Mercury Insurance Shares 4 Ways to Achieve Financial Empowerment in 2024

Reevaluating Monthly Expenses like Insurance is Crucial to Savings

LOS ANGELES, March 29, 2024 /PRNewswire/ -- Finances are consistently a top concern for many Americans, with "saving money" among the top 10 most common New Year's resolutions. This year, Americans are more concerned than ever due to the uncertainty created by high inflation, rising interest rates, lack of income growth and dwindling savings. According to investment research site YCharts, the U.S. personal savings rate for January 2024 was 3.8% versus 19.3% in January 2021, a 15.5% drop in just three years. 

Here are some interesting stats on the state of the U.S. economy:

• Per Gallup, 45% of respondents rate the American economy as poor, with 63% saying it is getting worse, not better
• 63% of respondents tell Gallup that high prices pose a severe or moderate financial hardship
• A 2023 survey conducted by Payroll.org highlighted that 78% of Americans live paycheck to paycheck, a 6% increase from the previous year. In other words, more than three-quarters of Americans struggle to save or invest after paying for their monthly expenses
• Similarly, a 2023 Forbes Advisor survey revealed that nearly 70% of respondents either identified as living paycheck to paycheck (40%) or — even more concerning — reported that their income doesn't even cover their standard expenses (29%)
• The Labor Department reported that in October of 2023, nearly 8.4 million people held multiple jobs — the highest level since July 2019, before the COVID-19 pandemic began
• According to the Federal Reserve Bank of New York, U.S. consumer credit card debt topped $1.1 trillion in the last quarter of 2023

The economy and job markets remain in a state of constant flux, which is causing many families to worry about their ability to pay an unexpected bill, continue to pay off student loans, mortgages or credit card debt, or save money for the future.

"Saving money is more than just putting spare change into a coffee can, or simply ordering takeout less often," said Sam Jarman, Financial Expert and Mercury Content Partner. "Sure, those things can add up over time, but people may find that their greatest savings can come from taking a look at the necessary expenses they pay for every month, such as insurance."

Jarman recommends these four tips to help protect your finances in the coming year:

"Often, regional insurers like Mercury Insurance are more attuned to their policyholders' needs and can offer better rates," Jarman added. "For example, the California Department of Insurance found that Mercury auto insurance policyholders save an average of $1008, which can go a long way in feeling more secure in your savings."

The most effective way to make sure your finances are minimally impacted by insurance costs in 2024 is to speak to an independent insurance agent. They can help make sure you have the proper amount and type of coverage to keep yourself, your family and property protected.

About Mercury Insurance

Mercury Insurance (NYSE: MCY) is a multiple-line insurance carrier predominantly offering personal auto, homeowners and renters insurance through a network of independent agents in Arizona, California, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia, as well as auto insurance in Florida. Mercury writes other lines of insurance in various states, including commercial, business owners and business auto, landlord, home-sharing, ride-hailing and mechanical protection insurance.

Since 1962, Mercury has provided customers with tremendous value for their insurance dollar by pairing ultra-competitive rates with excellent customer service. Mercury has earned "A" ratings from A.M. Best and Fitch, as well as "Best Auto Insurance Company" designations from Forbes and Insure.com. For more information visit www.MercuryInsurance.com or follow the company on Twitter or Facebook.

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SOURCE Mercury Insurance