2024-05-13 | economy retirement
... ity Distribution. "What's important to remember is that everyone's 'magic number' in retirement will vary depending on a number of variables including spending habits, health, debt levels, location and more. It's good to have a goal in mind, but holistic financial planning with an advisor is more likely to lead to a comfortable retirement. At the end of the day, a magic number doesn't tell you much about how long your income will last over an uncertain amount of time in retirement. That's where holistic financial planning can make all the difference in the world to address the anxiety of a ner...
2024-04-26 | retirement
... retirement savings options and this, coupled with higher prices, is making it increasingly hard for people to choose when to retire." The survey also shed light on the debt burden carried by older adults. Nearly one-third of respondents who maintain a credit card balance from month to month reported balances of $10,000 or more, with 12% carrying balances exceeding $20,000, a notable increase from around a year ago. Despite these concerning trends, there remains a glimmer of optimism among respondents, with 33% believing their financial situation will improve over the next 12 months. However,...
2024-04-10 | consumers economy
... often seen as an opportunity for financial reprieve, the survey revealed that 80% of those expecting a tax refund plan to use it for essential needs such as living expenses (50%) and debt repayment (29%). Only a small fraction (19%) would allocate their refund towards discretionary spending like travel or entertainment.Additionally, the survey suggests a need for guidance in balancing short-term spending with long-term savings and financial security goals, such as retirement. Despite the availability of more tax-efficient and potentially income-guaranteeing financial solutions like employer-sp...
2024-04-09 15:00:00 | consumers financial education
... s outpacing inflation, the journey towards financial security remains fraught with challenges.The FSM™ survey also delves into concerns over credit card debt, the merging of finances post-marriage, and the alarming trend of decreased savings for retirement among middle-income Americans. With 88% of respondents feeling the pinch of rising food prices, the need for a more comprehensive financial education has never been more apparent.Primerica’s findings offer a crucial insight into the financial uncertainties facing middle-income Americans today, underscoring the need for improved financial...
2024-04-09 | consumers economy
... ical dynamics," remarked Paul LaPiana, the head of MassMutual's brand, product, and affiliated distribution. "Adhering to sound financial practices daily, like saving diligently, reducing indebtedness, and diversifying investment portfolios, lays a solid foundation for a secure financial future."Key findings from the survey include:RENEWED FINANCIAL OPTIMISM: Compared to last quarter, a higher percentage of Americans are optimistic about their financial situation (25% this quarter vs. 19% previously), despite widespread notice of rising grocery prices (91%).There's a noticeable increase in opt...
2024-04-09 | consumers economy
... umer spending behaviors.Household finance perceptions showed little change, but the survey highlighted a significant increase in the perceived probability of missing a minimum debt payment, reaching the highest level since the COVID-19 pandemic's onset. This increase, most pronounced among middle-aged respondents and those with lower incomes, points to rising financial pressures on American families.Despite these concerns, the survey noted slight improvements in perceptions of credit access and financial well-being compared to the previous year. Yet, expectations for tighter credit conditions ...
2024-04-05 | debt inflation retirement
... prices have gone down. In the short-term, it may be wise to delay any major purchases to keep saving toward your future and avoid taking on new debt.”Withdrawing from retirement accounts to make ends meetIt is worrying for long-term financial stability that many Americans have also withdrawn from retirement accounts. More than two in five Americans (42%) say they have dipped into their retirement savings because of inflation. Hispanic respondents (59%) were more likely than Asian/Asian American (51%), Black/African American (50%) and white (39%) to have withdrawn from their retirement accou...
2024-03-15 23:59:00 | retirement women
... worries for single women in the upcoming year is managing debt (21%), with nearly one in three (31%) of them who are retired or over 55 anticipating paying off credit card debt in their golden years.Single women are looking to specialists for proactive methods to deal with these issues. Single women have started working with advisors at a somewhat higher rate than married women, despite the fact that more than one in three women (36%) presently work with them. Compared to 37% of married women, over four out of ten (41%) single women who work with an advisor began doing so during the last year...
