 account, and you can choose from a menu of portfolios managed by professional fund managers. All five Fidelity-managed plans are also rated Gold or Silver by Morningstar.^[3] Learn more about the firm’s award-winning 529 plans and how to financially prepare your family for college at Fidelity.com.

How friends and family can participate

Ahead of the holidays or for any other special occasion, head to Fidelity.com/CollegeGift to learn more about gifting to a 529 plan.

Need assistance understanding your college savings options? Call Fidelity at 1-800-544-1914 for complimentary access to dedicated college planning representatives or visit Fidelity.com/529-plans/overview for more information.

Methodology

This survey was conducted by Big Village among a demographically representative U.S. sample of 3,008 adults 18 years of age and older. 874 respondents have children under 18 living at home and celebrate the holidays. This survey was live on October 1-10, 2024. Fidelity and Big Village are not affiliated.

The generations are defined as: Boomers (born 1946 – 1964), Gen X (born 1965 – 1980), Millennials (born 1981 – 1996), and Gen Z (born 1997-2012; only those ages 18+ were considered for this study).

Units of the portfolios are municipal securities and may be subject to market volatility and fluctuation. Please carefully consider the plan’s investment objectives, risks, charges, and expenses before investing. For this and other information on any 529 college savings plan managed by Fidelity, contact Fidelity for a free Fact Kit, or view one online. Read it carefully before you invest or send money.

529 distributions for qualified education expenses are generally federal income tax free. 529 assets may be used to pay for (i) qualified higher education expenses, (ii) qualified expenses for registered apprenticeship programs, (iii) up to $10,000 per taxable year per beneficiary for tuition expenses in connection with enrollment at a public, private, or religious elementary or secondary educational institution. Although such assets may come from multiple 529 accounts, the $10,000 qualified withdrawal limit will be aggregated on a per beneficiary basis. The IRS has not provided guidance to date on the methodology of allocating the $10,000 annual maximum among withdrawals from different 529 accounts, and (iv) amounts paid as principal or interest on any qualified education loan of a 529 plan designated beneficiary or a sibling of the designated beneficiary. The amount treated as a qualified expense is subject to a lifetime limit of $10,000 per individual. Although the assets may come from multiple 529 accounts, the $10,000 withdrawal limit for qualified educational loans payments will be aggregated on a per individual basis. The IRS has not provided guidance to date on the methodology of allocating the $10,000 annual maximum among withdrawals from different 529 accounts.

Any earnings on distributions not used for qualified higher educational expenses or that exceed distribution limits may be taxed as ordinary income and may be subject to a 10% federal tax penalty tax. Some states do not conform with federal tax law. Please check with your home state to determine if it recognizes the expanded 529 benefits afforded under federal tax law, including distributions for elementary and secondary education expenses, apprenticeship programs, and student loan repayments. You may want to consult with a tax professional before investing or making distributions.

Under current law, the annual gift tax exclusion amount is $18,000. Annual contributions up to $18,000 from an individual tax filer ($36,000 for married-filing-jointly) per beneficiary are not subject to the federal gift or estate tax consequences.

Investing involves risk, including risk of loss.

Views expressed are as of the date indicated, based on the information available at that time, and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the speaker or author and not necessarily those of Fidelity Investments or its affiliates. Fidelity does not assume any duty to update any of the information.

Fidelity Investments and Fidelity are registered service marks of FMR LLC.

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©2024 FMR LLC. All rights reserved.

2024-11-25T07:31:00

(BPT) – Thanksgiving is late this year, so the holiday shopping season is approaching faster than ever. As you’re making out your gift list, are you concerned about inflation? Amid global uncertainty, what’s the situation with the supply chain? Will the electronics, toys and other must-haves be on the shelves? How are retailers preparing for it all?

The 2024 Supply Chain Confidence Survey, conducted by Manhattan Associates, explores these questions, and more. Spanning over 1,000 consumers and retail and supply chain executives, the survey measured confidence and concerns for the upcoming holiday shopping season.

The results give a unique perspective across all parts of the shopping spectrum — the supply chain, retailers and consumers.

The majority of shoppers, 85%, cited inflation and increased prices as a top concern. In response, nearly 61% of supply chain leaders reported having invested in new technologies and processes to run more efficiently and reduce overall costs this season.

It’s a symbiotic relationship — consumer concerns and retailers respond to help quell those concerns and make holiday wishes come true. The bottom line is, everyone wants to have a happy, and successful, holiday season. People want to find the perfect gifts for their loved ones without overspending and retailers want to have a robust season that for some, especially smaller businesses, defines their entire year.

