Technology

Surging Personal Loans Spotlight Need for Greater Financial Literacy in America

Published

10 months ago

March 6, 2024

The press release highlights the surge in personal loans in the U.S., with an increase in borrowers and market value, emphasizing the importance of financial literacy to manage this growth responsibly.

GLENDALE, Calif., March 6, 2024 /PRNewswire-PRWeb/ — Personal loans have become increasingly popular in the U.S., serving purposes such as debt consolidation, housing, and education. With personal loans hitting record highs, it’s fascinating to observe the diverse participation across generations, from the highest average balance of $21,644 for Gen X to the more modest $7,684 among Gen Z.

The personal loans market was worth $80.41 billion in 2022 and is expected to grow with an annual growth rate of 30.8% from 2023 by 2030.

These statistics spark much-needed discussions on the necessity of financial discipline, education, and sound money management practices. The story goes beyond simple borrowing, emphasizing conscientious economic empowerment and stability.

The Burgeoning Personal Loan Industry

To paint you a clear picture, let’s look into some updated figures:

As of the third quarter of 2023, the number of Americans taking out personal loans rose to 23.2 million, a 5.5% increase compared to 22 million in the previous year.Market research indicates the personal loans market was worth $80.41 billion in 2022. The market is expected to grow with an annual growth rate of 30.8% from 2023 by 2030.

While these numbers might seem small initially, they reflect significant growth. This surge involves both you and me. As the saying goes, “With great power comes great responsibility.” This saying is especially true in finance, where taking out a loan brings an essential repayment duty.

However, the reality presents a different narrative. The total balance of personal loans in America jumped by 54% to $241 billion by the end of December 2023 since 2019, before the pandemic.

The average debt per borrower climbed to $11,692 from $8,780 since the pandemic began. In 2023, Credit Card delinquencies rose sharply by over 50%, with total consumer debt reaching an astonishing $17.5 trillion. In the same period, the average debt per personal loan borrower was $11,692, up 9% from $10,749 the previous year.

This scenario seems more appealing, especially to lenders. So, what’s driving this trend? Are interest rates too high, or are there other factors at play?

Financial Literacy

The answer lies in two words: Financial Literacy. Despite being one of the most advanced countries in the financial sector, the U.S. could fare better in financial literacy. This gap highlights the need for improved education on managing finances effectively.

The rise in personal loans raises some red flags. Without the right know-how, getting in over your head is easy. That’s where financial literacy comes in. It’s critical to handle loans wisely. Ant Tumi’s take? Start learning about money early, right in school. This way, you’re set up to make intelligent choices about borrowing. Education is the game-changer for making informed decisions and avoiding debt traps.

Teaching Financial Literacy in Schools

As the market experiences remarkable growth, the importance of financial literacy becomes increasingly evident. In “Financial Literacy in Schools – The Missing Curriculum,” Ant Tumi, the founder of LoanForSuccess, highlights that only 57% of American adults are financially literate. This shortfall in understanding contributes to the 77% of Americans who feel economically stressed, specifically among Gen Z, who often juggle social media trends and innovation; only 36% show financial literacy.

Don’t worry; it’s not just about numbers! Ant Tumi dives into various sources, including scholarly readings, case studies, personal anecdotes, observations from children to senior citizens, and research, all aimed at finding a practical solution to the issue- beginning right from school.

It all starts with education in school!

About LoanForSuccess

LoanForSuccess is an innovative platform that bridges the gap between loan providers and borrowers, fostering an environment of financial empowerment and accessibility. Founded by Ant Tumi, a visionary entrepreneur and author of the groundbreaking eBook “Financial Literacy in Schools – The Missing Curriculum,” LoanForSuccess is committed to promoting financial literacy and responsible borrowing.

With a core belief in the power of education to transform financial decision-making, LoanForSuccess offers resources and tools to help individuals navigate the complex world of personal finance. Our mission is to make financial success achievable for everyone by providing the knowledge and connections necessary to make informed borrowing and lending decisions.

Through our services, we aim to contribute to a financially literate society where every loan is a step toward personal growth and economic stability.

