2024-04-22 | demographics economy finances
... ncreasingly positive about their personal finances due to the declining unemployment rate among Hispanics," said Monica Escaleras, Ph.D., director of BEPI in the College of Business. "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...
2024-04-09 23:15:00 | demographics retirement
... . A financial professional can help you figure out what strategies will work for you and write it down. A written financial plan can help you ensure you are prepared with your finances so your money can last your lifetime and help ease the concerns you have that you will run out of money.”To mitigate these concerns, Americans are considering several strategies, including increasing retirement savings (41%), curtailing current expenditures to save more (38%), and investing in financial products that guarantee lifetime income (35%). An equal percentage of respondents believe that extending the...
2024-04-09 15:00:00 | consumers financial education
... , 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 literacy and educati...
2024-04-09 | consumers economy
... ancial management efforts.56% of mothers typically defer personal care to prioritize family finances, as opposed to 31% of fathers.Only 42% of mothers involved in financial management feel "very appreciated," compared to 54% of fathers.42% of mothers, compared to 31% of fathers, postpone personal activities to create memorable summer experiences for their children.LESS SUMMER FUN EXPECTED: Rising costs are affecting family summer plans, with a significant number of parents sacrificing their own leisure to afford activities for their children.45% of parents with school-age children are revising...
2024-04-09 | consumers economy
... y of Consumer Expectations is 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
... thdraw from retirement accounts, according to the 2024 Q1 Quarterly Market Perceptions Study from Allianz Life Insurance Company of North America.Americans are more focused on their present finances than setting themselves up for the future. About two in three (67%) say they are more concerned about paying bills than about their financial future. Millennials (76%) are more likely than Gen Xers (64%) or boomers (50%) to feel this way. More Hispanic respondents (79%) than Black/African American (74%), Asian/Asian American (68%), and white (63%) respondents say they are more concerned about payin...
2024-03-21 | banking brokerage retirement technology
... ...
2024-03-08 | technology
... 64th place.Aditya Bhasin, Chief Technology and Information Officer at Bank of America, said, "Technology helps us deliver world-class capabilities to clients, enabling them to manage their finances efficiently and securely and to interact with us when, where, and how they want." "We innovate to anticipate and fulfill the needs of our clientele. We're constantly listening to our clients and developing solutions to enhance and streamline their experiences as our rate of innovation quickens."Information security, artificial intelligence (AI), machine learning, online and mobile banking, payments,...
2024-02-15 | consumers economy
... tic about their income and earning potential in the year ahead, paying off debt and managing the impacts of inflation on household finances continue to be major financial concerns," said Achieve Co-Founder and Co-CEO Brad Stroh. "In addition, those surveyed expect to see more increases in the costs of groceries in the coming year, adding to budgeting challenges."Rising cost of groceries and utility costs force cuts elsewhereNearly half of respondents (47%) believe their household will have to spend more to buy groceries this year, while 40% expect their utility costs will increase and 33% expe...
2024-02-15 | retirement financial wellness
... ulation period. This study focuses on those ages 50-75, a period where issues such as how best to withdraw income from assets come into play and how to manage finances in retirement is critical.Key Findings Highlight Gaps and OpportunitiesOne of the more eye-popping results that caught The College research team's attention was how well respondents' self-ratings of their retirement income knowledge matched up with their actual scores on our literacy test. "Among those who didn't rate themselves very highly in terms of retirement knowledge, a whopping 73% had less than $100,000 saved up for reti...
2024-02-01 | consumers spending
... nancial behavior, but they choose to overlook it in order to maintain harmony. In addition to their communication breakdown, partners voice worries about retirement, emergency finances, and leading the life they've always wanted. Furthermore, Gen Z expresses worry about feeling financially secure enough to have and support children (54%), as well as about having enough money to buy a home (57%).Couples generally have similar ideas about how they want to spend their retirement: with friends, family, traveling, and engaging in their hobbies. Nevertheless, a majority of married couples (53%) who ...
2023-06-01 | demographics finances
... als, ages 24 to 35.More than half (56%) feel that they have a role in solving global problems like climate change, social injustice and political division. But when it comes to their finances:42% say they're living paycheck-to-paycheck51% say they don't expect to do as well financially as their parentsOnly 33% say they could handle an unexpected major expense"Many young people are pessimistic about their financial futures. We owe it to them to support their financial wellness and to help them achieve security in retirement so they can continue to change the world well beyond their youth," said...
2023-02-28 | consumers
... rs are changing their behavior to adjust to the pressures of inflation on their wallets, Nayar noted, "it may not be enough to balance their finances." "Massive credit card debt is carried by customers of all income levels, and if debt 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." ...