What did the survey uncover? Here are some of the top findings.

Top findings of the 2024 Supply Chain Confidence Survey

• Inventory Concerns: 62.4% of supply chain leaders worry about inventory shortages. However, 87.2% of retailers have measures in place to ensure trending products are available during peak shopping periods.
• High Price of Holiday Cheer: 93% of consumers say price increases over the past few years have had a negative impact on them. 60% of consumers plan to buy fewer gifts, while 57% will seek less expensive options, and 52.2% will look (and are willing to wait) for sales and deals.
• Technology Comes to the Rescue: 61.2% of retail leaders recently invested in new technologies to improve the efficiency of their supply chain, and 80% are leveraging AI technology to improve inventory management and customer service.

How should consumers react? Recommendations based on the survey results

In short, have confidence, be flexible and shop early.

1. Shop early. People resolve to do this every year, but this year it’s crucial. Get your shopping list handled now and be prepared to spread out the holiday spend to avoid feeling the pinch. Remember, the best deals will come early this season.
2. Shop online. Many of the best deals can be found online. 40.2% consumers surveyed said they plan to do most of their holiday shopping online. It’s important to do your online shopping early so that you don’t have to pay expedited shipping fees.
3. Make technology your friend. Do you have someone on your shopping list that has everything? The latest GenAI tools, like ChatGPT, can be helpful in brainstorming creative gift ideas. 32.6% of consumer are using AI in their holiday shopping, with 14.2% planning to use AI to find the best deals.
4. Shop the sales and do your research. You don’t have to leave the house to take advantage of Black Friday, Cyber Monday or Small Business Saturday. Scour online sites for deals and steals. Remember, retailers are gearing up for these sales early.
5. Be Kind to Santa’s Elves. As stressful as holiday shopping can be, it is extra stressful for all the truck drivers, store associates, shelf stockers, and delivery drivers that move gifts through the supply chain. Please be patient and be sure to thank them for the important role they play.

Patience and flexibility will go a long way. And remember, it’s not really about what’s within that holiday wrapping paper. It’s about spending time with who is unwrapping it.

For more information, visit https://www.manh.com/our-insights/resources/research-reports/the-state-of-supply-chain-confidence-ahead-of-the-2024-holiday-season.

2024-11-22T09:31:00

(BPT) – Is there a secret to financial success? Most Americans (52%) say “yes” — and the average salary considered successful is $270,000 per year, and $5.3 million in net worth, according to new research from Empower, a financial services leader in investing, planning, and advice.

But it’s not just money — it’s what money can buy. Only 27% rank wealth as the highest measure of financial success. Rather, most Americans say happiness (59%) is the most important benchmark — being able to spend money on the things and experiences that bring the most joy, doing what you love, followed by the luxury of free time (35%) to pursue personal passions.

People say success is about the “Factor of Four”: hard work (84%); talent (65%); who you know (55%) or The Network Effect; and luck and circumstance (51%). The secret is to be a visionary (36%) — and then outwork everyone (32%), a belief held most firmly by those with incomes over $100k, rising to 40%. Pay yourself first, say over one third of people (35%), by putting money away and saving for retirement. For 1 in 5 younger generations (Gen Zers and Millennials 19%) a secret to success is “fake it ’til you make it.”

“Fortune favors the bold, and people feel success is within their grasp with the right combination of dreaming and planning,” says Rebecca Rickert, head of communications at Empower. “It’s about disciplined, smart money choices, but overall people define financial success as very meritocratic, and a little serendipitous. There’s a sense that effort and outperformance will take you far.”

Still, nearly half of Americans (47%) feel they’ll never achieve the level of success they’re seeking. Just 37% of people consider themselves financially successful right now — with higher numbers of men than women (42% compared to 33%). Only half (50%) of people state they are or will be better off financially than their parents, a long-held meterstick for generational success.

Barriers to success

More than one third say the economy (35%) and income instability — irregular or insufficient income streams (30%) — is a culprit, along with lack of knowledge about managing finances (20%). Nearly a third say the biggest obstacle to success is not setting clear financial goals (28%). Over 1 in 4 (26%) say procrastination or delaying financial planning or decision-making gets in the way. People see a lack of savings (35%), overspending and not budgeting effectively (37%), and debt (36%) as barriers to success.