2024-03-12 23:15:00 | consumers economy
... n saving accounts will be higher in 12 months increased by 0.6 percentage point to 26.1%, remaining below its 12-month trailing average of 30%.Perceptions about households’ current financial situations deteriorated somewhat with fewer respondents reporting being better off than a year ago. Year-ahead expectations also deteriorated marginally with a smaller share of respondents expecting to be better off and a slightly larger 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 p...
2024-03-12 08:42:12 | retirement
... come plan are at least somewhat confident that plan will meet their goals. That said, nearly half still have some concerns in the back of their head about having enough money in retirement, including outliving their savings. Maintaining mental and physical fitness followed as other close concerns. Among the just under one-fifth who claim to have retired – and then unretired – the reasons for going back to work were evenly divided between financial and mental....
2024-03-06 | financial wellbeing
... any Deeper in Debt: 44% of adults say they would have to take on additional debt to cover an unexpected medical cost, primarily using credit cards (44%) and payment plans (46%).Confusion Around Existing Medical Coverage: 1-in-3 adults do not fully understand what their health insurance plan covers, indicating a need for improved educational resources on the specifics of medical coverage and assistance selecting benefits that can help fill gaps in coverage. ...
2024-02-15 | consumers economy
... ancial goals this year, while nearly half have a goal to paying down debt. Meanwhile, other goals that were less popular include selling a home, establishing a non-retirement investment account and acquiring cryptocurrency.Checking, savings account balances remain lowAccess to traditional checking and savings accounts is high among the Black Americans in Achieve's survey, but many struggle with having an adequate base to meet their financial goals. For example, 79% of respondents report having a checking account, but 58% said they have less than $500 in those accounts, including 13% who said t...
2024-02-01 | consumers spending
... termine what areas of communication and money management the couple is doing well and where more work needs to be done to move the relationship forward on their priorities, which range from debt repayment to bill balancing. Couples give themselves high grades when it comes to the fundamentals of any relationship; almost nine out of ten say they communicate well or very well with their partner, suggesting that open communication may be a key to navigating financial success.According to Meredith Stoddard, vice president of education at Fidelity Investments, "Money conversations can be daunting f...
2024-01-16 | consumers economy spending
... % would be used by households to pay down debt (up from 33.8% in December 2022 and the highest reading since August 2016), 45.6% would be saved or invested (down 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...
2023-06-01 11:00:00 | credit unions lending
... nue to remain a lower-rate alternative when it comes to personal loans, growing those originations by 12% at a time when other lenders saw significantly less growth.”More Consumers Making Only Minimum PaymentsAs interest rates and prices continue to rise, fewer consumers are making payments above and beyond their minimum monthly payments. This bears careful attention as recent TransUnion research has shown that excess payments above minimum balances due have proven effective as proxy measures to consumer liquidity, typically dropping significantly anywhere from 6 to 12 months prior to a seri...
2023-02-28 | consumers
... 1. 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." ...
2023-01-30 | consumers economy
... sumers struggled to pay their bills, up from 11% in 2021."Inflation is eating into every American's pocketbook and as the Fed's efforts to limit inflation drive up the cost of debt, we are witnessing near record numbers of Americans living paycheck to paycheck," said LendingClub financial health officer Anuj Nayar. "While the amount of Americans living paycheck to paycheck is similar to the height we reached in the middle of the epidemic, the causes appear to be very different, as the economy is not sheltering in place like it was in 2020."2023 Consumer Sentiment2023 paycheck-to-paycheck consu...
2022-09-22 | consumers economy
... s (42%), fraud protection (39%), and the opportunity to make purchases without having to wait for payment (37%) were listed as the three most important advantages of credit cards.Source: Marqeta ...
2022-09-22 | consumers demographics women
... en are worried about climate change: 62% of respondents cited climate change as one of their top financial concerns, more than retirement planning (51%), credit card debt (46%), the stock market (38%), and child care costs (30%). Women are less likely to invest, but when they do they keep their cool: Women are roughly half as likely to invest as men are. And just 30% of women have met with a financial advisor or planner. That said, when women do invest, they make many of the right moves. Only 38% of women reported feeling concerned about market volatility vs 58% of men — which explains wh...