2023-01-30 | consumers economy
... year to job enhancements (more than 25%) and higher income (nearly 30%).Inflation worries paycheck-to-paycheck customers who expect their finances to worsen next year, while economic uncertainty worries those who aren't. Three-quarters of paycheck-to-paycheck consumers blame inflation and two-thirds blame economic uncertainty for their pessimism. 72% of non-paycheck consumers worry about economic uncertainty, compared to 62% for inflation.Despite pessimism, four in 10 paycheck-to-paycheck consumers expect their salaries to stay pace with inflation in 2023. However, 90% of wage-earners say thei...
2022-08-09 12:12:12 | demographics retirement
... ildren are concerned that inflation is hurting their parents' situation. 62% of adult children say they are worried about the impact that inflation is having on their parents' finances. Over a third of Gen X adult children are worried their parents' financial issues will fall on them. 35% of adult children say they are worried their parents will become a financial burden to them at some point. Over half of Gen X adult children are not able to afford any type of elder care for their parents. 59% of adult children could not afford in-home nursing care or care at an assisted living facility for...
2022-08-09 12:00:00 | economy inflation
... erned about the next year's economic outlook, compared to 60% of Millennials and 65% of Boomers. Personal finances weren't looking good. 56% of Gen X-ers worry about maintaining their standard of living, versus 46% of Millennials and 43% of Boomers. Gen X is also concerned about being able to retire when they want, compared to Millennials and Boomers. Gen X was more concerned about retirement expenses (56% vs. 41% of Millennials and 44% of Boomers). Gen X fights inflation Generation X has cut spending more than Millennials and Boomers in the last year. Gen Xe...
2022-07-28 | financial advice
... eps to arrange their short-term personal finances. According to the study, 39 percent of Americans do not formally manage their short-term personal finances, and shockingly, 20 percent of wealthy Americans do not either. And while 51% of poll participants said they assess their overall net worth on a quarterly, annual, less often, or never basis, 25% have never done so! Are strongly established in their use of technology to get money. A growing number of Americans believe that technology can be used to engage with, manage, invest, and understand money. According to a study, 58% of Americans...
2022-07-27 12:00:10 | housing
... ficer. 9 out of 10 respondents believe their financial advisor will discuss a home equity loan with them if it's in their client’s best interests. Only 29% of those surveyed had ever spoken to a financial advisor about a home equity loans. Respondents' desire to reduce and manage their debt and to learn more about home equity could make it a good opportunity to increase awareness and provide financial advisors with additional information to help clients achieve their goals. 67% said they would like to hear from a financial advisor ...
2022-07-27 12:00:00 | financial planning
... Don't work With an advisor With an advisor Differential Working with an advisor Your current housing situation is stable 62.7 80.8 +18.1 Your ability to manage your debt levels 60.6 80.3 +19.7 Your ability to pay for healthcare ...
2022-07-14 12:00:00 | consumers economy
... ost Americans are preparing by cutting back on spending, delaying major purchases, or planning to work longer before retirement. “Middle-income families are taking a hard look at their finances right now. Rising costs continue to eat into their bottom line amid fresh concerns of a recession,” said Glenn J. Williams, CEO of Primerica. “For 45 years, we’ve helped working families prepare to weather these types of situations. We’ve reassured them that professional financial guidance is not only for the affluent. It is critical to their long-term planning and can support their efforts...
2022-07-13 | demographics investing
... Juggling Responsibilities That professional guidance is important, as the survey shows 6-in-10 (59%) Millennials reported difficulty finding time to manage their finances while juggling multiple responsibilities, such as buying a home, starting a family, caring for aging parents and 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 o...
2022-06-01 10:39:58 | demographics retirement
... n as fair or poor, while 60% of those with an income over $100,000 rate their finances as excellent or very good. Among adults who are still working, most want to retire at a younger age than they think they will be able to – a gap that gets smaller with age. Most Americans want and expect to live independently as they age; only in their 80s did more respondents say they would need support to do so. Source: AARP ...
2022-05-11 12:00:01 | retirement
... rement," said Ken Cella, Principal, Branch Development at Edward Jones. "At the same time, they face new challenges, especially around their health, their finances and finding a new definition of purpose." Edward Jones and Age Wave also found blurred lines around what people think marks the beginning of retirement. The top milestones that pre-retirees and retirees view as the "start" of this chapter include stopping full-time work (34%), receiving Social Security and/or a pension (22%), leaving one's job/career (17%) and achieving financial independence (17%). Only 10% said the start of retir...
... lso issued an accompanying Liberty Street Economicsblog post on mortgage originations, including additional insight into the breakout between purchase and refinances. The share of current debt transitioning into delinquency increased modestly for nearly all debt types but remains historically low. The delinquency transition rate for credit cards increased by 0.2 percentage point, while mortgages, auto loans, and home equity lines of credit all saw 0.1 percentage point increases. Although the number of new foreclosures remains very low, there was a small uptick in new foreclosures in...
2022-05-04 12:00:01 | advice demographics
... hey’ve known what loss looks like and want to protect their interests as they see risks rise and their finances grow more complex. The good news is that Millennials not only recognize the value of advice, but they trust their financial advisors almost much as they trust themselves.” Natixis IM’s research findings reveal these five truths about Millennials at 40: 1. Algorithms can’t answer every financial question The majority (69%) of Millennials work with a traditional advisor, or person, either solely (41%) or in combination with automated advice such as a robo advisor (28%)...
