Latest news with #BeyondFinance
Yahoo
09-07-2025
- Business
- Yahoo
I Asked ChatGPT To Explain 401(k) Plans Like I'm 12 — Here's What It Said
The vast majority of employers who offer retirement plans specifically offer 401(k) plans. Though increasingly popular, 401(k) plans are not terribly easy to understand, let alone navigate. In fact, a 2024 poll of 2,000 U.S. residents by Beyond Finance found that two-fifths of Americans don't even know what a 401(k) plan is. Check Out: For You: How do you explain in simple, digestible terms what a 401(k) plan is? Well, you could turn to the mightiest generative AI chatbot available to anybody on the internet: ChatGPT, which can do everything from finding local deals to passing the bar exam. GOBankingRates asked ChatGPT to explain 401(k) plans to us like we're 12 years old. The explanation ChatGPT provided is a very simple explanation — at times overly so. It was also a little too lighthearted and didn't even attempt to hit home the vital importance of retirement planning with a 401(k). Regardless, here's what the AI had to say. A lot of kids grow up with piggy banks, so they'll get the metaphor ChatGPT gave — that a 401(k) plan is a piggy bank, but for your future. 'But instead of using it to buy toys or video games, you use it when you're older and stop working (that's called retirement),' it explained. Here was a (missed) opportunity for ChatGPT to provide more context. For example, it could have said that this piggy bank should be thought of as a necessity because it's money you need to literally survive, eventually. Dark as that may be, the fact is that many retirees slip into poverty because they didn't invest in 401(k) plans. Twelve-year-olds are not 5-year-olds. They should know about this grim reality — and that they can avoid it. Learn More: ChatGPT said that once you grow up and get a job, you say, 'Hey, I want to save some of my money for the future!' ChatGPT could have been more pointed and more urgent. Yes, 12-year-old kids aren't sophisticated thinkers, but that doesn't mean they only understand things when put in lighthearted and fun language. ChatGPT could improve by saying 'I need to save some of my money…' rather than 'I want to save some of my money…' It could also briefly touch on the consequences of not saving for retirement. The chatbot then explained that your job takes 'a little bit of money from your paycheck (before taxes) and puts it into this special 401(k) account.' And that money you plant in a 401(k) plan grows 'into a money tree.' So far, this is the most astute perception ChatGPT has generated. ChatGPT described a 401(k) plan as free money — not unlike how financial planners explain it, so that's fair. That free money is when your employer contributes a match, which is common. In many cases, 401(k) matches are between 3% and 6% of your salary. ChatGPT also highlighted the severe rule that comes with these plans: You can't withdraw the money until you're older (usually around 59½ years old). If you do, you'll pay a penalty. 'So it's long-term saving, not like your piggy bank for candy,' the chatbot said. This is a kind of cute way of saying that you have to be wise and future-minded with your 401(k) plan, but it's also sort of incoherent. The explanation would be better without this cutesy wrist slap about candy. Again, these are 12-year-olds, not 5-year-olds. ChatGPT concluded its explanation of 401(k) plans by describing why they're 'awesome' and provided the following points: You save money automatically. Your boss might help. It grows over time, thanks to investing. You'll thank yourself when you're old and want to chill on a beach. The first three bullet points are spot on. The last one is obnoxious malarkey. It suggests that 401(k) plans are basically stashes of fun money for old people, when they are, in fact, core pillars of financial security, no matter your wealth status or income level. And you should know this regardless of how young you are. In fact, the younger you know this stuff, the better. Here are a few key takeaways on 401(k)s, without AI assistance: A 401(k) is an employer-sponsored retirement plan that comes with tax benefits. In other words, you invest money into the 401(k) account where it can hopefully grow tax-free over time. Generally, you choose how much money you want to contribute to your 401(k) based on a percentage of your income. Your employer will then automatically withhold a portion of each paycheck and put it into the account, making it easy to regularly contribute. If your company has an employer-matched contribution, make sure to maximize your own contribution percentage so you aren't leaving money on the table. Keep in mind that many employers now offer a Roth 401(k), also known as a designated Roth account. Contributions to Roth accounts are made with after-tax dollars, which means you don't get a tax deduction, but your money can typically grow tax-free and be withdrawn in retirement. 401(k) plans tend to offer different investment options, including mutual funds, exchange-traded funds (ETFs), target-date funds, index funds, money market funds and individual stocks and bonds. Caitlyn Moorhead contributed to the reporting for this article. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years 7 Luxury SUVs That Will Become Affordable in 2025 This article originally appeared on I Asked ChatGPT To Explain 401(k) Plans Like I'm 12 — Here's What It Said