2022-08-09 12:12:12 | demographics retirement
... of Gen X adult children in the U.S. do not know how much debt their parents have amassed. 50% of adult children said they are not aware of how much debt their parents currently have. Most Gen X adult children believe that their parents' home equity could be a financial solution. 60% of adult children said they are in favor of their parents using their home equity to fund their later years. Over three-fourths of parents have never spoken to their Gen X children about using their home equity. 76% of adult children said they have never discussed utilizing their home equity to fund their retire...
2022-08-05 12:00:00 | retirement women
... ess inflation risk in their portfolios. Jean Chatzky, HerMoney CEO and Alliance for Lifetime Income Fellow, says inflation protection is simple. "Prioritize high-interest debt. Delay Social Security to boost monthly benefits. Keep a diversified investment portfolio for growth and use annuities or pensions for retirement fixed costs. Keep track of your spending to avoid unnecessary or impulsive purchases." Only 12% of women are risk-averse investors. 62% are riskier than their parents, while 35% are riskier than their partners. "Women should embrace market risk but also protect their f...
2022-07-28 12:00:00 | consumers debt
... five years to pay down their debts, nearly 10% of millennials think it will take longer than 10 years. Only 6% of millennials believe they will ever pay off their debt. Survey results showed that nearly half of millennials (47%) spend more than 30% of their monthly income on housing. This is 1.5x what financial experts recommend. With housing prices rising, one third of millennial renters don’t believe they will ever afford a house. While the average millennial has $49,463 in savings, one in seven report that they have no savings. According to 37% of respondents, their biggest f...
2022-07-27 12:00:10 | housing
... ://exploreretirement.far.com/homeequitypunchlist to access additional data and insights from the survey. ...
2022-07-27 12:00:00 | financial planning
... ...
2022-07-13 | demographics investing
... nd saving for their children's education. Another challenge is a lack of knowledge, with nearly three-quarters (72%) of survey participants saying that after paying off debt, saving for an emergency fund, and maxing out their 401(k), they are unsure what to do next. Planning for the Future The main goal of those surveyed is establishing long-term security by investing and saving, with 75% saying they want the same things as their parents, but they are simply unaffordable. According to the survey, 38% say investing in the stock market is their top financial goal, compared to 33% who prior...
2022-05-19 12:02:00 | retirement
... o, Millennials are feeling the impacts of inflation on their short-term financial goals: 36% report delaying vacation, paying off credit card debt (29%), buying a car (26%) and buying a home (26%). “Creating a financial strategy is not something that should be done once and never thought of again until retirement. Ever-changing market environments can sometimes mean making difficult choices, as evident by the data showing Americans are contributing less to their emergency funds,” continued Huang. “That’s why it’s critical to seek the help of a trusted financial professional to ens...
... in Q1 2022. The lower level of student debt delinquency reflects a Department of Education decision to report current status on loans eligible for CARES Act forbearances. Account Closings, Credit Inquiries and Collection Accounts The number of credit inquiries within the past six months–an indicator of consumer 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....
2022-05-04 12:00:05 | workplace
... salary) when evaluating a job: 1) Medical benefits/health care (70%); 2) Retirement savings (54%); 3) Bonus opportunities (31%); and 4) Student debt assistance (25%). Yet, ultimately a much greater percentage of college students (61%) than working professionals (48%) report they value factors improving their overall quality of work life versus financial benefits when evaluating a job offer. “The last two years have been a pivotal time for many life decisions, and many young working professionals are still assessing their current job – they are prioritizing increased salary, flexibili...
2022-05-02 12:00:00 | consumers credit
... lks of life claiming to have made credit card payments in the past 90 days. Paycheck-to-paycheck consumers are three times more likely to revolve credit card debt and generally have higher monthly balances. Those consumers who never pay their credit in full also tend to have more credit cards than the average. PYMNTS research shows that 29% of credit card holders "always" or "usually" change their balances. On average, credit card holders have about two credit cards, which goes up to three credit cards who are unwilling to pay their credit card in full (i.e., the ones they "always" or "usu...