2022-05-04 12:00:00 | education finance
... the whole nation. Although every child is born into a unique family and financial situation, children face multiple influences that will have an impact on their finances later – including parents, peers, the environment, and commercial advertising. Since very few schools offer financial education, parental involvement is key to raising financially healthy young adults and teaching kids about money. Source: NFEC...
2022-05-03 12:00:00 | affluent demographics
... isor (two-thirds of all survey respondents), half (50%) of those have met with that advisor, and one in five (20%) currently work with that advisor for their own finances. Three in five (60%) would be interested in working with their parents’ advisor, and nine in ten (90%) surveyed believe it would be valuable for them to meet with that advisor in the future. “With economic concerns and rising inflation, the next generation is looking for help setting goals and putting together a plan to meet them,” said Liersch. “This survey tells us an overwhelming majority (90%) of inheritors bel...
2022-04-27 12:00:00 | consumers economy
... n four in 10 (43%) say they are too nervous to invest in the market right now – the highest level of worry since 2019. “People don’t like uncertainty when it comes to finances and that is exactly what we have experienced in the markets thus far in 2022,” said Kelly LaVigne, VP of Consumer Insights, Allianz Life. “Unfortunately, we’re seeing that the vast majority of Americans expect volatility to stick around this year and it is adding yet another layer of risk to manage within their financial portfolios.” Impact on Retirement Anxiety about the risks of volatility on ret...
2022-04-25 14:00:00 | demographics financial planning retirement
... more time to hobbies, relaxation and me-time. High-Tech Jetsetters – approximately 24-34% of future retirees | 17.3-24.5 million Millennials Nomadic and fast-paced in nature, High-Tech Jetsetters will prioritize travel and be more open to long-term travel than their peers, trusting technology to keep up with friends and family as they move about retirement. Their curious nature, tenacity and commitment to the latest gadgets will carry through into retirement. “As with any generation, every individual will have a different vision for their ideal retirement, but the key for ever...
2022-04-25 12:00:02 | investing retirement
... t group. “This month is a good time to set goals for increasing your net worth.” Americans say the main factors behind getting a “big” net worth are usually control over one’s finances (65%), a high salary (64%) and multiple sources of income Income (63%). But Brownstein recommends going beyond the hustle and bustle of culture to increase your net worth. “Making money is just one part of how one builds wealth,” said Brownstein, who works with wealthy clients with portfolios of at least $1 million. "It's also important to make sure your money works for you in the same way that...
2022-04-20 | inflation retirement
... e for emergencies or unexpected events. “Voya’s survey also found that, because of inflation, nearly half (43%) of individuals have had to tap into finances that they previously had set aside for retirement — and not surprisingly, this is even higher among millennials (57%),” added Lavallee. “As a result, employers and employees are increasingly looking at the value of benefits in relation to the total net outcome of individuals’ health and wealth needs. And it’s becoming increasingly important for employers to recognize one’s entire savings picture when it comes to the bene...
2022-01-10 12:00:00 | consumers economy
... to help reassure them in their financial plan or put them on a path to help drive renewed confidence.” So, what’s causing many Americans to feel less confident in their finances and in the economy right now, despite positive indications at a macroeconomic level? “It’s a complicated picture to describe what’s happening to the economy,” says Chief Investment Officer at Personal Capital, Craig Birk. “The labor market is strong and retail growth is ticking upwards, but we’re also dealing with recent market volatility and record high inflation. It’s unsettling for many.” ...
2021-12-08 09:08:19 | advice consumers finances
... urvey/ 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 generation (those 76 and old...
2021-11-26 | economy retirement travel
... f (54%) of the general population said sustainability factors, such as a brand’s adherence to sustainable practices or offering of eco-friendly products, will also factor into their financial decisions. Deloitte seconded Mass Mutual's findings, estimating that holiday spend will increase to $1,463 in 2021, up 5% YoY, aided by a return to experiences. However, high-income households are driving the growth in holiday spending while lower-income households continue to struggle. Of those planning to skip shopping, 65% are from low-income households. Deloitte also reports that in-store shop...
2021-10-29 09:08:19 | demographics retirement
... e able to continue working as long as they want and need, 61 percent of women workers are focused on staying healthy so they can continue working, but only 48 percent say they are they are keeping their job skills up to date. Even fewer are networking and meeting new people (25 percent), taking classes to learn new skills (22 percent), or scoping out the employment market and opportunities available (17 percent). Start a dialogue about the importance of financial literacy and retirement planning. Only 17 percent of women frequently discuss saving, investing, and planning for retirement with ...
