Navicore Solutions Reports an Increased Need for Financial Counseling
4/25/2024
MANALAPAN, N.J., April 25, 2024 (GLOBE NEWSWIRE) -- In the face of growing financial challenges for individuals and families across the United States, the importance of financial counseling and education has never been greater. This year, Navicore Solutions delivered 46% more counseling sessions compared to the previous year, underscoring the increasing need for comprehensive financial support. As April is Financial Literacy Month, this is the perfect time to spotlight the availability of these crucial services that benefit communities nationwide.
Recent studies by Payroll.org and Bankrate reveal that financial stress is on the rise. According to Payroll.org's 2023 survey, 78% of Americans now live paycheck to paycheck—a 6% increase from the previous year. Additionally, 49% of credit card holders carry debt from month to month, compared to 46% in 2022, according to a November 2023 Bankrate report. These statistics highlight the pressing need for accessible financial counseling and education.
In response to this growing demand, Navicore Solutions offers vital resources and guidance to individuals seeking financial stability. "At Navicore, we understand the significant impact that financial literacy can have on individuals' lives," says Diane Gray, Navicore’s Chief Operating Officer. "Our mission is to empower people with the knowledge and tools they need to make informed financial decisions and achieve their long-term financial goals."
Navicore Solutions works tirelessly to close the financial literacy gap, providing practical guidance on budgeting, debt management, and savings strategies to help individuals break the cycle of financial insecurity. "We aim to engage with clients about basic concepts like budgeting, saving, and credit worthiness," says Don Hicks, Navicore’s Director of Counseling. "By instilling financial literacy habits, we help clients avoid similar financial missteps in the future.”
Despite the growing need for financial education, only 25 states mandate personal financial education in high school. This leaves a significant knowledge gap, especially in underserved communities. The National Endowment for Financial Education (NEFE) highlights that Millennials and Generation Z struggle the most with personal finances, emphasizing the critical need for improved financial education and resources.
Navicore Solutions addresses this need by offering a variety of services, including personalized budgeting assistance, debt management programs, and community outreach activities designed to meet the unique needs of diverse communities. By empowering individuals with the knowledge and skills to make sound financial decisions, Navicore aims to pave the way for a more financially secure future for all Americans.
For more information about Navicore Solutions and its services, visit their website.
About Navicore Solutions
Founded in 1991, Navicore Solutions is a national leader in the field of nonprofit financial counseling with a mission to strengthen the well-being of individuals and families through education, guidance, advocacy, and support.
Navicore counselors provide a wide range of services including: credit counseling to consumers in need; education programs through workshops, courses and written material; debt management plan to provide relief for applicable consumers; student loan counseling for those struggling with student loan debt; and housing counseling services in the areas of rental, pre-purchase, default and reverse mortgage. The agency is an advocate of financial education helping communities achieve and maintain financial stability.
Contact:
Lori Stratford
Digital Marketing Manager
Navicore Solutions
lstratford@navicoresolutions.org
navicoresolutions.org