2024-04-22 | demographics economy finances
... From January to March, the rate dropped from 4.9 percent to 3.7 percent according to the Bureau of Labor Statistics." SOURCE Florida Atlantic University Business and Economics Polling Initiative...
2024-04-10 | consumers economy
... for retirement at all. Contrastingly, average monthly discretionary spending amounted to $400 across various categories.The independent survey was conducted by a global consumer and B2B panel provider and included 1,000 U.S. adults, representative of the U.S. demographic landscape. It was carried out from February 23, 2024, to March 6, 2024, ensuring participant anonymity. ...
2024-04-10 | consumers economy
... the 12 months endingMarch, the first 12-month increase in that index since the period ending February 2023. The food indexincreased 2.2 percent over the last year. (Source: BLS.gov) ...
2024-04-09 23:15:00 | demographics retirement
... tnered), or investable assets of $150,000 or more. The study aimed to capture diverse perspectives by including oversamples from Black/African American, Hispanic, and Asian/Asian American populations....
2024-04-09 14:00:00 | banking consumers small business
... es, and financial institutions alike. The findings from Abrigo's survey highlight the critical need for awareness, education, and advanced technological solutions to navigate the complexities of modern financial fraud....
2024-04-09 15:00:00 | consumers financial education
... insight into the financial uncertainties facing middle-income Americans today, underscoring the need for improved financial literacy and education to navigate the complexities of modern economic life....
2024-04-09 | consumers economy
... 's a notable uptick in Americans' optimism regarding their financial futures, as highlighted in the latest Consumer Spending & Saving Index from MassMutual. This quarterly index sheds light on consumer financial practices, beliefs, and expectations amid the prevailing circumstances."It's encouraging to see the resilience of both the American people and economy as we emerge from a year marked by uncertainty, continued inflation, high interest rates, and shifting geopolitical dynamics," remarked Paul LaPiana, the head of MassMutual's brand, product, and affiliated distribution. "Adhering to ...
2024-04-09 | consumers economy
... s a critical tool for understanding public sentiment on various economic indicators, including inflation, labor markets, and personal finances. Its insights into consumer expectations by demographic and economic backgrounds offer valuable perspectives for policymakers and financial analysts....
2024-04-05 | debt inflation retirement
... et worse. While 74% said they expect inflation to get worse over the next 12 months in Q4 2023, 68% said the same in Q1 2024. This is the lowest percentage expecting inflation to get worse since 2021....
2024-03-21 | banking brokerage retirement technology
... ore than 19 million clients are also actively engaging with Erica – the most advanced and first widely available virtual financial assistant – to make managing their finances even easier. ...
2024-03-12 23:15:00 | consumers economy
... arger share of respondents expecting to be worse off a year from now.The mean perceived probability that U.S. stock prices will be higher 12 months from now increased by 1.4 percentage point to 38.9%....
2024-03-12 08:42:12 | retirement
... workforce save for retirement while paying down student debt and building up emergency savings. In fact, a third of Gen Z believe their employer could leverage the new legislation to help them save more for retirement by making a matching retirement contribution when they make their student loan payments. Additionally, one-third of Gen Z and Millennials say it will help them save more for retirement while building up emergency savings. This legislation has also added tax credits for small businesses offering retirement plans, including benefits for their employees who participate.Technological...
2024-02-15 | consumers economy
... had higher instances of optimism than other demographics as well.3-in-4 Black Americans living paycheck-to-paycheckAchieve's survey found 76% of Black consumers are living paycheck-to-paycheck, including 43% who said they struggle to make ends meet and 33% who report being financially comfortable.Respondents were split almost evenly when asked about recent changes to their household income, with approximately one-third each saying their incomes had either increased, decreased or stayed the same over the past year. Meanwhile, 56% expect their household income will increase over the coming year...
2024-02-15 | retirement financial wellness
... ancial Consultant® (ChFC®) Program Director at The American College of Financial Services. "When we measured financial anxiety and financial stress, those with a financial professional had 20% less financial anxiety and 25% less financial stress."With robust results from surveying more than 3,765 Americans aged 50 to 75, the Retirement Income Literacy Study research team plans to release additional data to provide deeper analysis into topics highlighted here–plus additional perspectives yet to be revealed. For more information and to view initial and future results, visit TheAmer...
2024-02-01 | consumers spending
... e, women are much more likely than men to believe that their partners are more knowledgeable about investing-related subjects; 57% of women say their partner is more knowledgeable than they are (40%)....
2024-01-22 | consumers economy
... rtheless, 29% of Americans do not currently own a home and do not have any plans to do so in the upcoming year. Just one out of ten respondents said that owning a home is highly attainable. ...
2024-01-16 | consumers economy spending
... from 47.7% in prior year), and 16.0% would be spent or donated (down from 18.5% in prior year and the lowest reading since the series began in August 2015).Source: New York Federal Reserve Bank...
2024-01-09 | economy
... rger share of respondents expecting to be better off a year from now.The mean perceived probability that U.S. stock prices will be higher 12 months from now increased by 0.2 percentage point to 36.7%....
2023-06-06 | housing
... arly doing so will help ensure a secure plan and is imperative to reaching bigger financial aspirations, such as buying a home." ...
2023-06-01 11:00:00 | credit unions lending
... ...
2023-06-01 15:00:00 | asset management
... layer of the technology stack, giving institutions more flexibility and reducing dependence on a single vendor.Download the publication here: https://www.bcg.com/publications/2023/technology-and-operations-in-wealth-and-asset-management...
2023-06-01 | housing
... comfortable paying, given these additional costs. With that budget in hand, buyers can then use a new app filter on Zillow to shop for homes by monthly cost, instead of by purchase price. "Understanding all the costs that come with homeownership can not only impact a buyer's budget, but the type of home they shop for, too," said Zillow home trends expert Amanda Pendleton. "While a big backyard or a larger home may be appealing, it's important to consider how much maintaining those spaces could cost. Buyers may want to consider affordable alternatives to single-family homes,...
2023-05-30 | demographics retirement
... with a nationally representative sample of 1,000 individuals age 25+ in the contiguous U.S. with an annual household income of $50k+ (single) / $75k+ (married/partnered) OR investable assets of $150k....
2023-02-28 | consumers
... interest rates rise, they may soon equal the savings balances of all consumers living paycheck to paycheck1. Now is an excellent moment for consumers who want to reduce their overall debt load to think about consolidating and/or refinancing their debt into an installment loan." ...
2023-02-27 | consumers
... re. The results will likely be equal to or better with fewer right messages delivered at the right time. If firms do this correctly, they may connect with consumers rather than alienate them while spending less on marketing. It presents an opportunity to maximize marketing expenditures and foster enduring client loyalty." ...
2023-01-30 | consumers economy
... 23, 35% of customers will spend money on leisure vacation, while 24% will buy pricey equipment or appliances."If the consumer assumption that their salaries will rise this year is proven accurate, it will limit the impact of the Fed to curb inflationary pressures," said Nayar. "Until the economy recovers, more Americans of all incomes will say they live paycheck to paycheck. Consumers must review spending and save for the unexpected now more than ever."...
2022-11-07 11:30:14 | consumers economy housing
... in October to 56.7, its lowest score since the index's launch in 2011 and its eighth consecutive monthly decline. As consistently high home prices and unfavorable mortgage rates continue to drive consumers' housing affordability concerns, five of the six index components dropped month over month, including those related to home purchasing and selling conditions. Only 16% of respondents said it's a good time to buy a house right now, a new survey low, while 59% of respondents said it's a good time to sell a house right now in October, a steep decline from the previous month's 59%. The total in...
2022-09-22 | consumers economy
... banks to remain "top of wallet," they must create individualized, user-friendly loan choices that assist consumers in navigating growing pricing.The study also reveals that UK consumers' concerns about inflation and the cost of living are having an impact on their purchasing behavior. 73% of those polled claimed they would cut back on their expenditures, while 54% admitted they had to put off making a large buy on credit because of their current worries. Consumers still rely on credit and are aware of what they want from their credit cards. Refund protection on purchases (42%), fraud protectio...
