For Wisconsinites, 2023 was not a bad year economically. The state’s unemployment rate was low, and wages were rising. Yet, one-in-four Wisconsinites say they are having difficulties paying their basic expenses. Renters, low-wage workers and younger people faced more challenges, and half of Wisconsinites will struggle with a financial emergency. Facing these constraints, it is no wonder some workers feel like they cannot afford to save or pay for health insurance. Yet, most workers are willing to trade off some income for better access to benefits, and 1 in 4 are thinking about changing jobs to do so. Smaller employers are especially challenged to provide health insurance and retirement benefits.
In this seminar, Dr. Michael Collins briefed policymakers on the state of Wisconsinite’s financial well-being following the Covid pandemic. Presenting information from the WisconSays survey and the Social Security Administration, Dr. Collins outlined the role employer benefits play in financial security. He asked key questions about the barriers that exist around employee access to employer benefits, and discussed which strategies may help to expand financial inclusion.
Presentation
The Bottom Line: A Closer Look at the Financial Well-being of Wisconsinites
by J. Michael Collins, PHD
Professor of Public Affairs and Consumer Science, University of Wisconsin-Madison
by Alejandra Ros Pilarz, PHD
Assistant Professor of Social Work, University of Wisconsin-Madison
Powerpoint (pdf) Video (WisconsinEye) Research Brief
Research
by J. Michael Collins, PHD
Professor of Public Affairs and Consumer Science, University of Wisconsin-Madison