Associated Press
03-07-2025
- Business
- Associated Press
Beyond Finance's Financial Wellness Therapist Discusses the Impact of Financial Stress on YourUpdateTV
The Silent Strain: How Financial Stress Is Taking a Toll on Men's Mental Health Half of men admit to hiding money behaviors as shame and silence reshape emotional well-being and relationships. NEW YORK, July 03, 2025 (GLOBE NEWSWIRE) -- A new survey shows that just 27% of men rate their mental health as 'excellent"—and when it comes to financial health, that number drops even lower to just 15%. It's a silent struggle for many men, especially when financial stress goes unspoken. Recently, Nathan Astle, Certified Financial Therapist at Beyond Finance conducted a satellite media tour in partnership with D S Simon Media to shed light on the connection between money and mental health—and what men can do about it. A new national survey from Beyond Finance, one of the first of its kind, reveals a troubling trend — financial distress is fueling a silent mental health crisis among men, driven by secrecy, shame, and isolation. Men's financial stress and mental health are deeply intertwined The survey of 2,000 U.S. men found a powerful link between financial strain and emotional well-being. Only 27% of men rated their mental health as 'Excellent,' and even fewer — just 15% — felt the same about their financial health. Over 25% rated their finances as 'Poor' or 'Not Very Good,' while 10% gave the same rating to their mental health. This parallel between financial hardship and emotional distress suggests that for many men, money isn't just a numbers issue. It's a mental health issue. More than half of respondents (57%) said they are currently in debt with credit card debt (62%), mortgages (34%), and auto loans (30%) cited as the most common types. The emotional impact of debt is clear: men reported feeling frustrated (38%), anxious (29%), overwhelmed (28%), and embarrassed (19%) because of their financial situation — yet nearly a quarter (22%) don't feel comfortable seeking out financial advice from anyone. Other key findings from the survey: Financial infidelity is common and often driven by shame Half of men admitted to keeping financial secrets from a spouse or partner. Among those in committed relationships, the most common money secrets included: The top reasons for hiding these behaviors were: The mental health cost of the online sports betting boom The rise of online sports betting is making matters worse. The survey found that nearly 1 in 5 men (19%) have placed a sports bet online in the past year. Of those, nearly three-quarters (74%) have placed an online sports bet in the last week, and 23% said they've gambled online in the last 24 hours. According to the findings, 4 in 10 sports betters (40%) believe they're likely to win a large amount of money, yet only 16% said their financial wellness has improved because of it. More than 1 in 10 of those in relationships (13%) admitted they've kept their sports betting activities a secret from their partner, and a third (33%) said they don't tell their partner how much they win or lose. A call for empathy and action The survey revealed that when seeking help, 41% of men feel comfortable confiding in their partners, while only 25% would actually seek their partner's financial advice. Only 19% would confide in friends and 16% seek their financial counsel, while over 20% would prefer to go it alone. Surprisingly, nearly 40% of respondents feel that their financial situation has made them feel disconnected from friends, and 37% said they avoid friendships that make them feel financially insecure. 'Beyond Finance's research findings point to a broader cultural issue: Men are emotionally overwhelmed by money, yet afraid to seek help. Shame, secrecy, and silence are driving real harm, not only to personal finances, but to relationships, careers, and mental health,' said Nathan Astle. To help change this, Astle offered up the following tips: Since 2011, Beyond Finance has helped more than 700,000 people, resulting in over $2 billion of client debt being paid off. Through personalized debt consolidation plans, free financial therapy sessions and innovative tools, the company equips clients to break the cycle of debt, create healthier financial habits and achieve lasting financial freedom. This survey was commissioned by Beyond Finance and conducted by Talker Research, a third-party research company. For more information on Beyond Finance's commitment to financial wellness and its transformative debt consolidation services, visit Data from a survey of 2,000 American men conducted by Talker Research on behalf of Beyond Finance from May 20 – May 27, 2025. About Beyond Finance, LLC Beyond Finance, LLC, is the nation's largest debt consolidation company. In its commitment to providing clients with a personalized approach to move beyond debt, Beyond Finance provides