Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  Prudential Financial    PRU

PRUDENTIAL FINANCIAL

(PRU)
My previous session
Most popular
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

Prudential Financial : As government shutdown looms, federal workers still hurting from last lapse, survey finds

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/12/2019 | 01:39pm EST

During the nation's longest federal shutdown, Joel Rodriguez, a furloughed auditor at NASA, borrowed money from his parents and took out a personal loan to pay bills. He drove for Uber, Lyft, Postmates and Instacart, earning $2,000 during the 35-day stretch.

"That's what I did to survive," said Rodriguez, who is married with two small children.

He was largely able to keep up with his obligations. His only hiccup was sending in his February mortgage payment and car payment seven days late.

Rodriguez's financial gymnastics were common among federal workers during the shutdown, according to a new survey of 350 federal employees, contractors and their spouses provided exclusively to USA TODAY by Prudential Financial. The survey underscored how vital even one to two missed paychecks are for many Americans, especially as federal workers brace for the possibility of another shutdown this week.

"The partial government shutdown really put a spotlight on the fact that most Americans can't weather even a brief disruption in their income," said Jamie Kalamarides, president of group insurance at Prudential Financial. "It's a wake-up call to the general population."

Food banks, skipping health expenses

During the shutdown, federal workers went to great lengths to deal with their cash flow shortfall. Almost a quarter reduced or eliminated spending on health or medical expenses for themselves or their family. One in four visited a food bank.

Refund worries? What will your tax refund be? So far, they're smaller by an average of $170

Forty-two percent took on new debt to pay for day-to-day expenses and bills. Two in five turned to family or friends, while one in five borrowed from a bank or credit union.

Rodriguez borrowed $2,000 from his parents and took out a $3,000 loan from his credit union. He has since paid both back with his first two retroactive paychecks.

"I only had the loan open a week," he said.

At Navy Federal Credit Union, nearly 20,000 of its members signed up to get zero-percent loans based on their most recent direct deposit, according to a company spokesman.

Family money: Precollege schooling: How to pay for pre-K through prep school

Just over a quarter of federal workers surveyed tapped their retirement accounts – either taking a loan or outright distribution. One in 10 borrowed from an alternative lender, while 9 percent turned to crowdfunding.

GoFundMe saw about 4,000 campaigns that raised nearly $2 million to support those affected by the shutdown, a company spokeswoman said.

Lasting consequences

Despite their efforts, almost half of federal workers fell behind on bills. More than a quarter missed a mortgage or rent payment; 13 percent fell behind on student loans; and 10 percent skipped a tuition payment, Prudential found.

Of those who had emergency savings, 62 percent said they depleted all or most of those rainy-day funds. Almost a third spent half of it.

"The unfortunate thing is the people who are recovering from the shutdown are in a very delicate place right now. They're just at the point of getting back on their feet," said Bruce McClary, spokesman for the National Foundation for Credit Counseling. "With another deadline coming up, the best things people can do is start reviewing their options if we do go into another shutdown."

Preparing for the next one

As lawmakers try to work out a border security deal by Friday to avert another shutdown, federal workers are re-committing to saving to help get through the next unexpected event. Just over half plan to add more money to their savings, while one in 10 who don't have any emergency fund plan to start one.

McClary said that many of the banks and credit unions he's talked to also plan to offer similar support as last time if the government shuts down again, including low to no-interest short-term loans.

Rodriguez is also preparing. "I do Lyft and Uber in the early mornings and at night to prepare for another shutdown," he said. "I told my parents to take the money I owed them because I may need it later."

This article originally appeared on USA TODAY: As government shutdown looms, federal workers still hurting from last lapse, survey finds

© © Copyright 2019 The Herald-Mail. All rights reserved., source Newspapers

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on PRUDENTIAL FINANCIAL
02/20PRUDENTIAL CAPITAL GROUP : appoints Debra Hemsey to Prudential Capital Energy Pa..
BU
02/19PRUDENTIAL FINANCIAL : Ex-dividend day for
FA
02/15PRUDENTIAL FINANCIAL : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITI..
AQ
02/12PRUDENTIAL FINANCIAL INC : Change in Directors or Principal Officers, Financial ..
AQ
02/11PGIM REAL ESTATE FINANCE : provides $18.1 billion in financing in 2018
BU
02/07METLIFE : Big U.S. Insurers Log Profit Declines
DJ
02/06Prudential Financial misses fourth-quarter earnings estimates
RE
02/06PRUDENTIAL FINANCIAL : 4Q Profit Falls; Premiums Rose 32%
DJ
02/06PRUDENTIAL FINANCIAL : Announces 2018 Results
PU
02/06PRUDENTIAL FINANCIAL INC : Results of Operations and Financial Condition, Regula..
AQ
More news
Financials ($)
Sales 2019 56 136 M
EBIT 2019 6 029 M
Net income 2019 5 721 M
Debt 2019 -
Yield 2019 4,22%
P/E ratio 2019 7,67
P/E ratio 2020 7,12
Capi. / Sales 2019 0,69x
Capi. / Sales 2020 0,67x
Capitalization 38 863 M
Chart PRUDENTIAL FINANCIAL
Duration : Period :
Prudential Financial Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PRUDENTIAL FINANCIAL
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 107 $
Spread / Average Target 13%
EPS Revisions
Managers
NameTitle
Charlie F. Lowrey Chief Executive Officer & Director
John Robert Strangfeld Non-Executive Chairman & President
Kenneth Yutaka Tanji Chief Financial Officer & Executive Vice President
Barbara G. Koster Chief Information Officer & Senior Vice President
K. Andrew Crighton Chief Medical Officer
Sector and Competitors
1st jan.Capitalization (M$)
PRUDENTIAL FINANCIAL15.45%38 863
AXA12.21%57 163
PRUDENTIAL PLC8.49%51 477
METLIFE9.25%44 151
AFLAC7.53%37 295
MANULIFE FINANCIAL CORP.10.84%32 357