2021-10-20 12:10:10 | demographics
... d financial decision making and effective management of personal finances. The P-Fin Index is based on responses to a 28-question survey covering eight areas in which individuals inherently function. Earning: determinants of wages and take-home pay. Consuming: budgets and managing spending. Saving: factors that maximize accumulations. Investing: investment types, risk and return. Borrowing/managing debt: relationship between loan features and repayments. Insuring: types of coverage and how insurance works. Comprehending risk: understanding uncertain financial outcomes. Go-to i...
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
... ank, and that extends beyond our free Regions Next Step tools on regions.com and into our branch locations. Our teams work one-on-one with people to help them better understand their finances and provide solutions to reach their goals. It often begins with a simple conversation, and we encourage everyone, whether they are just starting to think about retirement, or whether retirement is fast approaching, to come talk to us about practical ways to build their savings and grow more confident in their financial futures.” The recent Regions Next Step survey also suggests how often people set ...
2021-10-11 12:00:00 | retirement
... coln National...
2021-09-09 | retirement
... 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
... uary and April. Most Americans report they know what they need to do to improve their finances (82%) and feel they have enough savings to get through an unexpected emergency (72%). However, this increase in confidence and optimism is also correlated to a general decline in good financial decision making and negative spending behaviors. The survey revealed slippage on a number of important financial dimensions: Financial Planning: While nearly three in four Americans (72%) still set financial goals, financial planning has hit a plateau. The most significant drop occurred among Gen Z (a...
2021-06-22 09:08:15 | travel
... finances. It's important to plan for and set spending limits so you can enjoy these trips without getting a surprise hit to your bank balance." How are travelers spending their vacations? In many instances, people want to focus on mental well-being and spending time with friends and family they haven't seen in a while, rather than go on the urban or cultural adventures they might have pursued in the past. When asked the type of vacation they'd like to take this summer, 24% of respondents said a relaxing beach or self-care type of break and about a quarter of men and women are planning t...
2021-06-02 12:00:13 | banking
... tionwide, more than 80% of overdraft fees are paid by consumers living paycheck to paycheck or with consistently low balances – precisely the people who need help stabilizing their finances. Eliminating these fees helps keep people from falling further behind and feeling penalized as they catch up," said Brown. Ninety-five percent of the consumers who paid $12.4 billion in overdraft fees in 2020 were "financially vulnerable" and disproportionately Black and Latinx, according to the 2021 FinHealth Spend Report. Among those financially vulnerable households with checking accounts, 43% aver...
2021-06-02 12:00:05 | consumers economy
... une. 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 in June. This is the highest reading for this component since the start of the pandemic. "June’s indexes show a lot of good news, but Americans remain a little wary in terms of their personal situation, with 54% of resp...
2021-05-27 | spending
... “More than a year after we began this study, our findings show that consumers are still very much concerned about how the pandemic is affecting their personal finances and overall feelings of safety while shopping.” Some gains were made in perceptions of in-store shopping safety. Trying on clothes in a dressing room. Sixteen percent fewer respondents (50 percent) say they do not feel safe trying on clothes in dressing rooms today, an improvement from last year when only 58 percent said they felt unsafe. Trying on shoes. Thirteen percent fewer respondents (47 percent) say they do ...
2021-05-18 | consumers spending
... sted in their finances and investing and saving for the future," said Frerichs. "These apps ignite an initial interest that we hope continues to grow, leading to a desire to activate a more 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
... ntrol of their finances and make real financial progress, millennials are seeing larger increases in sentiment since the beginning of the year: Making Financial Progress: 45% of Gen Z and 58% of millennials agree that they are making real financial progress, compared to 42% and 50% respectively in January. Enough Savings for an Emergency: 62% of Gen Z and 73% of millennials agree that they have enough savings to get through an unexpected emergency, compared to 55% and 62% respectively in January. Taking Steps to Improve Their Financial Situation: 80% of Gen Z and 84% of millennials say...
2021-05-12 12:19:00 | demographics
... dy to take care of their finances and are optimistic about their post-graduation job prospects. Over half of college students (58%) say they are confident in their ability to handle their personal finances with three in five (60%) indicating they are prepared to manage their money. Looking at future employment, more than one-third (39%) do not expect COVID-19 to have any impact on their post-grad job search. While half of the surveyed students (50%) say finding a job after graduation is a source of stress, that number has dropped significantly compared to past years. That number was as high...
2021-05-12 12:00:01 | advice financial planning
... ...
2021-05-06 | retirement
... fund" as their top two solutions to improve finances. However, neither one of these options could be used to create long-term retirement sustainability. Meanwhile seniors own over $8 trillion in housing wealth, which could be used to supplement income for millions of seniors in America. To read the full results of the AAG Post-2020 Retirement Survey, visit the link below:https://www.aag.com/post2020survey/" Source: AAG ...
2021-05-06 | investing
... king to their spouses – more so than any other age group. Half of millennial women (51%) stated that their spouse is responsible for long-term finances and three quarters of men (75%) agreed that they take the lead. However, the report notes that this generation is seemingly the most open to change. Nearly all (94%) millennial men want their wives to be more involved in these decisions, and 69% of millennial women who currently defer also want to be more involved—showing there is room for progress. Lack of communication is preventing couples from feeling more confident in their finan...