simple and transparent solutions that help consumers lower their monthly payments, reduce the impact of interest, and reach a debt-free life sooner. Beyond Finance holds an A+ rating with the Better Business Bureau and was awarded with 3 ConsumerAffairs' 'Buyer's Choice Awards' in 2025 for Best Value, Best Customer Service, and Best Overall Process within its category. Beyond Finance has offices in Chicago, Atlanta, San Diego, and Houston. For more information, visit About Nathan Astle - Financial Therapy Consultant at Beyond Finance & Founder of Financial Therapy Clinical Institute Nathan Astle is a licensed therapist and certified financial therapist who helps men and families manage the emotional impact of money stress. Each week, he leads financial wellness sessions for hundreds of Beyond Finance clients. As founder of the Financial Therapy Clinical Institute, he blends mental health and financial wellness to break stigmas and promote healthier habits. He has been featured in various outlets, including the New York Times, Wall Street Journal, CNBC, and USA Today. About D S Simon Media: The firm is well known as a leader in the satellite media tour industry and produces tours from its studio and multiple control rooms at its New York headquarters. Clients include top brands in healthcare, technology, travel, financial services, consumer goods, entertainment, retail and non-profits. Established in 1986 the firm has won more than 100 industry awards. About YourUpdateTV: YourUpdateTV is a property of D S Simon Media. The video included and release was part of a media tour that was produced by D S Simon Media on behalf of Beyond Finance. Dante Muccigrosso Director of Media Planning and Client Reporting [email protected] A video accompanying this announcement is available at
Yahoo
26-06-2025
- Business
- Yahoo
Why financial infidelity can be as harmful as cheating
Healthy relationships are built on trust; when that trust is broken due to infidelity, it can have devastating consequences. But that doesn't just apply to emotional or physical betrayal — secrecy around spending and saving can be just as damaging. 'Financial infidelity is when someone withholds, lies about, or hides financial information or behaviors from a partner,' said Nathan Astle, a certified financial therapist at Beyond Finance. He explained the problem often isn't about the dollar amount, but rather the breach of trust. 'Just like emotional or physical infidelity, it creates distance and dishonesty in a relationship.' This embedded content is not available in your region. And financial infidelity is more common than you may think. According to a poll by the National Endowment for Financial Education, among those who report having ever combined finances in a relationship, 43% confess to having committed some act of financial deception, with 85% of those individuals stating the indiscretion affected the relationship in some way. Read more: How to merge finances with your spouse after getting married Many people may not realize that lying about money to a partner 'counts' as cheating. Yet in relationships where finances are shared, financial infidelity can have serious consequences for both the emotional and economic well-being of the couple. 'Infidelity doesn't always look like late-night texts or secret meet-ups in an undisclosed location,' said April Lancit, a licensed marriage and family therapist and assistant professor of marriage and family therapy at La Salle University. 'Sometimes it shows up on the bank statements, hidden debt, or secret spending.' Lancit noted that these behaviors can rock a relationship just as hard as romantic betrayal. In fact, a 2022 survey found that nearly half of respondents said financial and physical cheating are equally as bad, while 11% said financial infidelity is worse. At its core, financial infidelity undermines transparency and shared financial decision-making. Even seemingly 'small' money lies — like rounding down a purchase amount or hiding a receipt — can snowball into bigger issues over time, including racking up debt, falling behind on financial goals, and straining communication within the relationship. So what does financial infidelity look like? Some common signs include: Secret credit cards or bank accounts Undisclosed debts Lying about spending or hiding purchases Undisclosed gambling Generally, withholding information about finances from a partner According to Lancit, this behavior is increasingly common, and often tied to issues related to power, control, or even shame, 'especially if you come from an upbringing where money was not discussed, there wasn't enough money in the home, or there was endless money and you never had to consult anyone about what you wanted to do.' Read more: Behavioral Finance 101: 7 ways your brain can sabotage your finances Financial infidelity can have serious implications for your relationship. Ultimately, a breach of financial trust can be just as hurtful as any other kind of betrayal. 'It erodes trust, creates emotional distance, and often leaves the deceived partner feeling hurt, unsafe, or out of control,' Astle said. 