NEW YORK, April 5, 2021 /PRNewswire-HISPANIC PR WIRE/ — Twenty-two percent of U.S. adults report they are unable to pay their bills in full and on time in a typical month, and 30 percent would not be able to cover an unexpected $2,000 expense, according to new data from the fifth annual Personal Finance Index (P-Fin Index) released by the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University School of Business.

Results from the P-Fin Index indicate that a significant portion of American adults still struggle with financial literacy. After four years of incremental growth in financial literacy, the percentage of P-Fin Index questions respondents answered correctly decreased by 2 percentage points in 2021, with respondents correctly answering only 50 percent of the questions. Comprehending risk continues to be the area in which financial literacy is lowest, with U.S. adults on average correctly answering only 37 percent of questions on this topic.

“This year’s Personal Finance Index reveals the precarious financial situations of many Americans, which have been exacerbated by the COVID-19 pandemic,” said TIAA Institute Senior Economist Paul Yakoboski. “But we have also seen Americans become increasingly motivated since the onset of COVID to improve their personal finances. Now is the time to focus on enhancing financial literacy as we look forward to life post-COVID.”

Financial challenges and lower levels of financial literacy are significantly more prevalent among the Black and Hispanic communities who face structural inequities and longstanding institutional biases:

• Thirty-two percent of individuals in these U.S. demographic groups find it difficult to make ends meet in a typical month, compared to 18 percent of white Americans.
• Fifty-six percent of Black Americans and 53 percent of Hispanics do not have non-retirement savings sufficient to cover one month of living expenses, compared to 35 percent of white Americans.
• Blacks and Hispanics correctly answered 37 percent and 41 percent, respectively, of the P-Fin Index questions, compared to white Americans, who correctly answered 55 percent.

“Our data shows a direct link between financial literacy and financial well-being, and demonstrates how knowledge can help better position Americans against adverse economic conditions,” said Annamaria Lusardi, University Professor and Academic Director of GFLEC. “Just as we need to address institutional barriers, we must also break down barriers to financial well-being as part of the recovery path from COVID-19, and that includes greater access to financial literacy.”

The P-Fin Index is unique in its capacity to produce a robust measure of overall personal finance knowledge as well as an analysis of knowledge across multiple areas of personal finance. It also identifies how financial literacy contributes to financial wellness. The index consists of 28 questions spanning eight functional areas:

• Earning: determinants of wages and take-home pay.
• Consuming: budgets and managing spending.
• Saving: factors that maximize accumulations.
• Investing: investment types, risk and return.
• Borrowing/managing debt: relationship between loan features and repayments.
• Insuring: types of coverage and how insurance works.
• Comprehending risk: understanding uncertain financial outcomes.
• Go-to information sources: recognizing appropriate sources and advice.

The full report can be found HERE.

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About the TIAA Institute
The TIAA Institute helps advance the ways individuals and institutions plan for financial security and organizational effectiveness. The institute conducts in-depth research, provides access to a network of thought leaders, and enables those it serves to anticipate trends, plan future strategies and maximize opportunities for success. For more information about the TIAA Institute, visit www.tiaainstitute.org.

About TIAA
With an award-winning¹ track record for consistent investment performance, TIAA (TIAA.org) is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $1.3 trillion in assets under management (as of 12/31/2020²) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services.

About GFLEC
The Global Financial Literacy Excellence Center (GFLEC) is dedicated to advancing research and solutions that open the door to universal financial literacy. In working toward that mission, GFLEC has positioned itself as the world’s leading incubator for financial literacy research, policy, and solutions. GFLEC launched in 2011 at the George Washington University School of Business in Washington, D.C. Since then, it has pioneered breakthrough tools to measure financial literacy, developed and advised on educational programs, and crafted policy guidelines aimed at advancing financial knowledge in the United States and around the world. For more information on GFLEC, visit www.gflec.org.