2022-04-26 13:00:00 | investing pandemic
... ing bills on time, difficulty managing debt and availability of sufficient savings to cover six months or more of living expenses. Additionally, satisfaction with their brokerage firm is significantly lower among financially vulnerable clients, suggesting firms need to do a better job of delivering content, tools and services that can help clients more effectively manage investments in the context of their overall financial lives. Hybrid offerings not resonating with investors: In addition to DIY investors, the study also explores those investors who—while not working with a tradition...
2022-04-20 | inflation retirement
... tunities to harmonize one’s entire savings picture. Resources such as health savings accounts to offset the burden of medical costs, student loan debt support and tools for building emergency savings continue to grow in popularity as employer wellness benefits. Going forward, it will be critical for employers to provide support in these areas so these generations, and all individuals, can find greater opportunity to build a secure financial future,” concluded Lavallee. Source: Voya ...
2022-01-10 12:00:00 | consumers economy
... ving for retirement (36%) now surpass traditionally common goals like exercising more (33%) and losing weight (28%). “The fact that paying off debt is a higher priority than exercising shows many people want to improve their financial health, and it’s clear that financial confidence is intrinsically linked to overall health and wellness,” says Personal Capital’s Chief Marketing Officer, James Burton. “Americans are seeking financial advice, and we don’t see this boom in financial planning changing anytime soon. In the past year, we’ve seen an 88% increase in net new client ass...
2022-01-04 09:32:54 | consumers cryptocurrency housing
... the top five growth states in America, based on one-way U-Haul truck transactions in 2021. The Lone Star State earned bragging rights as the leading growth state of 2021, narrowly besting Florida for tops honors. California is 50th and Illinois 49th for the second consecutive year. Source: U-Haul The median home sale price rose 14.6% year over year to a new all-time high of $361,171. This comes as the number of homes for sale fell to a record low. New listings and pending sales both dropped to their lowest levels since January. Source: Redfin Home prices continue rising faster than...
2021-12-08 09:08:19 | advice consumers finances
... lidation/zodiac-finances-survey/ Methodology LendingTree commissioned Qualtrics to conduct an online survey of 2,049 U.S. consumers from Nov. 3 to Nov. 5, 2021. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control. LendingTree defined generations as the following ages in 2021: Generation Z: 18 to 24 Millennial: 25 to 40 Generation X: 41 to 55 Baby boomer: 56 to 75 While the survey also included consumers from the silent ge...
2021-10-29 09:08:19 | demographics retirement
... d contributing to retirement accounts (12 percent). Sixty-two percent cite paying off some form of debt as a financial priority. Other financial priorities include saving for retirement (56 percent), building emergency savings (46 percent), and just getting by to cover basic living expenses (32 percent). Almost four in 10 say they are having trouble making ends meet (38 percent) — and 42 percent often feel anxious and depressed. Emergency savings are low. Women have only $4,000 (median) in emergency savings. Emergency savings increase with age: Generation Z women have saved $800, Mille...
2021-10-21 12:00:10 | credit demographics
... Source: Alliance Data Systems Corporation...
2021-10-20 12:10:10 | demographics
... . Insuring: types of coverage and how insurance works. Comprehending risk: understanding uncertain financial outcomes. Go-to information sources: recognizing appropriate sources and advice. Source: TIAA...
2021-10-12 12:00:00 | retirement
... ng for retirement. Daily living expenses were cited as the biggest obstacle by almost half of those surveyed (45%). This was followed by housing payments (34%), medical debt (24%), saving for other goals, such as starting a family or buying a house (21%), and the financial impact of COVID-19 (20%). Results also show there are knowledge gaps when it comes to retirement saving and planning. Around half of respondents do not feel knowledgeable about how to save for a comfortable retirement (47%), the difference between various saving types (51%), or making decisions about how their savings are...