Despite hurdles, most Americans (58%) believe that they will achieve financial success in their lifetime, with the younger generations most optimistic (Gen Z 71%, Millennials 70%, Gen X 53% and Baby Boomers 45%).

Success, realized

For most people (63%), financial success is found in tangible wins: being able to pay bills on time, owning a home (52%), and affording experiences like travel and entertainment (47%). For 40%, it’s about retiring at a goal age — and while they are working, enjoying the job (42%).

Having a financial plan (45%), building up retirement plan savings like 401(k) investments (30%), and investing in stocks (27%) are top money moves people say propel greater success. One in 3 people (30%) say getting good financial advice is worth its weight in gold.

More key findings from Empower’s report, “Secret to Success“:

• Making it: People say the surest path to success is a well-paying job (51%), saving as much as possible and the power of compounding (46%), along with making smart investment decisions (46%). Some 36% say it’s financial education. People reveal that a secret to success is never spending more money than you make (52%).
• Risking it: Nearly 1 in 4 (23%) say taking risks is an important money move to get richer. A third (34%) believe success means prioritizing your efforts because Time is Money.
• Society says: Americans say their personal definition of success is often at odds with what society prizes. Less than half of people (43%) define financial success as having a certain amount of money or assets. Conversely, people say society equates success with wealth (59%), power (44%), and fame (35%). Just 6% say they value “power” as a measure of success for themselves.
• Success through the ages: Almost half of Americans (49%) feel less financially successful compared to others. 60% say that for their generation, financial success is much harder to achieve than for other generations — a sentiment highest among Millennials at 69%, and lowest among Boomers at 49%. Still, the definition of success may be evolving, as 83% agree that each generation has its own idea of success.
• Success is in the eye of the beholder: Most Americans agree (71%) that there is no single measurement for financial success. One point of agreement: 61% say you can never have enough money.
• Health = wealth: Over a third say success is just as much about physical well-being (35%) as it is how much money they have (27%).
• More money, more problems: 47% agree with the adage “more money, more problems.” The majority (71%) say being rich has a positive connotation, and 61% say being rich is more than dollars and cents.
• Success at work: People say the definition of success at work is how much money they earn (38%), benefits like healthcare, insurance and time off (36%) — but it’s also about the intangibles: finding the right job fit that aligns with their values and personality (35%) and receiving recognition and appreciation (35%). A third say having a good boss is worth its weight in gold (29%), and people view success in the workplace as flexibility (26%) and autonomy (20%).
• The value of a degree: 35% say the college you attend is a big determinant of how rich you are (vs 65% who say it isn’t).

Visit The Currency™ to read Empower’s full research report, “Secret to Success.”

*ABOUT THE STUDY

The Empower “Secret to Success” study is based on online survey responses from 2,203 Americans ages 18+ fielded by Morning Consult from September 13-14, 2024. The survey is weighted to be nationally representative of U.S. adults (aged 18+).

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2024-11-21T10:31:00

(BPT) – With the holiday shopping season right around the corner, you may be making your list and checking it twice to ensure you don’t forget a single thing this year. Meanwhile, endless options both online and in-store can make it feel overwhelming to find the perfect gift for everyone on your “Nice List.” In all that hustle and bustle, there’s nothing worse than adding another trip to the store or dealing with frustrating customer service.

Fortunately, retailers are helping take the hassle out of shopping for your loved ones by tapping into technology built to assist you during the entire process — from browsing, to purchasing, to shipping and service. According to a study by AI-powered customer experience orchestration leader Genesys, 76% of organizations are using AI to personalize customer experiences, which means support, product recommendations and discounts tailored specifically for you. As AI becomes more mainstream in customer service, it can become the personal assistant you need, giving you a more enjoyable experience without even having to visit a store.

While retailers are working to make shopping merry and bright, Ginger Conlon, customer experience advocate at Genesys, has steps you can take for better, faster customer service this holiday season.