2022-09-22 | consumers demographics women
... ve began to expand. Since then, however, it's been driven further down, as high inflation impacts her spending power and the overturning of Roe v. Wade clouds her economic future. No wonder consumer confidence has been falling, even as women return to the workforce." The Ellevest Financial Wellness Survey 2022 gives further insights into women's money mindsets. Highlights from the findings show: Women are prioritizing their financial goals differently than men: There are stark differences between men and women's top financial priorities. The top priority for men? Growing retirement sav...
2022-09-12 | consumers economy travel
... 22 was $65,935, an increase of $878 from the previous month's record-breaking premium ATP of $65,057. Although prices are getting closer to sticker costs, luxury consumers still spend more than MSRP for new cars. Even while the percentage of luxury vehicles in overall sales dropped from 17.7% in July to 17.5% in August, it is still historically high. The increasing share of luxury sales is assisting in raising industry ATP on the whole. The average cost of a new electric vehicle (EV) grew by 15.6% in comparison to a year ago and by 1.7% from July. According to estimates from Kelley Blue...
2022-09-08 10:22:34 | economy
... keep sales going in the face of rising interest rates and other economic headwinds that weaken demand. "The situation is developing, but we advise consumers to be ready to act quickly once they locate a vehicle that meets their requirements and to keep a watchful eye out for any potential price drops that may occur in the near future. Buyers frequently discover that they now have more negotiation power with the dealer. However, some brands' pricing in August remained steadfastly close to all-time highs. A modest increase from the Price Premium of $8,012 over normal from last month, for...
2022-09-08 09:09:36 | consumers
... ther hand, advises being far better prepared, advising people to lay aside a year's worth of necessities and make sure they have adequate emergency savings to get through any unforeseen disasters. ...
2022-08-09 12:10:00 | consumers economy
... merica Institute, "consumers are not wilting in this summer heat." While 34% of US families are renters, "relief from decreased gas costs and shop promotions encouraged consumers to continue to spend throughout July even though pockets are getting tighter." Source: Bank of America Institute...
2022-08-09 | economy inflation customer experience CX UX
... boost a company's price power. In other words, pricing pressure is a result of both overstocking and declining customer satisfaction. The paradox here is that declining consumer satisfaction might assist in containing inflation, but only in industries where there are no supply issues. Customer satisfaction has, however, decreased most dramatically in the supply-constrained industries (since 2018), notably in the labor market. Hospitals (-9%), hotels (-7%), and rapid delivery (-9%) are a few examples. Customers are less satisfied in sectors where prices have increased significantly, such as...
2022-08-08 12:00:01 | housing
... t not at the same rate as those who think mortgage rates will go down. Home Purchase Sentiment Index (HPSI) distills consumer sentiment from Fannie Mae's National Housing Survey. The HPSI reflects consumers' current views and expectations of housing market conditions. The net share of those who say their household income is significantly higher than it was 12 months ago increased....
2022-08-05 12:00:10 | investing
... d economy than they were in May. Optimistic Europeans cite company earnings, employment, and consumer demand. APAC 6 in 10 investors in Asia Pacific are optimistic about the stock market and economy, the highest of all regions. Long-term investment themes include energy security and smart mobility. UBS Investor Sentiment poll UBS surveyed 2,864 investors with $1M in investable assets and 1,129 business owners with $1M in annual revenue and at least one employee from June 29 to July 19, 2022. The global sample included Argentina, Brazil, Mainland China, France, Germany, Ho...
2022-07-28 12:00:00 | consumers debt
... an emergency, one fifth say they cannot afford children and one fourth don't know their credit score. It is not surprising that 41% of millennials are pessimistic about their financial future. ...
2022-07-28 10:00:00 | housing
... iskier lending practices at the time. Consequently, any imminent correction in housing prices will likely be moderate, driven by slowing demand related to consumer borrowing costs. ...
2022-07-28 | financial advice
... l ages genuinely need, want, and expect will be delivered to help guide them on their journey toward financial wellbeing - allowing them to attain their full financial potential." Source: Envestnet...
2022-07-27 12:00:10 | housing
... tapping into home equity might make sense when you consider how many older Americans live on a fixed income. FAR's partnership with the Financial Planning Association, and our consumer marketing efforts, have long supported the belief that a majority of older Americans don't consider home equity when planning for retirement. These results confirm FAR's long-held belief and advocacy. It is important that we continue to show how homeowners can incorporate this asset into their retirement plan. A reverse mortgage, a home equity product like a reverse loan, may make a difference for thousands of h...
2022-07-27 | consumers economy
... rement Businesses. "Our goal is understand these diverse needs and provide innovative, tailored solutions that make an impact on the financial lives of our customers." Source: Prudential Financial...
2022-07-14 12:00:00 | consumers economy
... y they don’t think they have enough saved to retire comfortably, up 10 percentage points since March. In addition, one in five plan to find a higher paying job (22%). Source: Primerica, Inc. ...
2022-05-23 | consumers
... d retirement alongside several new topics, such as the use of emerging financial products including cryptocurrencies and "Buy Now, Pay Later" services. The survey included 11,000 adult respondents....
... onsumer credit demand–was at 109 million, a 5.1% decline from the previous quarter. 229 million new accounts were opened in the first quarter, an uptick from the previous quarter and slightly higher than typical pre-pandemic levels....
2022-05-05 12:00:00 | consumers payments
... acement card at the branch would influence where they bank. Younger consumers also have a preference for a personal touch when it comes to paying bills, with 48% of Gen Z and millennials using in-person bill payment within the past 30 days, more than any other generation. Survey Method The survey was conducted online within the U.S. by The Harris Poll from November 23–December 7, 2021. A total of 3,007 interviews were conducted among U.S. adults ages 18 and older living in a household that currently has a checking account and has used their checking account to pay a bill or make a p...
2022-05-02 12:00:00 | consumers credit
... ing an average of $3,100, with a limit of $6,500. Consumers who don’t live on paychecks report spending an average of $2,100, with a cap of $9,000. Many consumers who pay monthly are still creditworthy, have good credit scores, and tend to use personal loans, credit cards and other payment methods such as personal loans to manage their cash flow. Source: LendingClub...
2022-04-27 12:00:00 | consumers economy
... Allianz Life conducted an online survey, the 2022 Q1 Quarterly Market Perceptions Study in March 2022 with a nationally representative sample of 1,002 Respondents age 18+. Source: Allianz Life ...
2022-04-26 12:00:00 | consumers
... ...
2022-04-25 14:00:00 | demographics financial planning retirement
... up with the latest consumer trends and spend more time and money on shopping than their peers. Like Practical Achievers, On-Trend Friends value financial security more than the other two personas, as a way to maintain a healthy spending and entertainment budget. Relaxed Minimalists – approximately 31-41% of future retirees | 22.4-29.6 million Millennials Equally satisfied by the company of their close-knit inner circle and the simple pleasures of their day-to-day routines, Relaxed Minimalists will value deep relationships more than other personas. They will place less focus on finan...
2022-04-25 12:15:00 | workplace
... ed online three times per year as results come in, and an annual New York Fed press release, issued following the July survey, highlights notable changes and trends. Source: New York Federal Reserve...
2022-04-25 12:00:00 | sustainabillity
... pond positively. These results indicate that companies can find suitable ways to expand and refine sustainability messages beyond the younger urban consumers who are already on board. Source: The Conference Board...
2022-04-20 | inflation retirement
... of those in Generation Z agreed or strongly agreed that they are worried about the impact of inflation on their ability to save for retirement. “The results of our latest consumer survey are an important reminder for employers that all generations, particularly those balancing the impact of competing financial priorities today, are feeling the impact inflation has on their ability to save for the future,” said Heather Lavallee, CEO of Wealth Solutions for Voya Financial. “The past two years have also made it increasingly clear that many Americans will be faced with these competing pri...
2022-01-10 12:00:00 | consumers economy
... dealing with recent market volatility and record high inflation. It’s unsettling for many.” Despite this relatively recent decline in confidence, American consumers surveyed report feeling optimistic about their longer-term financial futures. According to the study’s key indicators of financial wellness, many are feeling hopeful and optimistic (40%) about their path towards optimizing their financial health. Americans are also prioritizing financial goals in 2022. When asked what their top new year’s resolution is, paying off personal debt (37%) and saving for retirement (36%) no...
