Have you started saving for retirement? While most people recognize the importance of saving for retirement, studies show that many have no idea how much money they will need in retirement, let alone how to get started. And with our schedules becoming busier each day, many people tend to put it off until they get…
Following a year of rising costs coupled with rising interest rates, many consumers are feeling the economic strain on their finances. A recent WSFS study found that 61% of regional respondents are cutting back on non-essential spending, while 38% are focusing more on paying down debt because of rising costs, and 33% are tapping into their savings…
After months of increasing mortgage interest rates, we’ve recently seen rates begin to drop ahead of the spring homebuying season—and that’s great news for potential buyers. The Reasons Mortgage rates are more influenced by the bond market, mortgage-backed securities and more specifically, the 10-year Treasury yields than they are when the Federal Reserve raises the Prime…
Interest rates have continued to climb to levels not seen in recent years and have impacted many consumers’ financial situation and goals. A recent WSFS study found that regional respondents said building an emergency fund (52%) is their top goal, followed by increasing savings in retirement accounts (49%). While rising rates and inflation impacting the cost of everyday…
Inflation and rising costs have had an impact on many consumers’ financial security and goals over the past year. A new survey from WSFS Bank found Americans are confident managing their money, including 91% of respondents in the Greater Philadelphia and Delaware region, but 34% in the region are not confident they could weather an economic downturn…
The WSFS CARES Foundation recently announced grants to three community organizations located in Delaware and Pennsylvania as part of its continuing series of philanthropic activities by WSFS and the Foundation. “Revitalization and Business Economic Empowerment, Education and Leadership Development are among the core pillars of the WSFS CARES Foundation,” said Patrick J. Ward, Executive Vice President, Pennsylvania…
Often, losing a family member leads to new, unexpected paths for those left behind. That was certainly the case for Steve Duncan, whose brother, Michael “Slim” Duncan passed away in 2010, leaving behind a 10-year-old daughter, Lexi, who he lovingly called his “Princess.” Steve opened up his home and helped raise Lexi until she went on…
Americans are confident managing their money, including 91% of respondents in the Greater Philadelphia and Delaware region, but 34% in the region were not confident they could weather an economic downturn or recession, a survey from WSFS Bank found. Impact of Inflation and Rising Costs Among regional respondents: 34% were not confident they could afford rising costs of living….
With interest rates rising and record high inflation over the past year, many consumers are looking for ways to save more money. For those who have built up a solid nest egg, rising interest rates can present an opportunity to grow their savings through tools like high-yield money markets. Here are tips on how to leverage the…
As a result of recent events in the banking and finance industry, the Federal Deposit Insurance Corporation (FDIC) and its coverage limits on banking customer deposits have been top of mind for many people. Many banking customers have questions about FDIC limits and whether their money is protected. It is important to understand how FDIC insurance…
Each March, Women’s History Month takes place to honor and recognize the key contributions made by women to society and history. As the official bank partner and community supporter of the Philadelphia Union and Subaru Park, WSFS joined forces with the Union on a variety of events and initiatives throughout the month to support women. During Union…
Recent events have brought new attention to the financial services industry and have business leaders wondering if they are taking the right steps to ensure their money is safe. There are several ways to safeguard against threats like fraud or market volatility but ensuring your business’ money is protected in Federal Deposit Insurance Corporation (FDIC)…
With inflation continuing to drive costs higher for everyday products and services, large purchases like vehicles and more, many people are looking for ways to save and keep a balanced budget in any way they can. And while the resulting high interest rates are making unsecured debt—like credit cards with revolving balances—and other variable interest…
The past few years have seen home values increase at a rapid pace, spurring stiff competition in the homebuying market. And while potential homebuyers continued their search amid these conditions, higher home values have proved beneficial for another group of people—homeowners with record high, tappable home equity who have no intention of moving. Increased home…
February is Financial Aid Awareness Month, created to provide parents, students and families with the education and resources to make the most effective decisions as it relates to financial aid. Every year parents and students are required to complete the Free Application for Federal Student Aid, or (FAFSA), to determine their eligibility for student financial…
In a roller coaster economy, many commercial real estate businesses have been focused on short-term success and ensuring their companies can remain profitable. For developers contending with labor shortages and skyrocketing materials prices, managing their short-term projects is likely top of mind. Focusing on the now is important, but to ensure a business can thrive in the long term,…
