Tax Prep, Financial Literacy and Fair Housing: Recent Financial News Trends

A look at the finance industry news from PR Newswire in March and April that you might have missed.

 

 

By Rocky Parker | Published May 2, 2024

 

Keeping up with all the finance-related press releases sent via PR Newswire is a daunting task. In March and April alone, we distributed over 7,300 news announcements from the financial services industry.

Our team is here to help you sort through the headlines and in this post, we’ll cover some of the headlines that drew in the most readers during the past two months and dive into a few of the larger financial news trends.

As we approached Tax Day in April, brands shared their tips and tricks for making it a smooth, secure and (relatively) stress-free filing. Companies also tapped into recent finance-related recognitions for financial literacy and fair housing as they shared the latest stats, initiatives and products tied to these topics.

Before looking at the trends, let’s see what readers gravitated toward the most in March and April.

Some of the Most Popular Finance Releases

Some releases just draw in readers regardless of which trend they may or may not be tied to. These are a few of the most-read finance releases during the past two months.

• Northwestern Mutual's 2024 Planning & Progress Study found that U.S. adults think they’ll need $1.46 million to retire comfortably, a 15% increase over the $1.27 million reported last year.
• Ascensus announced its plans to acquire Vanguard's Individual 401(k), Multiple Participant SEP (Multi-SEP) and SIMPLE IRA Plans business.
• Ally Financial named Michael G. Rhodes as its new Chief Executive Officer and shared that he will also be appointed as a member of Ally's board of directors.
• After a pilot implementation with thousands of users, Salesforce selected Ironclad as the company's contract lifecycle management (CLM) platform.
• The ADP National Employment Report found that private sector employment increased by 184,000 jobs in March and annual pay was up 5.1%. "March was surprising not just for the pay gains, but the sectors that recorded them. The three biggest increases for job-changers were in construction, financial services, and manufacturing," said Nela Richardson, chief economist, ADP. 

Finance News Trends

Let’s dive in to the big finance news trends of March and April and take a look at some of the related releases.

Tips for a Smooth Tax Season

Ah, tax season. The always-stressful (and sometimes tear-inducing) tax filing was made even worse this year as nearly 1 in 4 Americans anticipated a lower return due the economic climate, according to a January TaxAct survey. So as the IRS expected more than 128.7 million individual tax returns to be filed by the April 15 tax deadline, brands across the finance space tried to help ease consumers’ stress by introducing new products to make the process easy, shared tips to help filers avoid scams and much more.

In March and April, PR Newswire sent out close to 100 releases related to tax filing. Here are just a few of them:

• TaxAct released new research ahead of Tax Day that found 47% of tax filers delay the task with Gen Z and Millennials being the biggest procrastinators.
• Keeper Security shared the common cyber threats seen during tax season and tips to help U.S. taxpayers avoid falling victim to them.
• AARP released a look at its March issue of AARP Bulletin, which included advice for navigating tax season as an older American and important mistakes and oversights to avoid.
• On a lighter note, TGI Fridays® acknowledged tax filers’ anxiety and debuted a new cocktail to deduct some of the stress of the season.

Financial Literacy Month

April is Financial Literacy Month and over the past few weeks, it was a popular topic among press releases sent via PR Newswire. The month aims to raise public awareness of the importance of financial literacy and maintaining smart money management habits. Companies across the finance space shared tips and data on budgeting, savings, retirement, credit and more to help consumers improve their financial literacy and make informed financial decisions.

While some initiatives and products focus on financial knowledge for adults, financial education is also a growing focus in schools as educators and legislators work to instill money management skills at a younger age. The recent Intuit Financial Education survey found that “85% of U.S. high school students say that they are interested in learning about financial topics in school, and 95% of students who currently receive financial curriculum find it helpful.”

During the past two months, PR Newswire distributed nearly 150 releases mentioning “financial literacy” or “financial education.” Catch up with a few unique announcements:

• Financial education platform Goalsetter released results from its recent financial literacy study, which uncovered a widespread deficiency in the understanding of core personal finance concepts, with students scoring an average of 51% on the quiz.
• LegalMatch.com celebrated Financial Literacy Month by connecting individuals to attorneys experienced in consumer bankruptcy to provide expert advice and ensure a smooth bankruptcy process.
• PenFed Credit Union continued its investment in the future of Puerto Rico by teaming with EVERFI from Blackbaud to provide financial education to over 4,000 public and private school students in March.
• Central Bank unveiled a new AI-driven money management platform to provide customers with hyper-personalized financial advice and insights.
• A survey by the TIAA Institute and the Global Financial Literacy Excellence Center connects people's confidence in their retirement plan with their level of financial literacy. "This report shows that if we're going to improve retirement outcomes, we have to start by improving our understanding of how to save and how long our retirements will be,” said Thasunda Brown Duckett, CEO of TIAA.

Housing Equality

April is Fair Housing Month, a celebration of the 1968 passage of the Fair Housing Act, the landmark civil rights law that made it unlawful to discriminate in housing transactions based on race, color, sex, national origin, religion, disability or familial status.

Despite the Fair Housing Act being in place for over 50 years, there is still work to be done. According to the National Fair Housing Alliance’s 2023 Fair Housing Trends Report, 2022 saw the highest number of fair housing complaints ever filed in a single year: over 33,000.

On the wire, housing equality is a growing topic in press releases. Real estate companies, banks and policymakers have shared news via PR Newswire about their efforts to ensure that all people have fair and equal access to housing.

Throughout March and April, there were a few fair housing-related releases that grabbed our attention.

• During Fair Housing Month, KeyBank highlighted its Special Purpose Credit Programs and homebuyer educational initiatives designed to increase the accessibility and affordability of the homebuying process.
• In March, Ally Financial launched a grant program to make homeownership more attainable for eligible consumers. "Buying a home is an unattainable dream for more than half of U.S. residents, which is why we strive to make homeownership more accessible to a wider range of individuals and families," said Glenn Brunker, President of Ally Home.
• Housing nonprofit Rebuilding Together announced the expansion of its Heirs' Property Initiative to help families keep their land and protect generational wealth. The initiative provides free legal assistance and estate planning services in low-income communities.
• Fifty-seven percent of all respondents in a Zillow survey reported experiencing housing discrimination of some kind, with LGBTQ+ individuals the most likely to say they have experienced discrimination. 
• Latina-owned mortgage company New American Funding released a whitepaper that addresses challenges in underrepresented communities and recommends industry-wide solutions.

Looking Ahead

In May, we’ll be watching for news tied to Small Business Week (April 28 - May 4), economic outlooks, AI implementation in the finance space and more.

We’ll be back soon with the next recap!

 

 

About the Author

Rocky Parker is the Manager of Audience and Journalist Engagement at Cision PR Newswire. She's been with the company since 2010 and has worked with journalists and bloggers as well as PR and comms professionals. Outside of work, she can be found trying a new recipe, binging a new show, or cuddling with her pitbull, Hudson.