2022-01-04 09:32:54 | consumers cryptocurrency housing
... another service. Source: Accenture ...
2021-12-08 09:08:19 | advice consumers finances
... hat group in the generational breakdowns. Source: LendingTree.com...
2021-12-06 09:22:18 | advice demographics
... own, CEO of NAPFA. "However, it's important to note that advice found online isn't personalized or tailored to individual goals and needs, leading to potentially greater risk-taking, consumer harm, and a piecemeal approach." The NAPFA Consumer Survey data also reveals differences in the way generations are contributing to their nest egg. Approximately 38% of respondents use an employer-sponsored benefit like a 401(k); 24% use individual retirement accounts (IRAs); 30% invest in stocks and 19% report investing in cryptocurrencies. IRAs are less popular among younger generations. Only 22% of ...
2021-11-26 | economy retirement travel
... ...
2021-10-21 12:00:10 | credit demographics
... ce-driven Gen Z consumer – but one whose needs are not fully being met by traditional credit and other payment options," said Val Greer, EVP and chief commercial officer, Alliance Data. "With $143 billion in buying power, retailers can open the door to this group which in 10 years is projected to have more buying power than millennials and baby boomers combined, by diversifying payment choice that includes tech-driven, clear-termed financing like buy now, pay later, that eases debt fears and gives control over cash flow." Source: Alliance Data Systems Corporation...
2021-10-14 12:00:44 | banking
... ...
2021-10-14 12:00:00 | banking demographics
... like live-chat combined with virtual assistants and automated chat can help them deliver this and compete with new tech and fintech entrants." "The way that we bank is changing quickly. The institutions that will be successful are the ones that are providing tools and services to educate their customer base and improve financial literacy, said Niamh Cunningham, COO at Rival Technologies. "If you're not talking to your customers about their financial health and future during the largest transfer of wealth in history, then another financial institution is." Source: MX, Q2, Rival Technologi...
2021-10-14 | retirement
... nancial assets. It does not include physical assets such as a home or a car. The data for this research is for households rather than individuals. Source: National Institute for Retirement Security...
2021-10-12 12:00:00 | retirement
... national online survey that took place between Aug. 9-11, 2021. The survey reached 1,258 U.S. adults. The results are weighted and are representative of all U.S. adults (18+). Source: Regions Bank...
2021-10-04 12:00:00 | retail economy
... rcent of consumers are starting their holiday shopping earlier than they did last year. Based on surveys of more than 24,000 US shoppers and Klarna's proprietary shopping data from its 20 million consumers nationwide, the report also found that 71% of shoppers plan to begin purchasing holiday gifts before December and 22% have already started. Nearly three-quarters (72%) of shoppers cite a desire to take advantage of holiday sales as the main reason for getting a headstart on their gift purchasing this year. However, amid reports of supply chain issues across the country causing potential ...
2021-09-09 | retirement
... economy and stock market, and worries about the financial future of government safety nets—is creating unease among retirees and those nearing retirement," said Mark Solheim, editor of Kiplinger Personal Finance magazine. "Fortunately, the savings rate has jumped, and those still working are taking action to create a more secure retirement," said Solheim. "It is extraordinary, though not surprising, to see worries about inflation eclipse the cost of healthcare as the leading financial concern of retirees," said Jay Shah, President of Personal Capital. "However, retirees and near-retirees w...
2021-09-08 | consumers
... mers should continue to focus on the long term while the economy is good to continue the progress many made last year. They can work with their bank or other trusted financial advisor to ensure they don't unintentionally slow their financial momentum." BMO offers the following tips to maintain meaningful financial progress: Talk about money with trusted individuals – friends, family, or a professional banker or financial advisor. Consistently set or reevaluate financial goals when either your individual financial situation or broader economic conditions change. Take advantage ...
2021-07-06 09:08:22 | transportation
... uite long and interest rates are relatively low on average, so the consumer really has to make up the difference in price." Edmunds experts advise consumers who are considering making a purchase over the Fourth of July weekend or later this summer to make a concerted effort to shop around their trade-in, which can be done for free on sites such as Edmunds. According to Edmunds data, the average trade-in value for used vehicles climbed to $21,224 in June, marking a 75.6% increase compared to June of 2020. "In these unique market conditions, car shoppers must remember that they h...
2021-06-09 12:00:00 | consumers digital pandemic
... d to fix dropouts and dead spots by extending their home networks. During the pandemic, 30% of home internet users purchased Wi-Fi extenders, 19% bought mobile hotspots, and 14% added mesh Wi-Fi networks. Close to 40% of households with mobile data plans made some change to their mobile data plan since the start of the COVID-19 pandemic. Upgrading to a new phone was the highest driver for this, followed by switching to an unlimited data plan and adding 5G. Sixty-six percent of respondents noted they have had their smartphone for at least a year, while 31% noted they plan on upgrading withi...
2021-06-08 12:00:01 | health
... as well as additional resources such as supplemental insurance to help with the out-of-pocket medical costs that appear to be deterring many men from taking care of themselves." Source: Aflac...
2021-06-08 12:00:00 | housing
... rom the priciest cities and toward more affordable ones, which will tend to cause prices to rise in their destinations. It may also spread out some of the consumer spending, tax revenues and job growth that have been increasingly concentrated in "superstar cities" over the last few decades. Home values are rising fastest in places like Austin and Phoenix, and most slowly in San Francisco, which led the U.S. in appreciation as recently as 2016. Nationwide, the average home value in ZIP codes people moved from was about $419,000, compared to an average home value in destination ZIP codes of a...
2021-06-07 12:00:00 | consumers
... demic have made them feel it’s more important now to recycle than before. Additionally, knowing what products are created from the materials recycled overwhelmingly inspires consumers to recycle more (70%). “This tells us the timing to educate is ideal. Consumers are open to being reminded to recycle when shown the benefits,” said Fantoni. “When it comes to cartons specifically, 77% said knowing that recycled food and beverage cartons are used to make paper products, such as toilet paper and paper towels, makes them more likely to recycle them.” Source: The Carton Council...
2021-06-02 12:00:13 | banking
... ident of consumer and commercial banking at Ally Bank, said, "Since we launched Ally in 2009, we've worked tirelessly to create simple experiences that are built around consumer needs. We know that money can be a source of stress and confusion, and we try to simplify that for people. Overdraft fees can be a major cause of anxiety. It became clear to us that the best way to relieve that anxiety was to eliminate those fees." The elimination of overdraft fees is the latest example of Ally's "Do It Right" commitment. Ally has never charged overdraft fees for debit card transactions or charged m...
2021-06-02 12:00:05 | consumers economy
... ee key components. This month, all three increased. The Six-Month Economic Outlook, a measure of how consumers feel about the economy’s prospects in the next six months, rose by 4.5%, moving from 53.2 in May to 55.6 in June. The Personal Financial Outlook, a measure of how Americans feel about their own finances in the next six months, rose by 0.5%, moving from 57.0 last month to 57.3 this month. Confidence in Federal Economic Policies, a proprietary IBD/TIPP measure of views on how government economic policies are working, rose the most, climbing 6.2% from 53.1 in May to 56.4...
2021-06-02 12:00:03 | travel
... s increase, particularly chassis constraints, shipments could end the year towards the bottom of the forecast range. Given the exceptionally strong consumer demand and limited inventories at dealerships, the upper end of the forecast range is also a possibility. Source: RVIA...
2021-06-01 12:01:00 | retail spending
... ing are some key findings of the 2021 study: Yes, it’s true, home improvement projects are popular: Nearly one-third (30%) of U.S. consumers say they are either planning or actively working on a home improvement project. Vast majority of customers shop in-store, feel safe and comfortable doing so: Just 13% of home improvement retailer customers say they purchased products via a retailer’s website, while 87% shopped in a brick-and-mortar location. Of the 87% who shopped in a store, 98% say they felt safe and comfortable while shopping during the height of the pandemic. Ma...
2021-06-01 | housing real estate
... ts (18+). Source: Regions Bank...