• Avoid the busiest hours: If you’re calling for support, reach out in the early morning or late afternoon. Genesys analyzed the number of calls to US retailers’ customer service lines during the 2023 holiday shopping season (Nov. 1–Dec. 25, 2023) and found that the hours of 10 AM through 12 PM ET were overall the busiest times, which could mean longer hold times for you.
• Ask the bot: With 24/7 availability, using chatbots can make it easy to get help faster. Genesys research showed that nearly 90% of surveyed organizations are using chatbots for customer service. Taking advantage of this easily accessible support tool can save you a little extra time when you’re looking for information like return policies, the status of an order and other simple questions. And as AI continues to advance, expect chatbots to evolve into even more helpful virtual agents capable of handling more complex needs.
• Explore your options: Reaching customer service by phone isn’t your only option. Using one of the many communication avenues businesses offer like chat, email, social media or texting can provide the help you need on your schedule.
• Skip the hold music: Instead of waiting on hold, opt for customer service to call you. Many customer service lines offer callback options, letting you get on with your day without losing your place in line. In an era where time is money, enjoy the convenience and flexibility that this helpful support feature offers.
• Don’t be a Grinch: The holiday season is a particularly busy and difficult time for customer service representatives who may deal with hundreds of frustrated shoppers every day. Don’t be one of the many customers who have lost their temper during service interactions. Remember that agents are there to help you. If you’re feeling stressed, pause for a beat — it will make for a better experience for both you and the representative.

This holiday season, use technology to your advantage to skip the lines, get top-notch customer experience and navigate the post-holiday service rush. Happy shopping!

2024-11-19T09:01:00

(BPT) – For many contractors who work seasonally, winter may signal an end to their busiest time of year; for others, winter is the start of their busiest time. No matter when your busy season is, the annual lull in active projects presents an opportunity to assess business performance, set new goals, and streamline operations — and that includes managing your insurance.

As the in-house construction consultant at Acuity Insurance, John Lack leverages more than 35 years of contracting experience to help construction businesses improve important aspects like risk management, jobsite safety, project management and overall profitability. With a background in overseeing the construction of supermarket locations throughout the Midwest, Lack knows firsthand how critical it is for contractors to pair their service offerings with the right insurance coverage.

“Profit margins in construction are notoriously thin,” Lack says. “The seasonal nature of the business means cash flow can fluctuate dramatically. The last thing contractors need during the slow season is insurance-related stress. Instead, insurance should be a tool to help them manage these transitions more smoothly.”

Lack offers a few key suggestions for ensuring contractors get the most out of their insurance, especially during slower periods:

• Optimize Workers’ Compensation Premiums

For many contractors, the winter months can bring a dip in active projects, which impacts payroll and overall business activity. While you’re addressing slow-season challenges, insurance offers opportunities to improve cash flow management.

By proactively reporting any fluctuations in payroll to your insurance provider, contractors can avoid overpaying for workers’ compensation coverage during slower months and ensure they’re paying the right premiums as business ramps up. Insurance premiums tied to actual payroll or job activity can better align with your cash flow, offering savings and flexibility when you need it most.

Acuity Insurance offers AcuitySmartPay to provide a smarter way for contractors to manage their workers’ compensation insurance premiums. In addition to providing a web-based system that simplifies monthly payroll reporting, AcuitySmartPay provides multiple benefits to those who enroll, including:

• • Improved cash flow
  • Fewer surprises at audit
  • Flexible premium payments based on business activity
  • Enhanced business planning and budget insurance expenses

• Consider Insurance Coverage and Resources When Diversifying Operations

Winter can be an ideal time to diversify your business and look for new revenue streams. Expanding your services by offering winter-specific contracting jobs or specialized services can help keep cash flow steady during the slow season. However, these new offerings may bring additional risks that could impact your insurance premiums.

Before introducing new services, be sure to inform your insurance provider about any changes to your operations. Certain types of work — like roof repairs, hazardous material handling or using specialized equipment — carry higher risks, and failing to update your coverage could result in an underinsured business or unexpected costs down the road.

When expanding your scope, don’t forget to consider employee training implications. Your insurance company should have loss control and risk management resources you can leverage. Many insurance companies, including Acuity, provide valuable services to help contractors identify and mitigate risks before they result in costly claims. These resources can include safety audits, jobsite inspections, safety training and tailored risk management strategies. By engaging with these services, contractors can not only improve safety and reduce the likelihood of accidents, but also lower their long-term insurance costs by proactively addressing risks that might otherwise lead to higher premiums or claims.

Make the Most of This Winter Season

Winter is a great time of year for most contractors to analyze their business and identify opportunities or resources that can elevate their bottom line. Having the aid of industry experts who understand the construction industry can provide invaluable support to contractors who want to grow and protect their business. Whether they’re looking for expert advice, policy support or dependable claims service, contractors are encouraged to visit acuity.com or speak with an independent insurance agent to identify the best coverage, services and solutions for their aspirations or evolving business needs.