2021-05-06 | pandemic workplace
... are significantly less likely (59%) than fathers (74%) to be optimistic about their finances. Additional findings include: Fathers were twice as likely to have increased their savings over the last three months (50% vs 25%). Mothers who reported saving less were also more likely to lose their jobs during the pandemic (16% vs. 11% of fathers). Job loss is also the top reason mothers were more likely to dip into savings (26% vs.15% of fathers). Almost twice as many fathers reported being promoted and/or receiving a salary increase in the last three months (18% vs. 10% of mothers)....
2021-05-04 | consumers
... in May. The Personal Financial Outlook, a measure of how Americans feel about their own finances in the next six months, dipped by 0.5%, moving from 57.3 last month to 57.0 this month. Confidence in Federal Economic Policies, a proprietary IBD/TIPP measure of views on how government economic policies are working, declined the most, dropping 5.2% from 56.0 in April to 53.1 in May. “Despite this month’s indexes edging down slightly, the number of people who believe we are in a recession dropped 7% over the last month to hit the lowest level since early in the pandemic. Most p...
2021-04-29 12:00:00 | consumers
... nt. 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. Consumers equally value in-person advice, digital tools when looking to improve financial health 34% of the general population prefer a digital tool that helps them budget or automatically save, consi...
2021-04-28 12:00:20 | financial wellness pandemic
... factors contributing to high levels of financial anxiety and stress include a lack of assets and insufficient income, high debt, money management challenges and low financial 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 contribut...
2021-04-20 12:00:09 | pandemic
... 78%) parents are more likely to report that they were negatively impacted by the pandemic than white families (65%). Black and Hispanic parents were most likely to reduce retirement savings: Black and Hispanic parents were almost twice as likely to decrease retirement savings as they were to increase it (Black parents: 37% versus 14%; Hispanic parents: 35% versus 14%). However, the percentage of white families that decreased retirement savings was comparable to the percentage of white families that increased retirement savings (28% versus 26%). This may compound the existing retirement savi...
2021-04-19 12:00:10 | millennials retirement
... —possibly a sign of increasing trepidation, as 84% said they could do all the right things to manage their finances, and still be blindsided by outside events. "When it comes to outside events, the COVID-19 pandemic has had an outsized impact on Millennials—and that kind of uncertainty can make balancing current needs with planning for the future seem like a longshot for a lot of the investors in my generation," said J.J. Perez, President, Nationwide Financial Corporate Solutions. "Flashing back to the Crash of 2008, it's great to see that this time around, more Millennials...
2021-04-15 12:00:01 | pandemic retirement
... garding what's important about managing personal finances. Prior to the pandemic: Only about 35% of U.S. adults reported having an emergency fund. More than half of those making less than $50,000 said they've never created an emergency savings fund, saved more money for retirement, or worked with a professional financial advisor for guidance on savings and retirement. Today, most Americans (nearly 75% who are better off and nearly 70% who say they are worse off) say they have placed a greater importance on creating an emergency savings account going forward. Americans also want to sa...
... o the pandemic appeared to be short-lived in 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. No...
2021-04-13 12:00:00 | economy housing
... lowest in twelve months, which is another hopeful sign that family finances are beginning to improve,” said Dr. Frank Nothaft, chief economist at CoreLogic. “Further, the transition from 30- to 60-day delinquency was the lowest since last March and is likely to decline further with strong job growth. The consensus view among economists is that the 2021 economy will expand at the fastest rate since 1984.” State and Metro Takeaways: All U.S. states and nearly all metro areas logged increases in annual overall delinquency rates in January. Hawaii and Nevada (up 4.2 and 4.1 per...
2021-04-13 | pandemic investing
... around the corner, and 52% feeling like there is another big market crash on the horizon. Yet, despite this anxiety, a surprising number of Americans remain optimistic about their finances for the remainder of 2021. A full two-thirds of respondents said they believe the economy will improve this year and 68% feel their personal financial situation will improve – consistent with responses from Q4 of last year. “Investors seem to be in limbo right now, wavering between nervousness about the potential for volatility and hope for a better year, resulting in a lot of inaction that can be ...
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 12:00:59 | investing
... ...
2021-04-06 12:00:00 | pandemic affluent
... during a period of uncertainty,” said Aron Levine, President, Preferred and Consumer Banking & Investments at Bank of America. “In addition to getting their finances in order, people are looking ahead at new possibilities, plotting a course for their future and engaging with educational resources and advice that will help them make informed financial decisions and pursue new and exciting goals for themselves and their families.” When asked about the most prominent threats to their future financial success, respondents across generations cited concern about factors outside of their...
2021-04-05 12:00:20 | consumers
... 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. 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...