2021-05-28 | consumers investing
... ducts—compared to 21% and 20%, respectively, a year ago in Q1 2020. Spending on essential goods and services—including housing, groceries, routine transportation, medical, education, and health care—totaled 55% of household budgets in Q1, up +5.3 ppts compared to the previous quarter's atypical pattern. One exception to this cutting back was on savings and investments, which accounted for 9% of budgets in Q1, up +1 ppt from Q4 2020 and +2 ppts year over year. Source: The Conference Board...
2021-05-27 | spending
... nt—feeling it is not safe. Working with a sales associate. Today, 53 percent of consumers said that they feel unsafe working with a sales associate in-store, an improvement of 9 percent since April 2020 when 58 percent said that they felt unsafe or very unsafe. The Majority of Respondents Are or Plan to Get Vaccinated. As vaccines continue to roll out across America, almost half of those surveyed (47 percent) already received the COVID-19 vaccine. This compares to 24 percent that have not gotten the vaccine, but plan to when able and 29 percent that don’t plan to get vaccinated or ar...
2021-05-18 | consumers spending
... re strategic, long-term financial plan so they are able to weather a lot of different storms on their journey to retirement and then another 30-35 years after that." Source: COUNTRY Financial...
2021-05-13 12:00:00 | economy demographics
... en indulging today and saving for tomorrow, and it's encouraging to see younger adults – especially in the last few months – setting and maintaining good financial habits that will set them up for success in the future." Source: BMO Harris Bank...
2021-05-12 12:20:00 | consumer spending
... ored from 0 to 200. When the Visa SMI rises above 100, the consumer spending momentum is strengthening and when it falls below 100, the spending momentum is weakening as fewer consumers are spending more relative to the previous year. The index is adjusted for day of week, month, holidays, and broad annual trends, and these seasonal adjustments are subject to revision each year. Source: Visa SMI...
2021-05-12 12:10:00 | economy
... st 12 months. For the month, the index increased 0.8 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision. Source: BLS ...
2021-05-11 12:00:00 | consumers
... e world on customer satisfaction, according to Google Scholar Citations. To understand the relevant issues of consumer demand and be able to improve customer satisfaction, business should upgrade their analytics tools in order to turn data into information. Absent other explanations for the decline in overall U.S. customer satisfaction, upgrading data analytics would probably be an effective remedy. “ACSI has been successful not only in developing methods for pinpointing how to increase a company’s customer satisfaction, but also in calibrating the customer satisfaction index to maxi...
2021-05-10 14:00:00 | employment
... Statistics Employment Situation report. The technical notes to this series are available on The Conference Board website: http://www.conference-board.org/data/eti.cfm. Source: The Conference Board...
2021-05-10 12:00:01 | pandemic
... ...
2021-05-10 12:00:01 | investing
... expanded rapidly in the first quarter, growing at a 6.4 percent annual rate. Retail sales jumped 9.8 percent, extending economists' projections of a consumer-led recovery this year, while jobless claims dropped sharply during the period and reached the lowest point since the beginning of the pandemic. The Federal Reserve also held interest rates near zero and announced plans to continue to support the economic recovery. Source: TD Ameritrade, Inc. ...
2021-05-10 12:00:00 | demographics travel spending
... ouraging for brands and destinations is that, among those planning to spend more than $5,000 on their next trip, as many as 62% have not yet made a booking -- and they are eager to spend more on travel than ever before. For brands, the opportunity is there to attract the purchasing power of this audience now." "The research highlights a positive outlook and several trends that look set to shape the U.S. travel market recovery. Cities are making a comeback as a top destination, and there is a clear desire among more affluent travelers for luxury experiences," said Liselotte de M...
2021-05-06 | pandemic workplace
... acknowledge these challenges, plan ahead for changing and unknown financial circumstances, and seek support from friends, family, communities and professionals at every turn.” Source: MassMutual...
... sales growth reinforces that the American consumer is healthy and eager to spend, especially on categories such as restaurants, which have faced restrictions over the past year,” said Steve Sadove, Mastercard senior advisor and former CEO of Saks, Inc. “There are a lot of factors at play including stimulus funds, pent-up demand, and the desire to reconnect with friends and family. The fact is that people are excited to gather again and they're refreshing their look for the occasion.” *Overall retail sales excluding gasoline and automotive compared to April 2020 About Mastercard Spe...
2021-05-04 | consumers
... nce each month and predicts with good reliability monthly changes in sentiment in well-known polls by The Conference Board and the University of Michigan. The IBD/TIPP Economic Optimism Index is based on a survey of 1,200 adults conducted using a network of online panels. The national poll is generally conducted in the first week of the month. Source: IBD/TIPP...
2021-04-29 12:00:00 | consumers
... ee it’s important to budget for long-term finances and emergency savings each month, fewer (76%) are confident in their ability to do so, and 62% felt confident in their ability to set aside money for retirement. Income is the biggest driver in the availability of emergency funds. Black (34%) and Latinx (36%) respondents indicate they don’t have enough money to support them if they become unable to work. While many Baby Boomers are at or near retirement age, fewer than half (48%) have enough financial resources to support them if suddenly unable to work for more than four months....
2021-04-28 12:00:10 | workplace
... onville is the most affordable metro in Florida for the typical digital nomad.2 It's also one of the top metros for consumer interest in business categories that a digital nomad might need or enjoy: Furniture assembly, shared office spaces, TV mounting, golf lessons, brewery tours, and more. Local favorites include highly rated gems like Black Sheep Restaurant, Bold Bean Coffee Roasters and Secret Tiki Temple, and vacation getaways like Amelia Island, Ponte Vedra and Jacksonville Beach are a short drive away. 2. Austin, Texas Typical rental rates: $1,323 per month Austin is home to c...
2021-04-27 09:12:22 | consumers economy
... ll from 35.9 percent to 34.5 percent, while those anticipating fewer jobs rose from 14.4 percent to 15.5 percent. Regarding short-term income prospects, 17.9 percent of consumers expect their incomes to increase in the next six months, up from 15.4 percent in March. Those expecting their incomes to decrease fell to 10.9 percent, down from 12.6 percent. Source: April 2021 Consumer Confidence Survey® ...
2021-04-21 12:00:00 | banking
... o verify their identity. In general, a slightly higher percentage of Canadians say they can carry out these tasks compared to those in the U.S.: Download the provider's mobile app: 53 percent (U.S.) vs 57 percent (Canada) Provide a selfie: 37 percent (U.S.) vs 38 percent (Canada) Scan documents such as a passport or driver's license: 46 percent (U.S.) vs 47 percent (Canada) Scan a QR Code: 41 percent (U.S.) vs 42 percent (Canada) Scan your fingerprint: 41 percent (U.S. and Canada) "Consumers embraced the digital first economy during the past 12 months, but how, when and wh...
2021-04-20 12:00:06 | investing payments
... se crypto-curious women are under the age of 35, and 25% are near retirement at 55 or older. Education is crucial in converting crypto-curious consumers to actual holders, with 39% of those who don't hold cryptocurrency considering themselves "somewhat or very" knowledgeable about cryptocurrency, but 60% identifying as "not very" or "not at all" knowledgeable. A strong majority of U.S. adults (77%) indicate they are open to learning more about digital assets, whether they already own cryptocurrency or not. The number of crypto investors is set to nearly double...
2021-04-20 12:00:05 | travel
... ...
2021-04-20 12:00:05 | payments technology
... to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have." According to the 2020 Venmo Customer Behavior Study, more than 30% of Venmo customers have already started purchasing crypto or equities, 20% of which started during the pandemic. With the introduction of crypto on Venmo, the broader Venmo community will now have access to an easy-to-use and intuitive crypto platform to help them take part in the cryptocurrency market. C...
2021-04-19 12:00:00 | demographics media
... ...
2021-04-15 12:10:00 | investing
... sponses from 4,392 investors who make some or all of their investment decisions with a financial advisor. The study was fielded from December 2020 through February 2021. Source: J.D. Power...
2021-04-15 12:00:05 | banking
... ing their organizations for success.” Even as generational preferences vary, about half of consumers plan to give all of their future deposit business to their current primary financial services organization. However, these numbers decrease for all generations when asked if they plan to give their future loan or investment business to their current primary financial services organization. Source: BAI...