2021-10-11 12:00:00 | retirement
... ial wellness tools say they see a positive impact as a result. Seeing a holistic view of their financial health, including spending, saving, debt and protection, can help them better plan for and achieve multiple financial goals. The importance of education Education and tools can help employees make sound financial decisions, and also drives their overall confidence and engagement. Savers who use employer-provided financial resources are more than twice as likely to have increased the amount they contribute to their retirement plan in the past year. However, eight in 10 employees say...
2021-09-09 | retirement
... er nest egg for retirement Among near-retirees who plan to retire within five years, more than 4 out of 10 (41%) say they have begun saving more, and nearly one-quarter (24%) are delaying their retirement date. Seventy-one percent (71%) say they spent less during the pandemic, especially on entertainment (57%) and transportation (43%) 1 in 3 say their overall living expenses increased, with 24% spending more on medical expenses and 17% offering more financial support to family members Source: Kiplinger/Personal Capital...
2021-09-08 | consumers
... overspending, etc.). These negative financial behaviors rose across many age cohorts with those ages 25-35 up to 63% from 53%; ages 35-44 jumped to 62% from 55%; and ages 55-64 up from 21% to 30%. "While it's encouraging that many Americans are feeling confident they're accomplishing real financial progress, we want to ensure their progress is sustainable through the economic recovery," said Paul Dilda, head of consumer strategy for BMO Harris Bank. "Consumers should continue to focus on the long term while the economy is good to continue the progress many made last year. Th...
2021-08-25 12:00:00 | economy
... : Northwestern Mutual...
2021-08-09 09:26:29 | education
... Source: LendingTree.com...
2021-05-28 | consumers investing
... scretionary income paying down credit cards and other debts—down 7 ppts from a year ago. Only 3% of consumers named debt as their biggest concern in Q1 2020, compared to 11% of consumers in Q1 2020. Low barriers to entry—including apps that allow purchasing partial shares and are accessible 24/7—accelerated mainstream interest in stocks and expanded investing to younger demographics. As a result of these new tools for allowing (and gamifying) active investment among non-experts, risk exposure is growing for a substantial portion of the population. For those chasing even higher return...
2021-05-18 | consumers spending
... uture goals like saving for retirement or paying off debt, while still allowing them to be prepared for unforeseen circumstances. When embarking on home renovation projects, traveling or other activities throughout the summer, it is crucial to budget accordingly and always be financially stable throughout the process," said Frerichs. Gen Z Takes Control of Their Finances The pandemic severely impacted Americans emotionally and mentally. It also forced many to take a detailed, realistic look at their personal finances. Notably, the survey reveals that Gen Z is stepping up and taking cont...
2021-05-12 12:19:00 | demographics
... ams and services that help their employees take control of their student loan debt.” Study methodology This survey from AIG Retirement Services and EVERFI, fielded from October 1, 2020 – March 31, 2021, is a nationally representative sample of 20,181 college students from 135 higher education institutions located in 34 states. Source: AIG...
2021-05-12 12:00:01 | advice financial planning
... ...
2021-04-29 12:00:00 | consumers
... mortgage 10% put money toward a ‘nice to have’, like entertainment 7% donated to a cause Paying bills on time, budgeting are top financial goals this year Survey respondents all agreed that their top financial goals in the past year included paying bills, like utilities, as well as their mortgage in full and consistently each month. Additionally: 32% of the general population indicate developing or maintaining a budget that works for them as a primary goal. Black (20%) and Latinx (22%) respondents listed getting their finances in order to purchase a home as a fi...
2021-04-28 12:00:20 | financial wellness pandemic
... literacy. Women, young adults, people with financially dependent children, and those who are low-income, unmarried and unemployed are most financially anxious. People with high financial anxiety were more likely to have past-due bills for the treatment of a health problem. Focus group respondents said that having too many expenses and monthly bills, especially medical expenses, were major factors contributing to high anxiety. “These findings are sobering. Over the past year, Americans’ financial struggles, anxiety and stress levels have likely worsened,” Andrea Hasler...