2021-04-05 12:00:05 | consumers
... set of COVID to improve their personal finances. Now is the time to focus on enhancing financial literacy as we look forward to life post-COVID." Financial challenges and lower levels of financial literacy are significantly more prevalent among the Black and Hispanic communities who face structural inequities and longstanding institutional biases: Thirty-two percent of individuals in these U.S. demographic groups find it difficult to make ends meet in a typical month, compared to 18 percent of white Americans. Fifty-six percent of Black Americans and 53 percent of Hispanics do n...
2021-04-01 08:20:22 | payments
... hase’s digital tools provide a clearer picture of overall finances and a foundational understanding of the short and long-term impact of recurring payments. Source: Chase...
2021-03-31 16:00:00 | pandemic investing
... on activities they had to postpone. Seeking financial guidance As investors take concrete steps to shore up their finances, many value advice from a professional. A vast majority (83%) of respondents with a financial advisor said the pandemic confirmed the importance of working with one while nearly four in ten (39%) investors who do not have an advisor believe working with one could help them withstand unexpected changes. To that end, 30% of survey participants who did not have an advisor prior to the pandemic started working with one or intend to do so soon due to COVID-19. “A fin...
2021-03-31 15:00:00 | pandemic retirement
... 8%. Overall, the study reveals younger adults have struggled with navigating their finances the most, with 62% of millennials and 51% of Gen Xers saying the pandemic has made their finances more complicated, compared to 27% of boomers. "COVID-19 has many Americans feeling financially insecure — especially younger ones," said Eric Henderson, president of Nationwide's Annuity business. "This presents an opportunity for financial professionals to not only get clients back on track, but ensure they have the right tools and education on topics like taxes in retirement, which ca...
2021-03-31 14:00:00 | pandemic spending
... ities that save time and effort in every stage of the customer journey. In both consumer and B-to-B industries, brands will need to meet new standards: "anytime–anywhere" access; real-time information; high-quality filtering, search, and review functions; and responsive support across multiple channels. E-commerce surged during the pandemic, peaking at 16.1% of total retail sales in Q2 2020. This figure—a metric of where a purchase took place—dramatically understates digital's true influence, though. Consumers now expect digital convenience at every stage of the shopping experience, ev...
2021-03-30 12:09:00 | housing
... gage forbearance, they're more likely to be borrowing against their future savings. 42% of millennials say the economic volatility of the past year has made them doubtful about the future of their home and their ability to invest in it, compared to only 28% Gen X and 5% Boomers. Of the millennials who refinanced or thought about refinancing their homes last year, 37% did so to cover other life expenses and 31% did it to help pay down debts elsewhere — 15% did it because they couldn't make the mortgage payments. One in three (37%) millennials say that the COVID-19 pandemic has made the...
2021-03-30 12:00:02 | economy demographics
... Black and African American parents who invest,” said Dawkins. “They know that income and wealth parity starts with strong financial acumen and education — and are choosing to tackle that head on.” About the Wells Fargo/Gallup Investor and Retirement Optimism Index Results for this Wells Fargo/Gallup Investor and Retirement Optimism Index are based on a Gallup Panel™ web study completed by 1,536 U.S. investors, aged 18 and older, from Feb. 8-16. This quarter’s poll includes an oversample of Black and African American investors, resulting in a total of 573 Black and African Ame...
2021-03-30 | workplace employment
... of their employees who return after the COVID-19 pandemic. “An increase in remote working will meaningfully change office space configurations, which will subsequently affect employees, finances and corporate real estate,” said Tammy Shoham, director in the Gartner Finance practice. “The most obvious consequence is that firms will need less office space per employee. While it is difficult to accurately predict the long-term effects that will have on property markets, short-term impacts are already being felt. “Many more office workers will need to get used to not having a desk of t...
2021-03-25 12:00:00 | millennials housing
... 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®...
2021-03-21 | pandemic
... onsumers are worried about contracting COVID-19 as they are about their finances (51% and 48% respectively). In fact, nearly one-third of global respondents (29%) are worried about making upcoming payments, and that number is even higher (36%) for ages 18-34. Discretionary spending makes gainsWhile financial stress weighs on consumers, global intent to spend on discretionary items, which had stagnated since last summer, is improving in the U.S. and Europe, with mixed sentiments in Asia. With the vaccine rollout and latest stimulus, further signs of easing can be expected. Three in 4 U.S. ...
2021-03-18 15:00:01 | pandemic seniors
... equity fifth out of seven possible options to improve their finances. To read the full results of the AAG Post-2020 Retirement Survey, visit the link below: post2020survey AAG's Post-2020 Retirement Survey was conducted on January 27, 2021, and included 1,521 participants. Responses include numerous formats, including yes-and-no answers, ranking preferences, and multiple-choice replies. The survey was conducted on a digital platform so that participants from all regions of the United States could answer from the safety of their homes. All participants were selected randomly with age an...