2021-04-14 12:02:02 | consumers luxury
... ...
2021-04-14 12:01:00 | demographics investing
... s-all, male-dominated industry that we all know into a more positive and brighter build—one that is more candid, colorful, human-centric, values-driven, inclusive, and even fun. It's a fresh start. And in that fresh start, there's a huge opportunity for finance brands to help us reset, especially as we plan for life post-pandemic," concluded Cecelia Girr, Director of Cultural Strategy for TBWA's Backslash. The Future of Finance report can be downloaded at https://www.backslash.com/futureof. Source: Backslash...
... the Gulf with the vaccination campaigns on the way, although slow, and the resulting economic rebound in 2021. North America: Consumer confidence fell in the first quarter of 2021, driven by a dip in confidence in the US – likely due to the slow initial rollout of the vaccines and the heightened political tensions from the protracted election season – while confidence rose in Canada. The decline is expected to be temporary. In the US, concerns about the economy loomed large, but ebbed slightly. Concerns about health ticked up slightly. Notably, concerns about political stability ap...
2021-04-13 12:00:01 | investing pandemic
... Communication services 21% 24% Consumer discretionary 20% 15% Utilities 19% 20% Materials 19% 15% ...
2021-04-13 | pandemic investing
... Xers and 22% of baby boomers). Further, more than half (59%) have also either stopped or reduced saving for retirement (compared with 41% of Gen Xers and 32% of baby boomers). Source: Allianz Life...
2021-04-12 14:00:00 | workplace employment
... om Qualtrics finds that workforce productivity is up, employees feel more connected to each other than before the pandemic, and future workplace trends are being driven by younger generations. For consumers, improved experiences like telehealth appointments, outdoor seating at restaurants, curbside pick-up, and virtual fitness classes, are not only preferred but will be the expectation in the new normal. This study, which examined the experiences and feelings of more than 4,000 workers around the world, illustrates that work preferences are continually shifting and the future of work will lo...
... t reliable payment method." Further, a thematic analysis of respondents who do not use BNPL, as well as their reasons for intentionally avoiding these services, showed that consumers can experience psychological discomfort, a lack of familiarity, and financial hardship preventing them from pursuing Buy Now, Pay Later options. "The future of Buy Now, Pay Later usage suggests an even more nuanced picture, as the retention rates reported by some companies are astonishingly high. For example, Afterpay reported 91% of sales during the first quarter of 2021 were from repeat customers," added D...
2021-04-09 14:00:00 | entrepreneurship
... eport was released today as part of an event, The State of the 50+ Entrepreneur, co-hosted by AARP and the New York Fed. More info on the event is available here. Source: New York Federal Reserve...
2021-04-08 14:00:00 | retail travel
... ...
2021-04-08 12:00:00 | consumers spending
... nificantly elevated growth rates this March. Essential sectors, such as Grocery, faced the opposite situation as sales surged last year as consumers stocked up; Grocery fell into negative growth territory this month when compared to the strong growth in March 2020. Grocery sales are up (+7.5%) when compared to March 2019, however. Source: Mastercard...
2021-04-07 12:00:00 | housing
... ," said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. "Home-selling sentiment experienced positive momentum across most consumer segments – nearly reaching pre-pandemic levels and generally indicative of a strong seller's market. Consumers once again cited high home prices and tight inventory as primary reasons why it's a good time to sell. Alternatively, while the net 'good time to buy' component increased month over month, it has not recovered to pre-pandemic levels, as the homebuying experience continues to prove difficult for many of the same reasons, namel...
2021-04-06 16:00:00 | consumers lending
... p with MotoRefi – an auto fintech startup that provides multiple competitive offers through a network of lenders. Auto loan debt has quickly become one of the most important areas for consumers to be mindful of when it comes to maximizing financial well-being and now ranks as the third largest component of household debt. This need is underscored by the record-setting volume of auto loans borrowers took out last year. In 2020, the average auto loan amount soared to more than $35,000, on average, according to Experian. This means Americans are now approaching an average payment of $600/mo...
2021-04-06 12:00:00 | pandemic affluent
... ent Office, and personalized guidance aligned to their life goals,” said Levine. “In doing so, our clients are redefining what it means to be an informed investor.” Source: Bank of America ...
2021-04-05 12:00:20 | consumers
... t. Moreover, consumers plan to increase spending in areas such as travel (by 14%) and entertainment (by 8%). Consumers continue to be financially diligent Half of consumers surveyed will use the recent stimulus payment to pay down current monthly bills, while 44 percent will put the money into savings. Nearly 2 out of 3 survey respondents say they will find new ways to save money in the coming months, and 36 percent will work to improve or maintain their credit score. Source: Experian...
2021-04-05 12:00:05 | consumers
... coverage and how insurance works. Comprehending risk: understanding uncertain financial outcomes. Go-to information sources: recognizing appropriate sources and advice. Source: TIAA Institute...
2021-04-05 12:00:00 | economy
... ing at a rate that should significantly reduce the spread of the virus in the next couple of months. Labor intensive in-person services will continue to reopen, and consumers flush with cash due to a year of elevated savings and strong government stimulus will be willing and able to spend. All this will lead to historically fast employment growth in the coming quarters. We expect the unemployment rate to reach about four percent a year from now, and further decline for the rest of 2022. Tight labor markets and labor shortages will resurface in the coming year, leading to faster wage growth." ...
2021-04-01 18:00:00 | financial planning demographics
... he 95% confidence level. Source: ScoreSense...
2021-04-01 08:20:22 | payments
... h in the form of recurring payments. Cardmembers Want More Context The survey further indicated that consumers want to know where their financial information lives online, including where their credit cards are stored. Sixty percent believe that if they know where their card is stored, it will help them have a stronger grasp on their recurring payments and finances More than half (56%) say recurring payments are a hassle to track down and on average it takes about three months for them to cancel unneeded recurring payments Nearly all respondents (90%) note that it would ...
2021-03-31 15:00:00 | pandemic retirement
... ws consumers aren't receiving the tax planning help they need for retirement, and as a result, they may be paying thousands of dollars more than needed," said Henderson. "Financial professionals have a major gap to fill in educating clients on the best strategies to reduce unexpected taxes on combined income resources. By taking a holistic approach to financial planning, professionals can help more Americans save and achieve the retirement they want." Source: Nationwide...
2021-03-31 14:00:00 | pandemic spending
... a brick-and-mortar outlet. Mobile devices have become the "remote controls" of our lives—a decade-long trend intensified by the pandemic. As 5G networks proliferate, the centrality of mobile will only become more entrenched, and must shape all business decisions in the post-pandemic economy. Source: The Conference Board...
2021-03-31 12:00:04 | pandemic spending
... has ticked up a couple percentage points across the board year over year, the fact that consumers are sticking to a few cards, avoiding hitting their credit limits, and charging less frivolously, are all good signs for a post-pandemic world.""I'd never say there's a silver lining to a pandemic, so I'll just say I'm hopeful we've learned some solid financial lessons," Silvestri says. "We'll know for sure when we conduct our credit card survey next year." Source: Debt.com ...
2021-03-30 15:00:18 | pandemic recreation
... 6% Up over 80% - 13% Up over 90% - 11% Normal - 7% Up 70% - 4% Way below normal - 4% Below normal - 2% Up 10% - 2% Source: CampgroundViews.com...
2021-03-30 15:00:00 | consumers
... term income prospects, 15.5 percent of consumers expect their incomes to increase in the next six months, up modestly from 14.8 percent in February. However, 13.3 percent expect their incomes to decrease, up slightly from 12.9 percent last month. Source: The Conference Board...
2021-03-30 14:00:02 | retirement
... is fast-approaching milestone requires the urgent attention and collective action of retirement security stakeholders, including policymakers, the financial services industry, employers and consumers themselves. The report also focuses attention on a looming retirement income crisis in America, which has been dramatically accelerated by the huge increase in Americans retiring prematurely—due to layoffs or by choice—because of the COVID-19 pandemic. The Peak 65 Generation—Creating A New Retirement Security Framework, an economic report released today and authored by Jason Fichtner, a...
2021-03-26 | consumers economy
... popular money option Respondents age 25-34 are the most likely to invest their tax refunds or spend it on something fun Nearly 35% of respondents do not expect a refund Source: MyBankTracker...