2021-04-20 12:00:09 | pandemic
... ...
2021-04-19 12:00:10 | millennials retirement
... may be dealing with the repercussions of their outsized debt and meager savings for decades to come—especially when the pandemic is forcing them to liquidate assets and lock in losses, at the same time that it's impacting their job prospects. In fact, Millennial investors were much more likely to experience a pay cut due to the pandemic (29%) than Gen-Xers (13%) or Boomers (5%). Millennials were also somewhat more likely to be laid off due to the pandemic (17%) than Gen-Xers (10%), and much more likely than Boomers (2%). The Power of Planning to Protect AssetsWhile protecting assets was the...
... rvices for multiple reasons; a desire for financial flexibility, a way to avoid incurring credit card debt, or to purchase items outside of their budgets. However, despite its popularity, consumer debt and missed payments have led to calls for additional research and regulation. To take a closer look, The Strawhecker Group (TSG) conducted a survey of over 1,500 U.S. consumers in early 2021 with a goal of understanding domestic attitudes and perspectives on the use of BNPL services. TSG found that 39 percent of consumers have tried BNPL, and of those, 55 percent tend to spend more ($312 ave...
2021-04-08 12:00:59 | investing
... ...
2021-04-06 16:00:00 | consumers lending
... 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/month for new cars and more than $400/month for used vehicle purchases. “For most people, having our own form of transportation is ...
2021-04-06 12:00:00 | pandemic affluent
... nes in life, including owning a car (98%), owning a home (97%), saving their goal amount for retirement (95%) and paying off credit card debt (94%). In fact, 84% of respondents indicated they plan to achieve or have already achieved one or more financial milestones earlier than their parents – including opening an investing account (54%) and starting to save for retirement (53%). More than half of this group (53%) say they have already achieved or plan to achieve five or more financial milestones earlier than their parents. However, when asked about the most important measures of personal...
2021-04-05 12:00:20 | consumers
... back on spending, which remained consistent with those surveyed one year ago (at 32%). Respondents also paid off debt, with fewer carrying credit card balances (a decrease of 13%) and student loan debt (a drop of 6%) compared to last year. Consumers feel more financially stable today Survey respondents indicated they feel less worried about personal finances today, with 55 percent feeling concerned vs. 69 percent in 2020. Concerns about credit decreased by 10 percent from one year ago, with 37 percent currently worried. Also, anxiety about the economy fell from 66 percent to 58 percent. ...
2021-04-05 12:00:05 | consumers
... surance works. Comprehending risk: understanding uncertain financial outcomes. Go-to information sources: recognizing appropriate sources and advice. Source: TIAA Institute...
2021-04-01 12:00:01 | housing real estate
... ...
2021-03-31 15:00:01 | pandemic workplace
... act their mental and financial health. Must-have benefits for twenty-something employees are legal services and student debt assistance (both up 19 percentage points since last year), as well as life insurance (up 11 percentage points since last year). “The pandemic has shed a clear light on what employees need from their employers – not only right now, but in the future,” said Katz. “As the workplace continues to evolve and become more personalized, employers need to heed the wants and needs of their employees, and then reflect these key learnings in benefits and work experiences t...
2021-03-31 12:00:04 | pandemic spending
... ws that Americans are finally taking their credit card spending seriously. While overall debt 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 12:09:00 | housing
... One in three (37%) millennials say that the COVID-19 pandemic has made them consider moving, with the biggest reason being needing more space (14%) followed swiftly by reducing living expenses (13%) and new job location flexibility (10%). Once mortgage forbearance programs expire, millennials in forbearance are planning to borrow against their retirement to pay for their mortgage: 29% are planning to dip into their 401(k), 27% plan to use their retirement savings, 23% are planning to take out another loan to cover the payments — 6% have no plan at all. Many retired homeowners have pa...
