The spike in inflation is making it harder for consumers across all demographic groups to save and have a financial plan for emergencies. PYMNTS’ research finds that 61% of consumers were living paycheck to paycheck in December 2021. Although this is four percentage points less than a year earlier, this share has been on the rise since May 2021 and is now approaching pre-pandemic levels. In fact, the last two months of 2021 witnessed a sharp uptick in the number of consumers living paycheck to paycheck.
Younger consumers who are living paycheck to paycheck are more likely to have children, have less money in savings, and be less able to pay for an emergency expense. With inflation likely becoming part of the economic picture for months to come, consumers who live paycheck to paycheck will need to review their financial plans and find ways to manage their spending.
Disability coverage can be essential in protecting a family’s income in the event of an unexpected illness or injury.
Unum and CoPower have partnered to bring employers disability benefits that bring peace of mind. Unum’s long-term disability insurance can help employees pay their bills and protect their finances. Employees receive a percentage of their gross monthly earnings up to the maximum allowed by their plan if they become ill or injured and can’t work for an extended period.
To find out about offering disability benefits through CoPower, contact:
Rodney Mattos
CoPower Regional Sales Manager
Email: rmattos@copower.com
Phone: 916.261.9280
Schedule an Appointment with Rodney
or
Jason Diffenauer
CoPower Sales Account Manager
Email: jdiffenauer@copower.com
Phone: 650.931.1731
Schedule a meeting with Jason