2021-03-25 12:00:00 | millennials housing
... of competition. Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers. The total sample size was 830 adults. The survey was carried out online. The figures are representative of all U.S. adults (aged 18+) who were identified as likely first-time buyers. The sampling margin of error of the survey was +/- 3.6 percentage points. Results were weighted for age, gender, region, race/ethnicity and income where necessary to align them with their actual proportions in the population. Source: Realtor.com®...
2021-03-25 09:08:19 | pandemic saving
... ssessing your financial plans and preparedness against changing circumstances, are key to both navigating current challenges and building financial security for a lifetime.” Source: MassMutual...
2021-03-25 | pandemic insurance
... population. Source: LIMRA...
2021-03-24 12:00:00 | economy employment
... mall and midsize businesses is due to a growing rate of COVID-19 vaccinations and the passage of the latest stimulus package, which will release pent up demand as restrictions lessen and consumer confidence grows. In stark contrast from last quarter, recent improvements in the national economy were reported by 40 percent of all CEOs, up from just 8 percent in Q4 2020, and fears of a worsening economy fell to just 34 percent from last quarter's 76 percent. When asked about prospects for the economy during the year ahead, 68 percent of CEOs expected the economy to continue to improve; a year ...
2021-03-24 09:43:31 | pandemic housing
... omeowners spent money on office equipment (desk, upgraded wifi, video conferencing equipment) while 35% spent money on living room decor (lighting, living room furniture, bookshelf, accent decorations). Video conferencing equipment (e.g., ring light, microphone, green screen) was purchased the most by millennials (71%), followed by Gen Z (16%). 71% of millennials also purchased smart Wi-Fi compared to only 6.7% of boomers who purchased smart Wi-Fi. The most popular smart home devices purchased by boomers were smart home assistants (e.g., Amazon Echo, Google Home). Inter...
2021-03-21 | pandemic
... ...
2021-03-19 12:00:00 | consumers pandemic
... month's survey, we asked five of the original questions to see if any perceptions changed. Cost of care was a concern then and is still a concern now. 41% would think twice about seeking medical care for COVID-19 due to cost; that's up 5% from March 2020. 74% say pandemic life has increased their use of technology, and telemedicine falls into this category. 77% say they are familiar with telemedicine; a 26% increase from March 2020. 47% report using telemedicine during the COVID-19 pandemic; a whopping 422% increase since March 2020. This could explain why there is a 14% increase in confidenc...
2021-03-18 15:00:00 | consumers
... 5.5 percent in 2021." "Despite widespread improvements among the leading indicators, some measures—including weekly hours in manufacturing, permits for residential housing, and consumers' outlook for business and economic conditions—showed signs of weakness. Bad weather and assorted supply-chain disruptions may have impacted these particular leading indicators in February, and the effects may prove transitory." The Conference Board Coincident Economic Index® (CEI) for the U.S. decreased 0.1 percent in February to 103.0 (2016 = 100), following a 0.2 percent increase in January and a...
2021-03-18 | retirement
... ...
2021-03-16 | retirement
... Price...
2021-03-12 14:00:00 | technology
... entage rises to 34%. On average, consumers have three different accounts. Streamers are missing out on credit card rewards. Only 37% earn rewards by paying for their subscriptions with their credit cards, even though some issuers offer lucrative streaming benefits. "Credit card issuers have fallen in love with streaming rewards in the past year, so if you spend a lot of money on streaming, it's worth looking into what your cards offer," said LendingTree's Chief Credit Analyst, Matt Schulz. "Just be sure that you keep your spending in perspective, for example, don't throw aw...
2021-03-12 | technology
... nge their behavior or password habits. Based on survey responses, both men and younger consumers take too many chances with their accounts. Employers need more security training on the basics of password choice and the technologies available to protect accounts better. SOURCE ScoreSense...
... ight increase in cryptomining activity following a decrease after the bitcoin crash in 2018. "As more consumers turn to online and mobile banking for their financial transactions, they appear to be becoming more educated about staying safe online. However, many people still need to make sure they are practicing safe cyber habits that do not make their financial information more vulnerable to bad actors," said Tony Anscombe, chief security evangelist for ESET. "This means, among other things, not using public Wifi without a VPN, which is an easy way for a cyber criminals to gain personal inf...
... erience. Some 29% of boomers said a clear refund policy was important when shopping online from international merchants, versus 24% of those in the Gen Z and millennial group. Source: eShopWorld...
2021-02-25 | housing
... ...
2021-02-23 15:00:00 | advice banking
... ty in exchange for managing their individual spending budget and getting online individual advice to save money. For example, customers said they would: 41% share online retail purchases 37% share geo location details 36% share airline programs information 36% share credit card information Source: NTT DATA...
... encing financial firsts—such as budgeting and bill pay—during a tumultuous year. "The pandemic has accelerated the adoption of online and mobile banking, and consumers are increasingly comfortable with using digital tools to manage their money," said Jamie Warder, Executive Vice President and Head of Digital Banking at KeyBank. "The advantage of digital banking tools is that they are not one-size-fits-all solutions. With widespread economic fallout resulting from the pandemic, it is understandable that younger Americans are seeking guidance from trusted financial advisors ...
... ...
2021-02-09 | investing
... s now back near the pre-pandemic average of 6%. Unsurprisingly, more than half of US consumers continue to name the economy (26%), health (18%), or job security (9%) as their top concern for the months ahead. Notably, however, focus on all three areas was lower in Q4 compared to Q2, in the early months of the COVID-19 crisis. Source: The Conference Board ...
2021-02-09 | communication
... cator for the small business community, which has taken the biggest hit from COVID-19 – when asked how their shopping habits have changed, 36% of consumers said they’re buying more from small and local businesses since the pandemic set in. Source: ZipWhip ...
2021-02-02 13:00:00 | pandemic retirement
... financial goals. While debt and bills may have been hard to talk about before, the pandemic has made it easier – and necessary – to have an open conversation on these topics." Source: TD Bank...
2021-02-01 14:00:00 | banking
... with 46% opting to leverage their accounts to separate funds for everyday spending. Once digital banks have homed in on their target consumer, the research showed there are a few key ways to reach them. Consumers are largely becoming aware of digital banks via digital channels, including online (40%) and via social (34%). Though digital banks are still employing traditional advertising channels like billboards and magazines, these channels have been found to be among the least effective. Source: MetaBank N.A....
2021-02-01 12:00:00 | banking digital
... any’s automated channels (mobile, online and ATMs), up from 78% the prior year. Digital sales accounted for 42% of total consumer sales last year, up from 30% in 2019. Furthermore, 68% of consumer mortgage sales and 74% of direct auto sales were made digitally, compared to 36% and 60% respectively in 2019. Challenges faced by clients last year also led many more to digitally schedule appointments, with 2.6 million arranging in-person and virtual appointments, a 14% increase year over year. Since April 2020, 25% of financial center traffic was driven by the company’s Bank by Appointment cap...
2021-02-01 09:22:18 | banking digital
... ion that exists in their marketing so consumers won't feel compelled to shop around, and excel in the basics of opening accounts, so prospective buyers don't drop off." Source: Bain & Co....
2021-01-26 14:00:00 | insurance
... nts to 71%. However, consumers overall still trust human advisors more than digital touchpoints for certain services. One example: Half (49%) of consumers trust a human advisor in a branch when making an insurance claim, while only 12% trust an automated digital service and just 7% trust a chatbot. "Insurers still have much to do to fully address new customer behavior caused by the pandemic, including permanently raised expectations regarding digital experiences,” said Todd Staehle, who leads the Insurance industry group for Accenture Interactive. "Insurers need to master a delicate ba...
2021-01-26 12:02:00 | credit stock ownership
... customers and give them the chance to participate in the market can make a material dent against competitors, in many instances the consumer will stop shopping with a competitor all together." Source: Bumped...
2021-01-26 | credit
... c Americans are being hit harder by the credit system, a recent survey from Credit Sesame finds. With poor credit impacting more than just one's financial picture—it can affect everything from a consumer's mental health to their ability to get a car loan or lease a cell phone—this racial credit gap comes at a high cost. According to the research, which surveyed 5,000 adults in the United States, Black Americans report having the lowest overall credit scores of the groups surveyed. More than half (54 percent) of Black Americans report having poor or fair credit (a credit score below 64...