'In some cases, it leads to ongoing conflict or even separation, not just because of the money, but because of the violation of honesty and shared responsibility.' The good news is that recovering from financial infidelity is possible. But it takes time, patience, and a strong commitment to repair the trust that was broken. Before you can move forward, it's important to have an open and honest conversation with your partner about the infidelity that occurred. Discuss the factors that may have contributed to this financial betrayal and what you can work on as a couple to prevent it from happening in the future. Be honest with each other about the state of your finances as they are right now. This level of transparency will help you build trust and make a plan for the future. Lay out all of your accounts, debts, expenses, and so on. This way, your partner knows that you fully trust them and are committed to a healthy and transparent relationship. Once you know where you both stand, take some time to think about what your shared financial goals are and what kinds of boundaries you need to set moving forward to make sure that the lines of communication are always open. The way you manage your personal finances can have a lot to do with how you were raised and your lived experiences. Sometimes, unlearning damaging habits can be tricky, and you may need the guidance of a family or financial therapist. 'As I often tell clients: You are not your debt, and you are not your mistakes,' Astle said. 'Repair is possible with honesty, accountability, and the right support.' Read more: Should unmarried couples have joint bank accounts?
New York Post
17-06-2025
- Business
- New York Post
60% of men keep financial secrets from their partners: Why can't they come clean?
Half of men have kept financial secrets from a spouse or a partner, according to new research. In a survey of 2,000 men, 49% of those who are married or in a committed relationship (60% of respondents) shared that they have kept money-related secrets. The most common secret proved to be a hidden savings account (14%). Other men have kept their spending habits (13%) and a credit card or a line of credit (12%) to themselves. Among the men who kept secrets from their significant other, many said they did so because they were embarrassed (27%) or ashamed (26%), while one in five (19%) said they simply 'didn't know how to bring it up.' According to a new survey, about half of American men have kept financial secrets from their spouses. LIGHTFIELD STUDIOS – Some of this secrecy appears to be a result from pressure to be financially successful — something 48% of men surveyed admitted to feeling. Of these men, 56% said the pressure comes from themselves, but 27% said they felt a societal pressure for men to be financially successful. Conducted by Talker Research and commissioned by Beyond Finance for Men's Mental Health Month, the survey examined the connection between money and mental health, and the results reveal a strong correlation. Respondents were asked to rate both their mental and financial health on a one-to-five scale, which revealed a strong connection between low financial health and low mental health. Men who rated their financial health at a 1 (poor) also had the lowest mental health (2.8 on average). Conversely, those with the highest financial health — a 5 (excellent) — also had the highest mental health (4.6 on average). Despite this, a fifth of respondents said they would not be confident confiding in anyone about their financial situation. The most common financial secret men have is keeping a hidden savings account. GiuseppeElioCammarat – The numbers of those willing to share their financial situation still show a general hesitance of men to open up: Less than half said they'd speak to their partner (41%), a quarter to a financial professional (23%), a fifth to their friends (19%) and roughly a tenth to their parents (12% to their mom and 11% to their dad). 'This survey confirms what we've long suspected — men are suffering in silence when it comes to money,' said Lou Antonelli, chief operating officer at Beyond Finance. 'Financial anxiety is isolating, and many men don't feel safe opening up. This is why we're encouraging men to stop gambling with their wellbeing and start building both financial and emotional resilience.' Forty percent of men said their financial situation has made them feel disconnected from friends, and this was especially true for those who rated themselves with poor financial health. Among this group, 69% feel disconnected, compared to 27% who rated their financial health as 'good.'Overall, 37% of men avoid friendships that make them feel financially insecure. 'This research points to a broader cultural issue: Men are emotionally overwhelmed by money, yet afraid to seek help. Shame, secrecy and silence are driving real harm, not only to personal finances, but to relationships, careers and mental health,' said Nathan Astle, a certified financial therapist at Beyond Finance. 'This isn't about being perfect,' added Astle. 'It's about giving men permission to be honest about where they're at — and then helping them build a healthier, more hopeful path forward.'