Traditionally, the homebuying market in our area, and in many parts of the country, tends to be seasonal. But the past few years have seen seasonality in housing turn on its head, including the all-out homebuying frenzy of 2020-2021. While inflation, rising rates, and record high prices tempered the market in 2022, many experts agree that…
The Springboard Collaborative (TSC) began its work in 2020 with a group of devoted community advocates looking to help those experiencing homelessness in Georgetown, Delaware, to find transitional housing and receive other needed services. “By November 2020, we were writing grant requests and working with other organizations to bring a village of small modular homes to…
“When I was a boy and I would see scary things in the news, my mother would say to me, ‘Look for the helpers. You will always find people who are helping.’” -Fred Rogers of Mister Rogers’ Neighborhood The famous advice given by Fred Rogers’ mother is often quoted by philanthropists who yearn to help…
As we enter the 2023 spring homebuying season, the market is much different than it was a year ago, and even more so from the post-pandemic housing rush that saw record high demand and prices while mortgage interest rates reached record lows. These phenomena spurred many first-time homebuyers to jump into homeownership, while others upgraded to…
Preparing for an international trip – whether for business or pleasure – can be an exciting time, but comes with many “to-do” list items before you’re ready to depart. As digital adoption has continued to take hold in recent years, one often overlooked “to-do” is the need for money in your destination’s local currency. While many…
Having a solid strategy is always a critical component of any small business’ success, regardless of the economy it is operating in. Applying a successful strategy for your business to stave off the impacts of inflation and rising interest rates can be daunting, however, making it even more important that your plan is solid and…
Online and mobile banking have continued to see increased adoption from consumers in recent years, and for good reason – they come with powerful tools to help you simplify your finances, manage your budgets, quickly deposit and transfer money, and much more. Here are tips to help get the most out of your online and mobile banking….
As the Federal Reserve continues to raise its benchmark interest rate to fight inflation, many consumers are looking for ways to boost their savings for a variety of reasons. While some are simply looking for ways to save money on everyday expenses, others are considering what they should do with their current savings nest egg. For those…
2022 was undoubtedly the year of the dollar. Although the U.S. currency has recently retreated from its October peak, the USD index still gained 8% in 2022 (see chart). The main question in the foreign exchange (FX) markets today is whether this latest dollar down move is simply a technical correction due to the market’s reassessment…
As we begin a New Year, we often reflect on the past and make resolutions for the future. Last year brought many challenges within the overall financial markets. In an effort to fight inflation the Fed raised interest rates from near zero to a range of 4.25% to 4.5%, the fastest pace since the 1980s.[1]…
In December 2022, Congress passed the $1.7 trillion Consolidated Appropriations Act to avert a shutdown and fund the federal government for fiscal year 2023. Attached to this 4,126-page bill is the Secure Act 2.0, which changes retirement planning as we know it. The Secure Act 2.0 builds on the original Secure Act passed in 2019…
Shortly after being named Bishop of Philadelphia in 1852, John Neumann helped put the wheels in motion to provide a safe place for the working class and immigrant population to store their savings, leading to the founding of Beneficial Saving Fund Society in 1853. Beneficial Bank officially began operations in 1854, utilizing many of Neumann’s guiding…
While many consumers stay up late to ring in the New Year, they could find themselves losing even more sleep if they’re the victim of fraud. The Federal Trade Commission’s report on fraud estimated that American consumers lost more than $5.8 billion to phishing schemes and other fraud tactics in 2021, which represents an increase of…
The WSFS CARES Foundation, the charitable giving arm of WSFS Bank, recently announced it has provided grants to the Food Bank of Delaware and Virtua Health Foundation as part of its continuing series of philanthropic activities by WSFS and the Foundation. “For nearly 200 years, WSFS has been committed to providing vital support to our Communities,”…
As the clock is winding down on 2022, now is an excellent time to reflect on the year that was and get your finances in order for the year ahead. This past year presented unique challenges for many consumers with inflation soaring and interest rates rising. A recent WSFS Bank Money Trends study found that nine in…
If you’re planning to buy a new home in 2023, the first few months of the new year may present a better than anticipated buyers’ market due to several factors that are not only influencing homebuyers’ financial position, but also are easing the inventory constraints we’ve seen in recent years. Key Market Factors With recent reports…
Despite recent economic volatility resulting in an increase of layoffs, the Great Resignation has continued to pose a threat to the job market. In July 2022, McKinsey & Co. reported that 40% of workers were considering resigning from their jobs within the next three to six months. While the construction industry is expected to achieve a…