2021-03-30 12:00:02 | economy demographics
... investors. Paying off debts (63% of Black and African American investors vs. 68% of all investors) Owning your own business (46% vs. 52%) Saving enough to live comfortably in retirement (36% vs. 42%) Buying your own home (80% vs. 84%) Saving for a child’s college education (46% vs. 40%) Saving to leave an inheritance for your children (33% vs. 36%) “Although the data indicates similar progress in achieving financial goals, it still shows an alarming number of investors who are not reporting strong progress toward achieving their goals — particularly the...
2021-03-26 | consumers economy
... t (3.1%) on something fun Women are more likely to save the tax refund (19.3%), use it pay off debt (15.4%), or use it for a household expense (8.7%) The middle age groups (ages 35-44 and 44-54) chose "Other" as the most popular use for their tax refunds All other age groups chose "Savings" as their most 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...
2021-03-12 15:00:00 | demographics retirement
... women are contributing to their retirement accounts. Contributing more to a retirement account ranked as the top action female investors took (36%), followed by paying down personal debt (27%)—compared to 34% and 23% of the total population, respectively. Though barriers to retirement loom large. Among female investors, the top barrier to saving for retirement is health care costs (47%), followed by rent or mortgage (41%). And the top reason women withdrew early from their retirement funds was for a medical emergency (13%). Paying for education costs (10%) or spending on herself or her f...
2021-02-22 | investing demographics
... rom their investment accounts to spend. Of that group, the top three reasons were paying off debt (35%), buying a car (30%) and making a down payment on a home (25%). 22% of young investors trade stocks at least once a week. Even those who don't make trades as frequently still do so on occasion, as 72% of investors 40 and younger say they trade at least once a year. Online is where it's at when it comes to young people looking for investment information. The survey found that 33% of Gen Z (ages 18 to 24) and millennial (ages 25 to 40) investors belong to one online investment community or...
2021-02-09 | investing
... investors tells a broader story about spending habits during COVID-19," said Denise Dahlhoff, Senior Researcher at The Conference Board. "Trends like low interest rates and declining debt concerns—alongside below-normal spending on vacations and out-of-home entertainment due to pandemic restrictions—have left a portion of Americans with more disposable income and fewer ways to spend it. Stocks, which continue to yield strong returns, have become an increasingly attractive option for these consumers." Additional insights from the inaugural US Consumer Dynamics Report are featured below. ...
2021-02-02 13:00:00 | pandemic retirement
... can use today's financial challenges as a catalyst to discuss near- and long-term 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...
2021-01-28 14:00:00 | millennial retirement
... While relatively few young adult workers cite saving for retirement as a financial priority, many have already begun thinking about retirement. The survey finds encouraging news that 32 percent of young adult workers globally are "habitual savers" who make sure they are always saving for retirement (40 percent U.S.). Globally, 17 percent of young adult workers have a written retirement strategy and 42 percent have an unwritten strategy (25 percent, 31 percent respectively U.S.). They estimate that more of their retirement income is likely to come from their own savings and investments (36 per...
2021-01-27 14:00:00 | pandemic retirement saving
... inancial goals. The pandemic highlighted the importance of saving, according to the survey. When asked about their financial goals, “saving for retirement” and “paying off personal debt” topped their lists. Survey respondents said they want to spend more time planning their finances and learn more about financial strategies. The uncertainty of the economy, even as a coronavirus vaccine rolls out, has sparked more interest in expert financial advice. Survey results show 83% of respondents said they want to minimize worrying about their finances this year, mainly through increased ...
2021-01-26 | credit
... 7 percent of White Americans and 18 percent of Asian Americans fall into this category. Black Americans are also at a disadvantage when it comes to financial products, savings and debt. Over half (53 percent) of Black Americans say they are living paycheck to paycheck, significantly higher than 44 percent of Americans overall, and many more Black Americans (21 percent) say they have student loans compared to the rate among all Americans (13 percent). Just 53 percent of Black Americans report having a credit card—a critical component for helping to build a strong credit foundation when use...
2021-01-13 15:00:00 | pandemic spending
... ly, 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 food on the table. "Hope is an incredibly powerful thing, and the fact that it's beginning to rise after the year we've all just been through is unquestionably a good thing," said LendingTree's Chief Credit Analyst, Matt Schulz. "However, that doesn't change the fact that the economy is still a mess and millions...
