Promoting Financial Wellness in 2023

This year was off to a great start with news of a dip in inflation hitting the headlines. After a high of 9% inflation in June 2022, Americans enjoyed some relief in December when the inflation rate declined to 6.5%.1 Yet sadly, inflation continues to be a challenge for many, due to continually rising prices on everything from groceries to quality housing to all manner of goods and services. 

Consider this new statistic: Not only are more Americans relying on credit cards to pay bills and take care of day-to-day expenses, but 46% (up from 39% just last year) carry balances on at least one card from month to month.2 It appears that paying off credit cards in full is becoming more difficult, which has huge implications for struggling families.

We know this financial backdrop may be taking a toll on employees. But know that there are valuable ways you can “show up” for your people. When you lead with compassion and provide access to financial services and resources, you better equip them to weather whatever lies ahead. Remember that an employee who feels in control of their finances can be more capable of being present in the workplace.

Better Planning at Every Age, Every Stage

To meet staff wherever they are in their planning for the upcoming year, it’s important to understand what may be on their minds (or what may not).

As you know, a person’s age and life stage can greatly affect their relationship with money, planning for the future (or emergencies), understanding of concepts like good versus bad debt, and overall grasp on the lifestyle they can afford.

Younger Generation Goals

Debt forgiveness is an opportunity to get ahead financially, not fall further behind.

Younger employees should consider focusing on creating a realistic budget and tracking expenses; learning to live within their means; and making regular payments to student loans, car loans, and other existing debt. Some “zoomers” may be transitioning off their parents’ health or car insurance, and cell phone plans, and will need to account for these additional higher-dollar expenses.

There’s been a lot of buzz in the media lately about student loan forgiveness, which may impact several age groups. With respect to federal loans and suspended payments, according to Portico Financial Planning Manager Brooks Rankin, it may be wise for borrowers to continue making payments anyway to lower balances, or to redirect monthly payments to savings in the interim. Looks like an opportunity for younger employees to start saving for retirement!

Nearing Retirement

On the other end of the career spectrum, many are carefully, longingly eyeing retirement. Unfortunately, senior employees have experienced market turbulence on a deeper level in recent months and likely feel some uncertainty about how this upcoming life change will actually pan out. They’ve worked hard their whole lives and faithfully contributed to retirement only to see market downturns meaningfully reduce their account balance. But those close to retirement, too, may still have time on their side.

Employees of any age can contribute up to $22,500 to a 403(b) plan plus $7,500 for individuals ages 50 and over.

Connect Employees at Any Stage with Portico Financial Planners

Remind employees that they should consider aiming to increase retirement contributions annually by 1%.

Financial wellness is critical to our overall well-being. At Portico, we’re here to help equip your greatest assets — your people — with the knowledge and confidence they need to make informed decisions.

Do your employees know about Portico’s dedicated financial planning services? With just a call or a quick visit to the myPortico website, members can schedule sessions with an experienced financial planner who can provide guidance and help restore some confidence in their financial wellness goals.

Portico’s team of Certified Financial Planners (CFPs), which includes a retirement advocate, is focused on guiding members to more informed financial decisions that align with their best interests. We’re proud to offer members access to experienced professionals who are equipped to support plan members at every stage of life, including but not limited to:

  • Getting your first job
  • Budgeting 101
  • Student loan repayment
  • Buying a home
  • Planning for the future
  • Getting married, having kids
  • Readying for a large expense
  • Preparing for retirement
  • Loss of a spouse

No matter the financial circumstances, we’re ready to help!

1U.S. Inflation Rate. Retrieved January 18, 2023, from

2Dickler, Jessica (2023). Americans Lean More on Credit Cards as Expenses Stay High. CNBC. Retrieved January 24, 2023, from

3Minsky, Adam (2023). Here’s What You’ll Pay and When You’ll Get Student Loan Forgiveness, Under Biden’s New Plan. Retrieved January 23, 2023, from