... A new survey by Edelman Financial Engines*, one of the nation’s largest independent financial planning and investment management firms, revealed that 71% of women say the pandemic impacted their finances and one in three expect it could take a year or more to recover. Women of color expect they won’t recover for 6 years on average. Three in five (61%) women experienced significant adverse financial events during the pandemic, including taking money from savings or investments (26%), losing a job or getting a pay cut (19%) or incurring medical expenses (18%). Half (51%) of women are m...
... aid that they have now been using online banking more frequently and 30% also said they have been using mobile banking more frequently. Becoming more interested in managing their own finances (23%) was the next most popular answer. Additionally, 15% of Americans said they have started using an exclusively online bank, while 14% have found themselves unable to make deposits by cash/checks as they used to. While a significant percentage of people continue to use public Wi-fi, a majority also said that they feel secure when banking online. The survey found that: 93% of people feel secure ...
2021-03-09 08:11:04 | technology investing
... d 2020, the company saw a 15% increase in new dashboard users and monthly login frequency increased 10%, underscoring a desire by many investors to have insight and a holistic view of their finances. Today, Personal Capital currently manages more than $17 billion in assets and growing. "Today's investors tend to have complex financial lives. It's not uncommon for people to link 12 to 15 accounts on their personal dashboard," said Jay Shah, President of Personal Capital. "Knowledge is power and our free, financial tools help people consolidate and see all of their financial accounts securely...
2021-03-04 09:18:26 | savings
... r, head of CIT's direct bank. "Simple savings tools and habits, like automating savings on a monthly basis, can help people streamline the time spent on managing finances while maximizing efficiency." As a result of the disruptions over the past year, Americans have prioritized bolstering their savings strategies. If they had extra money, 69% of Americans say they would put it in a savings account to earn interest or use it to build an emergency fund, compared to just 11% who would purchase a material item. When asked if having more money or more time right now would provide the most be...
2021-02-12 09:30:30 | pandemic saving retirement
... w. Successful financial planning in today’s environment can only come from working together and communicating often about goals, priorities, and their combined risk tolerance.” Source: E*TRADE...
2021-02-02 13:00:00 | pandemic retirement
... ations about money with more ease, 86% say they talk about money at least monthly and the discussions aren't always positive. Among those discussing their finances every month, 30% of those couples admit to having financial arguments. Prioritizing costs seems to be a particular point of tension, as 44% of couples admit to having disagreements about what expenses constitute "needs" vs. "wants," with baby boomers more likely to agree (62%) and millennials (50%) least likely to find middle ground. Another sensitive topic among couples is the perception of financial ownership within relation...
2021-02-02 | retirement
... s and savings remain high for all Americans. Yet certain populations, including seniors, people of color, and lower income Americans are disproportionately feeling the impact of the virus on their finances. Key report findings included: 55% of people are more concerned about retirement today than this time last year. 44% of Americans worry they'll never be able to retire—an all-time high. 23% of Americans don't have any kind of retirement plan. 64% of Black Americans could not last more than 3 months off their savings, compared to 48% of White Americans. 25% of Americans...
2021-01-28 09:30:30 | pandemic women retirement
... ic as the number-one macro factor that would most adversely impact their portfolio over the next 12 months. "Women are concerned about the impact of the COVID-19 pandemic on their finances and the resulting uncertainty can make planning for the future—and their retirement—more difficult. For several consecutive years, our Advisor Authority study has revealed the disconnect between women's growing concerns about their ability to retire and their level of preparation—and the pandemic has taken this to new levels," said Ann Bair, SVP of Marketing for Nationwide Financial. "While women ar...
2021-01-27 14:00:00 | pandemic retirement saving
... 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 savings. Setting goals 52% of respondents said they will seek more guidance when it comes to their financial strategies. 33% said they are more likely to work with financial professionals as opposed to 24% at the onset of the pandemic. 41% of survey respondents said they plan to spend less money on non-essential items. 38% percent plan to save more of e...
2021-01-26 | credit
... foundation when used correctly—compared to 63 percent of Hispanic Americans, 67 percent of White Americans, and 79 percent of Asian Americans. "I was never taught [about finances] growing up," said a Black American survey respondent. "I was told investing was only what rich people could do." Asian Americans, in contrast, say they are thriving in the credit system. More than 80 percent of Asian Americans have a good or excellent credit score (a credit score above 640), significantly higher than the national average of 61 percent. Additionally, 92 percent of this group reported having a...
2021-01-15 | financial planning apps advice
... out by eMoney. When asked what caused people the most stress, 40% of U.S. adults said their finances, followed by work (33%) and relationships (16%). The impact of this financial stress was also found to be far-reaching, affecting respondents’ overall mental, physical, and relationship health. In terms of seeking any help, of all those who said their mental, physical or relational health[2] has worsened as a result of their financial situation in 2020, only 28% have sought help from their financial advisor. Additionally, nearly a third (32%) of respondents said that not being able to f...