2021-01-25 09:21:00 | transportation automation
... rding to the study, 64% of shoppers want more of the purchase process to happen online, compared to the last time they bought a vehicle. But consumers are not the only ones that see the appeal – and the benefit – of the shift to digital retailing. Sixty-one percent of franchised dealers note that digital retailing efforts are allowing them to spend less time on a sale; more than half believe it helps them improve the customer experience. Importantly, 75% of dealers agree that digital retailing provides shoppers a more customized experience, a key to higher satisfaction with the shopping...
2021-01-22 12:00:00 | data pandemic
... g consoles in favor of smart TVs in 2020, households continued to consume data in very similar ways to how they did in 2019. Throughout the COVID-19 pandemic, consumers had adapted to a modified way of life. As lockdowns had eased, data consumption growth appears to have begun to slow in comparison to the peak months in early 2020. Comscore will continue to monitor these changing consumption habits on its Coronavirus Insights Hub. To learn more about how Comscore can provide you with custom insights, contact us today. Source: Comscore...
2021-01-21 14:00:00 | transportation spending
... ly just gotten back into a good groove after shutting down during the pandemic," said Caldwell. "And there is the bigger question about what consumer demand for vehicles is going to look like in a post-vaccine world. Lots of additional wealth and resources have been pushed into new car purchases for now, but people have been cooped up for nearly a year. They might choose to shift their spending to experiences rather than goods, which could be a threat to car purchases." Source: Edmunds.com ...
2021-01-18 | healthcare insurance
... who have used the health insurance marketplace think there aren't enough choices, but 33% feel there are too many choices. 59% like having choices, but 29% would prefer a single option. And 40% of those who have a marketplace health insurance policy said they liked their employer-sponsored policy better. According to ValuePenguin.com Health Insurance expert Sterling Price, "As seen in this survey, purchasing individual health insurance can be a confusing and daunting process to undertake for many Americans." He adds, "Knowing some of the basics about these policies and what to look for can...
2021-01-15 | economy
... Duncan continued. "We believe the Fed's policy of tolerating a modest overshoot of its long-term inflation target is likely to be tested." "Our latest forecast projects that the continued waning of pent-up demand from last year's delayed spring homebuying season, coupled with a modest rise in interest rates, will likely slow the pace of housing, measured both by the volume of mortgages refinanced and by the pace of home sales. However, in our view, a modest slowdown in the sales pace is unlikely to prevent year-end 2021 home sales from being higher than 2020," Duncan concluded. Source: Fa...
2021-01-14 20:00:00 | spending entertainment
... services, these gaps are only going to widen.” As Americans shift to CTV, there’s a limit to their tolerance for subscription services. Fifty-one percent of U.S. consumers are unwilling to spend more than $20 in total per month on streaming subscriptions, according to the survey. Furthermore, U.S. TV viewers are more than five times more likely to prefer free or low-cost streaming TV with ads, over streaming services with higher monthly subscription fees with no ads (72 percent versus 14 percent). Source: The Trade Desk...
2021-01-14 | payments banking credit fintech
... h the Visa network. Upgrade Card has been rapidly gaining mainstream adoption with an annual rate of $1 billion in new credit lines already being made available to consumers. Over 1 million consumers now apply for an Upgrade Card or loan each month. Upgrade's Rewards Checking accounts are now available online at Upgrade.com/rewards-checking/. There is no minimum account balance, no account fees, no overdraft fees, no annual fees, and no transfer fees. Upgrade charges no ATM fees, and Upgrade will rebate any ATM fee charged by another institution for Upgrade VISA® Debit Card ATM withdrawals...
2021-01-13 15:00:00 | pandemic spending
... the pandemic, primarily grocery delivery and first-class travel. However, there are some things consumers won't go back to even after a vaccine is widely available, especially dining out and going to the movies. That split is the pandemic's economic impact in microcosm. Many Americans are thriving financially, having benefited from staying at home, reducing their spending and paying down debts while maintaining their jobs and their incomes. Millions of others, however, have been devastated financially in the wake of the COVID-19 pandemic and are struggling just to keep the lights on and foo...
2021-01-13 14:00:00 | consumer expectations housing inflation
... heads. Respondents participate in the panel for up to 12 months, with a roughly equal number rotating in and out of the panel each month. Unlike comparable surveys based on repeated cross-sections with a different set of respondents in each wave, our panel allows us to observe the changes in expectations and behavior of the same individuals over time. Source: Federal Reserve Bank of New York...
2021-01-13 08:00:00 | healthcare payments
... ica at Mastercard. “We are proud to be teaming up with Walgreens and Synchrony to further connect their customers to the digital economy and enhance the consumer health and pharmacy experience through our differentiated technology and established role in healthcare.” The new Walgreens credit cards are slated to be available in the second half of this year. Source: Walgreens...
2021-01-13 | global confidence
... ...
2021-01-12 12:05:00 | women retirement
... or not well understood for men and women alike, further underscored by consumers’ lack of confidence: Only one in four women (14%) feel knowledgeable about retirement income planning. Four in ten women (43%) feel less comfortable with investment risk because of the COVID-19 crisis. Only 16% of women feel very knowledgeable about investment considerations for retirement planning, though self-reported knowledge seems to increase with age and assets. Even fewer – 14% of women – feel knowledgeable about strategies for sustaining income in retirement. Yet women demonstra...
2021-01-12 11:01:00 | payments
... markets surveyed to do so. Source: Visa Inc. ...
2021-01-12 | consumer confidence
... on consumer confidence each month and predicts with good reliability monthly changes in sentiment in well-known polls by The Conference Board and the University of Michigan. The IBD/TIPP Economic Optimism Index is based on a survey of 1,200 adults conducted using a network of online panels. The national poll is generally conducted in the first week of the month. Source: Investors Business Daily...
2021-01-11 18:00:00 | pandemic spending
... Z as a result of the pandemic, with 31% saying they felt they had become significantly more financially aware in 2020, compared to just 22% of all respondents. With consumer spending habits changing because of the pandemic, financial "faux pas"—in other words, money missteps—are in decline, compared to last year. Overall, 50% of respondents admitted to committing some kind of financial "faux pas," a 4% decline from the previous year. One of the only rises in "faux pas" is a 3% year-over-year uptick in those who say they're paying for subscription services they don't use—from 22% last...
2021-01-11 15:00:00 | fintech
... bbit's mandate is to invest in the best entrepreneurs and businesses disrupting financial services. Its current portfolio includes no-fee mobile investment platform Robinhood; consumer technology platform Credit Karma; and Affirm, which provides innovative payment options for customers. Walmart will continue to serve customers through its existing financial services and partnerships with a number of third parties, including Walmart Credit Card, Walmart Money Card, check cashing, money transfers, installment financing and more. Source: Walmart...
2021-01-11 14:59:00 | transportation
... ying process with more than half (59%) of U.S. consumers preferring to interact with a franchised seller. One virtual transaction that engenders a high level of interest globally is "virtual servicing," where a vehicle is picked up from a home or office when it needs service. Consumers in the U.S. (46%) are largely in favor of the added convenience, provided it comes free of charge. Source: Deloitte...
2021-01-08 12:05:00 | spending
... ort revealed how much consumers pay per bill each month, suggesting that the $600 checks won’t last very long. Key findings from the $600 Stimulus Check Impact Report include: While more than half of all Americans believe they will receive a stimulus check, many are unsure: 53% believe that they will receive one37% don’t know if they will receive one10% don’t think they will receive one The majority of Americans plan to use their stimulus check as soon as they receive it: 59% will use the money to pay household bills11% will use the money to keep their ...
2021-01-08 12:00:00 | stock market investing
... Energy. This historically volatile sector just bumped consumer staples from last quarter, ranking third (30%). The energy sector is highly dependent on the price of oil and, with stalled reopenings around the globe, the sector could be in for more bumps in the road. Investors may see opportunities in undervalued energy names. About the Survey This wave of the survey was conducted from January 1 to January 7 of 2021 among an online US sample of 904 self-directed active investors who manage at least $10,000 in an online brokerage account. The survey has a margin of error of ±3.20 per...