Media Contact

Ant Tumi, LoanForSuccess, 1 866-894-6599, ant.tumi@loanforsuccess.com, https://www.loanforsuccess.com/

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SOURCE LoanForSuccess

Technology

Virtusa Earns 2024 Great Place to Work® Certification™ for Third Consecutive Year

Published

28 minutes ago

December 23, 2024

SOUTHBOROUGH, Mass., Dec. 23, 2024 /PRNewswire/ — Virtusa Corporation, a global leader in digital business strategy, digital engineering, and IT services, is proud to announce its 2024 Great Place to Work® Certification™ for the third consecutive year. This recognition spans seven countries – India, USA, Canada, UK, UAE, Australia, and Singapore – and underscores Virtusa’s dedication to fostering a High-Trust, High-Performance workplace culture globally.

The certification is based on rigorous employee feedback, with Virtusa achieving an impressive Trust Index™ score of 79% and an Employee Net Promoter Score (eNPS) of 73%. Notably, 81% of employees agreed with the statement, “Taking everything into account, I would say this is a great place to work.”

Key areas of improvement over the past year include professional development, equal treatment, making a difference, and creating a welcoming environment.

“We are incredibly honored to receive the Great Place to Work® Certification™ for the third consecutive year,” said Lori Mullane, Chief People Officer at Virtusa. “This recognition reflects our unwavering commitment to creating an inclusive and empowering workplace where employees feel valued, supported, and inspired to achieve their best. Investing in a culture of trust, collaboration, and growth enables our teams to deliver exceptional value to our clients and communities.”

Virtusa’s commitment to professional development, diversity, and well-being reflects its efforts to build a supportive and inclusive environment. With industry-leading initiatives like Engineering IQ for career progression, robust upskilling programs, and a focus on belonging and fairness, Virtusa has created a culture where employees can thrive.

The Certification is a testament to Virtusa’s leadership in workplace culture, which supports over 30,000 employees globally. As the company continues to grow, its mission remains steadfast in providing a High-Trust, High-Performance environment that drives innovation, collaboration, and employee satisfaction.

For more information about Virtusa’s workplace culture and career opportunities, visit https://www.virtusa.com/careers.

About Great Place to Work®
Backed by 30 years of data, Great Place To Work is the global authority on workplace culture. Through its proprietary For All™ Model and Trust Index Survey, it gives organizations the recognition and tools to create a consistently positive employee experience. Its mission is to help every place become a great place to work for all, driving business growth, improving lives, and empowering communities. Through globally recognized and coveted Great Place To Work Certification and highly competitive Best Workplaces™ Lists, Great Place To Work enables employers to attract and retain talent, benchmark company culture, and increase revenue. Its platform enables leaders to truly capture, analyze and understand the experience of every employee, and compare outcomes with data collected from more than 100 million employees in 150 countries worldwide.

About Virtusa
Virtusa Corporation provides digital engineering and technology services and solutions for Forbes Global 2000 companies across industries, including financial services, healthcare, telecommunications, media, manufacturing, and technology. With a foundation in digital engineering, Virtusa empowers enterprises to navigate digital transformation, driving operational efficiency and measurable outcomes. Leveraging its Engineering First approach, Virtusa partners with organizations to tackle complex challenges, delivering solutions that ensure resilience and competitive advantage.

Virtusa is a registered trademark of Virtusa Corporation. All other company and brand names may be trademarks or service marks of their respective holders.

Media Contact:
Paul Lesinski
Edelman
(971) 226-5299
paul.lesinski@edelman.com

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View original content:https://www.prnewswire.co.uk/news-releases/virtusa-earns-2024-great-place-to-work-certification-for-third-consecutive-year-302337841.html

Technology

DogeRide Unleashes a New Era of Pet-Friendly Ridesharing in Denver

Published

28 minutes ago

December 23, 2024

DogeRide, Denver’s newest and most innovative ridesharing service, is proud to announce the official launch of its pet-friendly hailing app in Denver, CO Metro Area.

DENVER, Dec. 23, 2024 /PRNewswire-PRWeb/ — DogeRide, Denver’s newest and most innovative ridesharing service, is proud to announce the official launch of its pet-friendly hailing app.

“We wanted to create a ridesharing service that embraces that spirit, providing a solution for dog lovers who want their furry companions to be part of their daily lives. DogeRide is more than a rideshare; it’s a celebration of Denver’s dog-friendly culture.”

Designed to bring convenience and joy to pet lovers, DogeRide allows drivers to ride with their dogs as companions while welcoming riders to travel with their furry friends. With Denver being one of the most dog-friendly cities in the country, this service is set to revolutionize how residents and their dogs move around town.