Before the year comes to a close, there are some things you should review and consider with your overall financial plan. This past year has brought challenges such as inflation and a weak market performance, and with rising interest rates and new legislation now may be the best time to make adjustments before 2022 ends. Use…
With the continued impact of inflation on consumer costs, this year’s post-Thanksgiving shopping weekend and Cyber Monday saw spending at a record pace. For many shoppers, higher costs drove increased spending while others may have been planning to spend more anyway, as reflected in a recent WSFS Bank Money Trends study that found 54% of consumers in…
WSFS Bank’s annual 2022 Small Business Trends study found that small businesses are optimistic in their ability to keep revenues at their current pace or even increase them in the next year despite economic woes and strains on their costs. The study, which surveyed 500 Mid-Atlantic small businesses, measured owner/operators’ outlook on the economy, the impact…
For many U.S.-based commercial real estate investors and developers conducting business abroad, a period of high inflation can seem like a particularly smart time to invest overseas. As of September, NPR reported, the dollar is still high in value, especially compared to many other international currencies. While U.S. investors may get the most return on investment when they make purchases…
With the end of the semester approaching in 2018, Drexel University student Evan Ehlers found himself with enough credits for 50 meals on his student dining card and little time to use them. Ehlers thought through how he could keep the meals from going to waste and decided to redeem his remaining meals, hop in his…
The holiday season is upon us! With inflation reaching 40-year highs, this year’s holiday season may result in budgets being stretched thinner. While inflation has certainly impacted many budgets, Deloitte’s 2022 Holiday Retail Survey projects consumers to spend on average $1,455, on pace with 2021. Whether your shopping budget is higher or lower, with the right plan…
Six out of 10 American households are charitable, according to The Philanthropy Roundtable, and December is the month Americans make more charitable gifts than any other[1]. So how to make the most of your generosity? Here’s what to consider as giving season draws near. Check Your List Most people give to the same charities annually….
As an apparel decorating company, AMPRO counts on the general public being more familiar with their products than their name. Founded in 1973 and nearing 50 years in business, they’ve had numerous opportunities to create exciting and unique products, some of which end up becoming part of the larger cultural landscape. The AMPRO team is…
Achieving the dream of homeownership is not a sprint for most first-time homebuyers. It is a journey that requires good planning and strong determination. Help from their friends, family, realtor, mortgage lender and even community organizations also goes a long way, especially in today’s market. Recently, WSFS Mortgage Customers have leaned on a couple of first-time homebuyer…
Even the most ardent savers question whether they are doing enough to achieve financial success. Regardless of where you are on the spectrum of planning and saving for your financial future, now is a great time to focus on your finances. There are several steps that you should take to ensure you have a sound…
WSFS Bank’s annual Money Trends study found that nine in 10 people are worried about affording price increases in the next year, leading to expected changes in how they spend, save and even plan for significant life milestones. The study, which surveyed 1,500 Greater Philadelphia and Delaware region consumers and 1,500 consumers nationally, measured current spending…
One of the easiest ways for fraudsters to scam you is pretending to be your bank, or another reputable business, and alerting you about a fake security issue with your account. They will ask for card numbers, account numbers, user IDs, passwords and PINs, but it is important to know that “Banks Never Ask That!” Since…
For nearly 20 years WSFS has hosted an annual Food Drive, with the generosity of its Associates, Customers and Communities helping to fight food insecurity across the region. After raising more than 66,000 pounds of food to donate to six community organizations in 2021, the annual Food Drive has returned for 2022, with WSFS partnering with…
Pivoting to wellness as a career path wasn’t in the plan for David Rambo in the aftermath of a business venture in the dot com world. But when he closed his dot com business and began working at a fitness center, his entrepreneurial spirit kicked in and he was soon owning and growing the business…
With inflation at multi-decade highs, retirees are feeling the squeeze as they grapple with the effects of rising prices on gasoline, housing, medical expenses and groceries, to name a few. With the Federal Reserve aggressively fighting inflation by raising short term interest rates, both the stock and bond markets have experienced substantial declines, adding further…
[1] Cost-of-Living Adjustment (COLA) Information for 2023. https://www.ssa.gov/cola/
[2] Centers for Medicare & Medicaid Services. https://www.cms.gov/newsroom/fact-sheets/2023-medicare-parts-b-premiums-and-deductibles-2023-medicare-part-d-income-related-monthly
[3] U.S. Bureau of Labor Statistics. https://www.bls.gov/news.release/cpi.br12396.a06.htm
[4] Social Security History. https://www.ssa.gov/history/briefhistory3.html#colas
[5] 2023 Social Security Changes. https://www.ssa.gov/news/press/factsheets/colafacts2023.pdf
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