Miami Herald
16-06-2025
- Business
- Miami Herald
Why men struggle to be honest with their partner about money
Half of men have kept financial secrets from a spouse or a partner, according to new research. In a survey of 2,000 men, 49% of those who are married or in a committed relationship (60% of respondents) shared that they have kept money-related secrets. The most common secret proved to be a hidden savings account (14%). Other men have kept their spending habits (13%) and a credit card or a line of credit (12%) to themselves. Among the men who kept secrets from their significant other, many said they did so because they were embarrassed (27%) or ashamed (26%), while one in five (19%) said they simply "didn't know how to bring it up." Some of this secrecy appears to be a result from pressure to be financially successful - something 48% of men surveyed admitted to feeling. Of these men, 56% said the pressure comes from themselves, but 27% said they felt a societal pressure for men to be financially successful. Conducted by Talker Research and commissioned by Beyond Finance for Men's Mental Health Month, the survey examined the connection between money and mental health, and the results reveal a strong correlation. Respondents were asked to rate both their mental and financial health on a one-to-five scale, which revealed a strong connection between low financial health and low mental health. Men who rated their financial health at a 1 (poor) also had the lowest mental health (2.8 on average). Conversely, those with the highest financial health - a 5 (excellent) - also had the highest mental health (4.6 on average). Despite this, a fifth of respondents said they would not be confident confiding in anyone about their financial situation. The numbers of those willing to share their financial situation still show a general hesitance of men to open up: Less than half said they'd speak to their partner (41%), a quarter to a financial professional (23%), a fifth to their friends (19%) and roughly a tenth to their parents (12% to their mom and 11% to their dad). "This survey confirms what we've long suspected - men are suffering in silence when it comes to money," said Lou Antonelli, chief operating officer at Beyond Finance. "Financial anxiety is isolating, and many men don't feel safe opening up. This is why we're encouraging men to stop gambling with their wellbeing and start building both financial and emotional resilience." Forty percent of men said their financial situation has made them feel disconnected from friends, and this was especially true for those who rated themselves with poor financial health. Among this group, 69% feel disconnected, compared to 27% who rated their financial health as "good."Overall, 37% of men avoid friendships that make them feel financially insecure. "This research points to a broader cultural issue: Men are emotionally overwhelmed by money, yet afraid to seek help. Shame, secrecy and silence are driving real harm, not only to personal finances, but to relationships, careers and mental health," said Nathan Astle, a certified financial therapist at Beyond Finance. "This isn't about being perfect," added Astle. "It's about giving men permission to be honest about where they're at - and then helping them build a healthier, more hopeful path forward." Survey methodology: Talker Research surveyed 2,000 American men; the survey was commissioned by Beyond Finance and administered and conducted online by Talker Research between May 20 and May 27, 2025. We are sourcing from a non-probability frame and the two main sources we use are: Traditional online access panels - where respondents opt-in to take part in online market research for an incentiveProgrammatic - where respondents are online and are given the option to take part in a survey to receive a virtual incentive usually related to the online activity they are engaging in Those who did not fit the specified sample were terminated from the survey. As the survey is fielded, dynamic online sampling is used, adjusting targeting to achieve the quotas specified as part of the sampling plan. Regardless of which sources a respondent came from, they were directed to an Online Survey, where the survey was conducted in English; a link to the questionnaire can be shared upon request. Respondents were awarded points for completing the survey. These points have a small cash-equivalent monetary value. Cells are only reported on for analysis if they have a minimum of 80 respondents, and statistical significance is calculated at the 95% level. Data is not weighted, but quotas and other parameters are put in place to reach the desired sample. Interviews are excluded from the final analysis if they failed quality-checking measures. This includes: Speeders: Respondents who complete the survey in a time that is quicker than one-third of the median length of interview are disqualified as speedersOpen ends: All verbatim responses (full open-ended questions as well as other please specify options) are checked for inappropriate or irrelevant textBots: Captcha is enabled on surveys, which allows the research team to identify and disqualify botsDuplicates: Survey software has "deduping" based on digital fingerprinting, which ensures nobody is allowed to take the survey more than once It is worth noting that this survey was only available to individuals with internet access, and the results may not be generalizable to those without internet access. The post Why men struggle to be honest with their partner about money appeared first on Talker. Copyright Talker News. All Rights Reserved.