2021-01-08 | housing
... . "Both the 'Good Time to Sell' and 'Good Time to Buy' components fell significantly, with respondents overwhelmingly noting the unfavourability of economic conditions. In particular, the sell-side component fell for the first time since April and by 18 points, reversing most of the increases of the past three months and implying to us that, at least temporarily, potential home sellers might wait to list their homes. If so, this could have the effect of perpetuating already-tight inventory levels and supporting additional (albeit lesser) home price growth, which could contribute to a further m...
2021-01-05 | spending automotive
... % increase year-over-year compared to Q4 of 2019. The average amount financed and average monthly payment also saw quarterly and yearly increases. "We're seeing more consumers who typically would fit the bill as new-car shoppers turning their focus on the used car market thanks to a good supply of near-new, off-lease vehicles hitting the market," said Caldwell. Source: Edmunds ...
2021-01-05 | bankruptcy
... . Chapter 7 non-commercial filings were down 22% in 2020 with 348,428 new filings, down from 444,931 for all of 2019. These two categories are a bellwether for the U.S. consumer market as they are a trailing economic indicator of the overall strength of a market where unemployment continues to ravage the country. “We expect this category to grow substantially in the second-half of 2021,” says Kruse. ...
2021-01-04 | pandemic retirement consumer confidence
... ving for retirement, financial behaviors related to market volatility, and COVID-19. Nearly 1,200 U.S. residents (35% retirees and 65% workers) who have at least one financial product or service with Principal participated in the study during November 2020. Source: Principal Financial...
2020-12-31 | insurance fintech insurtech
... -free digital experience with lightning-fast claim payments, best-in-class customer service, and an unconflicted business model. Source: Lemonade press release and Investor Relations documents ...
2020-12-26 | holiday retail sales
... the importance of omnichannel offerings. Buy online, pick up in store as well as technologies like contactless were key for retailers this season. This season, U.S. consumers shopped far earlier than in years past, as retailers offered special promotions early and often. In addition, though Black Friday was down (-16.1%*), Thanksgiving weekend through Cyber Monday remained a key time for shoppers, with Black Friday being the top spending day of the 2020 holiday season. Source: Mastercard SpendingPulse: U.S. Retail Sales* Grew 3.0% This Holiday Season ...
2020-12-22 | consumer confidence employment
... to 22.2 percent. Regarding their short-term income prospects, the percentage of consumers expecting an increase rose marginally from 16.0 percent to 16.8 percent, while the proportion expecting a decrease declined marginally from 14.5 percent to 14.3 percent. Source: December 2020 Consumer Confidence Survey® The Conference Board / Release #8001 ...
2020-12-21 | credit cards mortgages borrowing
... redit over the past 12 months (despite needing it) increased slightly, rising from 6.9% in February to 7.2% in October. The 2020 average of 7.0% was slightly above the 2019 average of 6.4%. Considering applications and rejections experienced by respondents in the 12 months preceding each survey for specific credit types (credit cards, credit card limit increases, auto loans, mortgages, and mortgage refinancing), we find: Application Rates The application rate for credit cards fell by 10.6 percentage points (or 40%) since February 2020 to 15...
2020-12-14 | income spending credit
... nationally representative, internet-based survey of a rotating panel of approximately 1,300 household heads. Respondents participate in the panel for up to 12 months, with a roughly equal number rotating in and out of the panel each month. Unlike comparable surveys based on repeated cross-sections with a different set of respondents in each wave, our panel allows us to observe the changes in expectations and behavior of the same individuals over time. Source: New York Federal Reserve...
2020-12-08 | insurance europe fintech insurtech
... France, the Netherlands and Germany, is a short, easy-to-understand, and transparent document designed for ordinary people (and not only for lawyers) - a consumer-friendly departure from the dense and dated policies that dominate the market. Lemonade’s renters policy, which can be stopped and started at any time through the app, will start at just 4 € a month, and include features that provide more extensive coverage than the typical industry standard policy. For example, Lemonade’s policy will offer an optional coverage to cover against theft both in and outside of your home, worldw...
2020-11-17 09:26:29 | debt mortgages
... lances in the history of the data (since 1999). The decline in card balances reflects continued weak consumer spending amidst the COVID-19 pandemic, as well as households paying down existing credit card debt. Auto and student loan balances both increased slightly in the third quarter, by $17 billion and $9 billion, respectively. Auto loan originations, which includes both loans and leases, reached a series high in Q3. In total, non-housing balances (including credit card, auto loan, student loan, and other debts) saw a $15 billion increase. Source: New York Federal Reserve...
2020-11-09 | inflation financial situation
... t of a college education declined from 5.2% to 4.9% in October. Median expectations for the cost of rent and medical care both increased from 5.4% and 6.8% to 5.7% and 9.1% in October, respectively. ...
2020-10-06 | consumers pandemic
... te the experience has renewed and strengthened connections with friends and family. And, when thinking about challenging events, many discovered something unexpectedly good came out of the experience....
2020-09-16 | workplace
... — followed by 35% of employees selecting supplemental health benefits like hospital indemnity insurance, critical illness insurance, or short-term and long-term disability income insurance....
2020-09-02 09:26:29 | consumers
... t (44%) of consumers have also increased their online shopping habits overall. But while many are changing what they purchase and how, the survey also reveals that 4 in 10 of consumers are making fewer impulse purchases, highlighting that many are being more deliberate about what they purchase....
2020-08-25 09:26:29 | women retirement
... eater liquidity in their portfolio and those with defined benefit plan income were more likely to report high retirement confidence. For more information: https://www.gao.gov/assets/710/708121.pdf...
2020-08-24 09:26:29 | politics
... only the youngest and poorest consumers favored Biden over Trump, as the best Presidential candidate for personal finances. The major finding, however, was that in nearly all subgroups more consumers thought it would make no difference to their personal finances whoever was elected; the exceptions were among the oldest and richest subgroups who gave Trump a slight advantage. As might be expected, responses followed along party lines with three-fourths (75%) of Republicans favoring Trump as the Best Candidate for Personal Finances. Democratics were possibly more pragmatic, with just 56% f...
2020-08-10 | inflation household finances
... ion expectations increased 0.2 points at the one-year and three-year horizons, respectively, while disagreement about future inflation also increased. The Fed reported a slight increase in consumers' median inflation expectations for a one-year time horizon, increasing from 2.7% in June to 2.9% in July, above its 12 month trailing average of 2.5%. Consumers continue to relatively pessimistic about their household finances with median expected household income growth remained steady at 2.1% in July for the second consecutive month, which is well below its 2019 average of 2.8%. One-year ...
... n second quarter of 2020. This marks the first decline since the second quarter of 2014 and is the largest decline since the second quarter of 2013. Reflecting the sharp decline in overall consumer spending due to the COVID-19 pandemic and related social distancing orders, credit card balances fell sharply by $76 billion in the second quarter. This was the steepest decline in card balances seen in the history of the data. Auto and student loan balances were roughly flat in the second quarter. In total, non-housing balances (including credit card, auto loan, student loan, and other debts) sa...
2020-06-25 09:26:29 | advice
... nder. Women today are five times more likely than men to use a female advisor, up from four times in 2019. Diversity Programs Support Hiring Success As consumers increasingly prefer to work with an advisor of a similar profile, many advisory firms are making a concerted effort to diversify their talent pool. Firms are primarily looking to better connect with diverse clients, widen the pool of potential financial advisor candidates, and add unique perspectives to the thinking of the firm. Today, more firms consider “increasing the diversity of staff” a strategic priority than in 2019 ...
News and insights about consumer and demographic financial trends
Economic Uncertainty and Inflation Impact Retirement Prospects for Americans
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U.S. Foreclosures Increase In First Quarter
Consumers Perceive Less Buying Power Despite Lower Inflation
Consumer Price Index - March 2024
Americans Fear Running Out of Money More Than Death, New Study Finds
Consumers and Small Businesses Still Grapple with Persistent Check Fraud
Financial Education Gap Leaves Middle-Income Americans Seeking More