DogeRide aims to address a growing demand for pet-friendly transportation. Riders no longer have to worry about leaving their four-legged friends behind or struggling to find a rideshare that accommodates their pets. The DogeRide app allows seamless booking and ensures all participating drivers are comfortable with canine passengers.

To ensure a safe and pleasant ride, dogs must weigh under 80 pounds and be on a leash or in a crate during the journey.

“Denver is a city that thrives on community and outdoor adventures, and dogs are a huge part of that lifestyle,” said Phil Warfield and Divine Tumenta, both Co-founders of DogeRide. “We wanted to create a ridesharing service that embraces that spirit, providing a solution for dog lovers who want their furry companions to be part of their daily lives. DogeRide is more than a rideshare; it’s a celebration of Denver’s dog-friendly culture.”

The app’s user-friendly interface allows riders to indicate when they’re bringing a dog along, ensuring that drivers are prepared for their canine co-pilots. Additionally, all DogeRide drivers are trained to prioritize safety and comfort for both human and canine passengers. From trips to the vet or park to daily commutes, DogeRide is committed to making every journey tail-waggingly fun and hassle-free.

DogeRide also offers unique features tailored to the needs of dog owners and pet-loving drivers. Drivers are encouraged to bring their dogs along for companionship while working, creating a warm and welcoming atmosphere for riders. This innovative approach not only enhances the drivers’ experience but also provides riders and their dogs with a sense of familiarity and connection.

“DogeRide is the ultimate ridesharing service for dog lovers because we’ve designed it with the needs of Denver’s vibrant pet-owning community in mind,” said Chad Harris, Co-founder of DogeRide. “Whether you’re heading to the dog park, running errands, or going on an adventure, DogeRide ensures your furry friend can come along for the ride. We’re thrilled to be part of Denver’s pet-friendly ecosystem.”

DogeRide’s mission is to create a safe, reliable, and dog-inclusive transportation option that reflects the unique lifestyle of Denver residents. As part of its commitment to the community, DogeRide plans to partner with local animal shelters and pet organizations to support adoption events and promote responsible pet ownership.

DogeRide is now available for download on iOS and Android devices. For more information, visit www.dogeride.com.

Media Contact

Nick Dell, DogeRide Technologies Inc, 1 7207817533, support@dogeride.com, https://www.dogeride.com/

View original content:https://www.prweb.com/releases/dogeride-unleashes-a-new-era-of-pet-friendly-ridesharing-in-denver-302337029.html

SOURCE DogeRide Technologies Inc

Technology

Omnis Investments Limited Extends Relationship with SS&C

Published

28 minutes ago

December 23, 2024

WINDSOR, Conn., Dec. 23, 2024 /PRNewswire/ — SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that Omnis Investments Limited has extended its transfer agency relationship with SS&C. The contract services Omnis’s range of mutual funds, which invest across several asset classes and regions.

With more than GBP10 billion of assets under management, Omnis is one of U.K.’s largest asset managers and works closely with clients of The Openwork Partnership, a network of 4,200 financial advisers across the country. Omnis also collaborates with 2plan wealth management, a leading wealth management firm in the U.K.

“SS&C is a long-term valued partner to Omnis, and we are looking forward to continuing our work together on ways to enhance the experience of our clients and achieve our goals,” said Simon Harris, Chief Operating Officer at Omnis. “Together with SS&C, we are committed to providing a high standard of service to all of our clients and evolving our digital service offering.”

“We are pleased to extend our valued long-term relationship with Omnis,” said Spencer Baum, Managing Director Head of Client Management, SS&C GIDS. “SS&C is committed to delivering exceptional omnichannel servicing and support to all customer types.”

Learn more about SS&C’s Global Investor and Distribution Solutions here.

About Omnis Investments Limited

Omnis Investments manages over GBP10 billion in assets, working as part of The Openwork Partnership, a network of 4,200 financial advisers across the country helping people look forward with confidence and optimism. Omnis has a range of funds and strategies across the full risk/return spectrum, managed by leading investment managers. The Omnis funds are only available through advisers of The Openwork Partnership and 2plan wealth management.

About SS&C Technologies

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 20,000 financial services and healthcare organizations, from the world’s largest companies to small and mid-market firms, rely on SS&C for expertise, scale and technology.

Additional information about
SS&C (Nasdaq: SSNC) is available at www.ssctech.com.

Follow SS&C on Twitter, LinkedIn and Facebook.

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SOURCE SS&C