2021-01-14 | housing foreclosures
... 7 percent); Arkansas (down 77 percent); Nevada (down 71 percent); and Massachusetts (down 70 percent). Counter to the national trend, Idaho saw a slight uptick (up 4 percent) from last year. Those metropolitan statistical areas with a population greater than 1 million that had at least 500 foreclosure starts in 2020 and saw the greatest decline in foreclosure starts from last year, included Jacksonville, Florida (down 74 percent); Las Vegas, Nevada (down 74 percent); Washington, DC (down 72 percent); Memphis, Tennessee (down 72 percent); and Orlando, Florida (down 71 percent). Delaware, New...
2021-01-13 | global confidence
... he Conference Board ...
2021-01-12 12:05:00 | women retirement
... the table with different approaches to retirement planning, with many thinking about finances holistically and maybe more conservatively than men. Whether that conservatism is based on fear or misinformation is an ideal place to start a conversation with an advisor. While this research suggests lower retirement literacy levels than men, women also demonstrate an awareness of their knowledge level, admitting what they don’t know and prioritizing financial education and advice – the sign of an ideal client relationship.” Closing the Knowledge Gap: Retirement Income Planning and Findin...
2021-01-12 | consumer confidence
... he third consecutive month. The Personal Financial Outlook, a measure of how Americans feel about their own finances in the next six months and the only component in positive territory, rose by a slight 0.2%. It moved from 56.4 last month to 56.5 this month. Confidence in Federal Economic Policies, a proprietary IBD/TIPP measure of views on how government economic policies are working, gained the most ground. It moved from 44.4 in December to 46.6 this month-- a 5.0% increase. “January’s Economic Optimism Index is interesting from the standpoint that only 28% of Americans be...
2021-01-12 | debt credit cards
... stick with it Approximately 45 percent of respondents feel that President-Elect Biden will be good for their finances Source: Debt.com...
2021-01-07 12:00:00 | financial literacy
... dults, the National Financial Educators Council (NFEC) asked a single question: "During the past year (2020), about how much money do you think you lost because you lacked knowledge about personal finances?" On average, the respondents estimated their lack of money management knowledge had cost them $1,634 over the course of the year, or a total of $415 billion for the U.S. as a whole. The 2020 data ($1,634 per adult) is a sharp increase from 2018 ($1,230) and 2019 ($1,279) surveys. The total cost for the adult population in 2019 (240 million) was $309 billion. The 2020 data accounted fo...
2021-01-06 | housing mortgages millennials
... – the percentage of all loans closed by millennial borrowers during the month that were refinances – increased by 14 percentage points. The continued increase in refinance activity happened as the average interest rate on all 30-year loans dipped for the eighth consecutive month down to 2.97% – the lowest point since Ellie Mae began tracking the data in January 2016. Source: Ellie Mae...
2021-01-01 | pandemic millennials
... ich is down marginally from last year (67%), but still quite strong given the headwinds experienced by so many families. Younger generations appear to be more committed to actively improving their finances in the new year, with 78% of all Gen Z and Millennial respondents considering a financial resolution compared to 59% of all Gen X and Boomers. According to Fidelity Investments’® 2021 New Year Financial Resolutions Study, more than two-thirds of Americans experienced financial setbacks in 2020, often from the loss of a job or household income or another emergency expense. Even those lu...
2020-12-21 | credit cards mortgages borrowing
... ncrease requests showed the largest declines, followed by auto loans. Meanwhile, application and acceptance rates for mortgage refinances continued to surge through 2020, with primarily high credit score borrowers taking advantage of lower mortgage rates. Looking ahead, households generally lowered their expectations during 2020 regarding applying and receiving credit over the coming year. The average probability of being able to come up with $2,000 for an unexpected need also reached a new series low in October 2020. More specific findings from the Survey over the past year include: ...
2020-11-17 09:26:29 | debt mortgages
... ion in the third quarter, and sat at $9.86 trillion on September 30. Mortgage originations, which include refinances, were at $1.05 trillion, the second highest volume in the history of the series and second only to the historic refinance boom in 2003Q3. Balances on home equity lines of credit saw a $13 billion decline, their 15th consecutive decrease since 2016Q4, bringing the outstanding balance to $362 billion. Credit card balances fell slightly in the third quarter by $10 billion, following the $76 billion decline in 2020Q2, the steepest decline in card balances in the history of the da...
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. ...
2020-08-25 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
... rths (75%) of Republicans favoring Trump as the Best Candidate for Personal Finances. Democratics were possibly more pragmatic, with just 56% favoring Biden as the best for personal finances, but expressing strong support for Biden as the Best Candidate for the Economy, with 70% making this choice. For more information: https://data.sca.isr.umich.edu/fetchdoc.php?docid=65838 ...
2020-08-10 | inflation household finances
... ne-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 ahead expectations about households' financial situations deteriorated with more respondents expecting their financial situation to worsen and fewer expecting it to improve. Both perceptions and expectations of financial conditions remain w...
... 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....
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