2021-01-13 14:00:00 | consumer expectations housing inflation
... 1.5%. The median expectation regarding a year-ahead change in taxes (at current income level) increased from the already elevated level of 4.1% in November to 4.3% in December, its highest reading since November 2013. The mean perceived probability that the average interest rate on saving accounts will be higher 12 months from now rose from 24.8% in November to 26.2% in December, the second consecutive increase since reaching a series low in October 2020. While perceptions about households' current financial situations compared to a year ago were largely unchanged, one-year a...
2021-01-12 | debt credit cards
... d, more than 8 in 10 of those who lost money due to the pandemic told HerMoney and Debt.com, "I now realize how important it is to save money for emergencies." Credit card debt has long topped $1 trillion in this country and was trending up before the pandemic, but the survey shows nearly 1 in 5 people say, "I'm paying more attention to the interest rates on my credit cards." Nearly 1 out of 5 now rethink how they make large purchases, saying they're more willing to buy used cars and other pre-owned big-ticket items. A quarter of American adults have nothing saved for retirement, acc...
2021-01-04 | pandemic retirement consumer confidence
... saving more (29%) paying down debt (25%) Looking to 2021, consumers identify what’s most important and where they need help Poised with caution and maintaining a positive outlook toward the coming months, workers and retirees call attention to what they feel is most important in life, notably: health (56%) financial security (49%) having a close-knit family (35%) Principal conducts periodic “pulse” surveys with customers, financial professionals, and consultants to gain their insights about how timely topics might be impacting them. The November survey fi...
2021-01-01 | pandemic millennials
... emergency savings” (37%), or “take on debt using credit cards or personal loans” (23%). One-in-five “borrowed from friends or family,” with Gen-Z and Millennials most likely to either borrow from or move in with family members. Looking ahead to the New Year, nearly four-in-ten (38%) say they’ll spend 2021 in “Survival Mode,” meaning they’ll focus on the day-to-day to try to get themselves and their families through the next year. This outlook is more common among older generations (42% and 43% of Gen-X and Boomers, vs. 25% of Gen-Z and 34% of Millennials) and women (42% v...
2020-12-31 | housing
... f income needed for major home ownership expenses on a median-priced home, assuming a $100,000 loan and a 28 percent maximum "front-end" debt-to-income ratio. For instance, the nationwide median home price of $297,200 in the fourth quarter of 2020 required an annual gross income of $64,447, based on a $100,000 loan and monthly expenses not exceeding the 28 percent barrier — meaning households would not be spending more than 28 percent of their income on mortgage payments, property taxes and insurance. That required income is more than the $64,447 average wage nationwide based on the most rec...
2020-12-14 | income spending credit
... increased by 1.6 percentage points to 10.9% in November, still below its 2019 average of 11.5%. The median expectation regarding a year-ahead change in taxes (at current income level) increased sharply in November from 2.9% to 4.1%, the highest reading since May 2014. The increase was more pronounced for respondents between the age of 40 and 60. The mean perceived probability that the average interest rate on saving accounts will be higher 12 months from now increased 0.5 percentage point to 24.8% in November, remaining below its 2019 average of 30.0%. Perceptions about hou...
2020-11-17 09:26:29 | debt mortgages
... 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...
... d, auto loan, student loan, and other debts) saw the largest drop in the history of this report, with an $86 billion decline. Mortgage balances—the largest component of household debt—rose by $63 billion in the second quarter to $9.78 trillion. Mortgage originations, which include mortgage refinances, reached $846 billion, the highest volume seen since the refinance boom in 2013. Origination credit scores for mortgages increased notably in the second quarter of 2020....
News and insights about consumer and demographic financial trends
Economic Uncertainty and Inflation Impact Retirement Prospects for Americans
AARP Survey Reveals Alarming Retirement Savings Trends
Hispanic Consumers More Optimistic About Finances
Homeowners Facing Increasing Insurance Rates
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