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SOURCE TIAA Institute

ATLANTA, April 1, 2021 /PRNewswire-HISPANIC PR WIRE/ — The Home Depot®, the world’s largest home improvement retailer, announced today that Richard McPhail, executive vice president and chief financial officer, will present at the J.P. Morgan 7th Annual Retail Round-Up Virtual Conference. The presentation will begin at 1:10 p.m. ET on April 15, 2021.

The presentation will be webcast live over the internet at http://ir.homedepot.com/events-and-presentations. A link will be displayed under “Events and Presentations.” The webcast will be archived and available at the same location after the conclusion of the live event.

The Home Depot is the world’s largest home improvement specialty retailer. The Company operates a total of 2,298 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. In fiscal 2020, The Home Depot had sales of $132.1 billion and earnings of $12.9 billion. The Company employs approximately 500,000 associates. The Home Depot’s stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor’s 500 index.

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SOURCE The Home Depot

PARAMOUNT, Calif., April 1, 2021 /PRNewswire-HISPANIC PR WIRE/ — Total-Western, subsidiary to Total-American, Inc., has promoted Steve Roudebush to Director of Design-Build Construction (EPC).

Mr. Roudebush will have responsibility over the entire Design-Build Construction (EPC) organization, including Operations. This will allow the company to further its commitment on delivering full life cycle solutions as a turn-key Design-Build-Operations-Maintenance partner for its clients in the Industrial space.

“There are two things that give me satisfaction and purpose in my role,” said Mr. Roudebush. “The first is learning and teaching on the job; I am now in a position to hire skilled individuals and develop a highly functional team for our Operations group. Second is bringing value to clients; not all clients have a wealth of experience delivering on capital projects, so I enjoy helping customers understand how to optimize their investment in building a business enterprise.”

Total-Western has had a long, rich history dating back to its creation in 1972. Through various acquisitions and organic growth in local markets, the company has continued to grow its footprint across the Western U.S. Now, Total-Western is a larger, more capable, and more complex enterprise than ever that demands growth in its leadership capacity and strength to continue to thrive.

“Steve brings with him a plethora of experience in the Industrial Design-Build space, delivering on projects from a few million dollars to $300 million plus, that has earned him a strong reputation in the industry,” said Payman Farrokhyar, President of Total-Western. “We couldn’t have asked for a better leader in this role.”

Steve has worked as an engineer and project manager for more than 40 years at various companies, including ARCO, Ciba Geigy, Jacobs Engineering, Tesoro and Marathon. In his previous roles, he oversaw multiple refinery, bio-pharmaceutical, power, and semi-conductor projects, and led EPC teams through all phases of project execution. He has led teams of more than 200 people on projects of various sizes, from small to mid-size to large projects over $100 million.

Mr. Roudebush earned his bachelor’s degree in Mechanical Engineering from Cal Poly San Luis Obispo and his MBA in Business Administration from Pepperdine University.

About Total-Western, Inc. (www.total-western.com)
Total-Western provides comprehensive design-assist, construction, maintenance, operations, fabrication, and specialty services to customer assets throughout the Western and Mid-Western United States. The company was founded in 1972 and has six regional locations throughout California, Nevada, and Washington. On every job, Total-Western implements their PASS program to ensure that every task is performed with safety, quality, cost effectiveness and personal accountability in mind.

About Total-American
Total-American Investment Company was formed in 2015 and is the parent corporation to Total-Western, Inc. and California Spectra Instrumentation, Inc. (Spectra). The company’s subsidiaries provide multi-disciplined industrial maintenance and construction contracting services in the petrochemical, energy, renewable fuels, manufacturing, and other heavy industries.

Total-American is a privately held corporation headquartered in Paramount, Calif. and part of the Bragg family of companies, which include Bragg Crane Service, Bragg Crane & Rigging, Heavy Transport, Coastline Equipment, APS and JBA.

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SOURCE Total-Western