2024-04-09 09:25:00 | cryptocurrency demographics real estate
... is inclination towards newer, riskier investment forms and financial strategies is more pronounced among younger generations, with 8% of them turning to social media first for financial advice, compared to a mere 2% of Gen X and baby boomers.Myles Ma, a Certified Personal Finance Counselor at Policygenius, commented on the findings, noting that while younger generations are showing a willingness to take financial risks, perhaps driven by the current housing shortage and other market obstacles, traditional investment avenues might offer more stability in the long run. "Buying a house may be out...
2024-03-15 23:59:00 | retirement women
... are working with an advisor – and that's helping them feel more confident and empowered in their retirement planning journey."Women seek practical financial advice.Married women are typically more reactive than single women when it comes to talking to their advisor about retirement planning. More single women (22%) than married women (11%), who work with an advisor, are naming beneficiaries and creating living wills or advance directives. Compared to married women (22%), single women (27%) are somewhat more likely to talk with their advisor about turning accumulated funds into retirement inc...
2023-06-01 | wealth management hnw
... ty as high. Furthermore, 45% said the cost per relationship manager is rising, driven primarily by wealth value chain inefficiencies.The report finds that lagging digital readiness and poor omnichannel platforms increase the relationship managers’ time spent on non-core activities, leaving only a third of their time available for pre-sales efforts and client interaction. The strain is being felt on all sides, with 56% of HNWI respondents saying that value-added services are influencing their selection of a wealth management firm, yet only one-in-two expressed satisfaction with their relation...
2022-07-28 | financial advice
... l ages genuinely need, want, and expect will be delivered to help guide them on their journey toward financial wellbeing - allowing them to attain their full financial potential." Source: Envestnet...
2022-07-27 12:00:00 | financial planning
... ding to the Northwestern Mutual 2022 Planning & Progress Study, more than 62% of Americans (62%) believe their financial planning is in need of improvement. However, only 35% of Americans seek out financial advice. Data also showed a trend that shows a large number of people recognize the importance of seeking help in the near future. This is a trend that has been evident for the past two years. Nearly one-fifth (18%) of Americans say that they did not have an advisor prior to the COVID-19 pandemic. However, they have either started working with someone or are planning to. "These n...
2022-07-27 | consumers economy
... vice and information for 30% of Americans. 99% of those who reported turning to social media for advice and information said that they have taken the advice. Rob Falzon, Prudential Vice Chair, says that the world is changing at an unprecedented pace and complexity. With it comes shifts in financial circumstances and the challenges Americans face. "Prudential's Pulse research helps us better understand Americans' diverse views and needs and supports our mission to become a global leader in increasing access to investment, insurance, and retirement security. Prudential has a long ...
2022-05-04 12:00:01 | advice demographics
... automated advice. Even though 57% of Millennials say they prefer to receive financial advice through digital or online channels, they are finding reasons to opt for working with a person. When it comes to making investment decisions, the survey found: 42% of Millennials don’t trust algorithms or artificial intelligence, including 51% of younger Millennials (those between the ages of 25 and 32) and 39% of those who are older. 92% say they trust their financial advisor. Eighty-two percent of Millennials consider time spent with an advisor important to their long-term financi...
2022-01-10 12:00:00 | consumers economy
... s 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 assets, excluding market gains, and we are fully prepared to meet the growing demand this year.” Source: Empower/Personal Capital...
2021-12-08 09:08:19 | advice consumers finances
... o included consumers from the silent generation (those 76 and older), the sample size was too small to include findings related to that group in the generational breakdowns. Source: LendingTree.com...
2021-12-06 09:22:18 | advice demographics
... pondents said they feel they have "screwed up" their retirement; over 16% of those respondents believe they have screwed up their retirement by listening to unqualified financial advice. One in 5 do not have a retirement plan and have no idea when they will be able to retire. Over half of Millennials (57%) considered starting a side gig to boost their contributions to their retirement savings. Source: NAPFA...
2021-10-13 | advice financial planning
... ether, these two studies highlight the importance of making trusted, professional guidance available to people when they need money management advice. Source: National Financial Educators Council...
2021-06-24 09:08:19 | advice banking
... at all interested in receiving advice or guidance from their bank. Customers are more likely to receive financial advice/guidance from family members, friends, Internet searches or personal finance websites than they are from their primary bank. Many customers need advice: Just 49% of retail bank customers are classified as financially healthy, while 11% fall into the overextended category. Another 13% are classified as stressed and 27% as vulnerable. Just 38% of bank customers pass a basic financial literacy test. Big national banks lead the way on advice: The top four banks in the ...
2021-05-12 12:00:01 | advice financial planning
... ...
2021-03-31 16:00:00 | pandemic investing
... kler. “Advice from a qualified advisor can help them navigate life’s twists and turns and stay on track to achieve their biggest financial goals for the future.” Source: Ameriprise Financial...
2021-03-25 09:08:19 | pandemic saving
... prepare and say the financial advice they would impart on younger generations is to save as early as possible for retirement. Other key findings: Two-thirds of Boomers pay their bills on time (vs. only 52% Gen X and 49% Gen Z/Millennials). Half (50%) have eliminated spending on non-essential things (vs. 43% Gen X and 39% Gen Z/Millennials). More than a quarter (27%) have built a larger emergency fund in case of severe downturns and nearly half (46%) are currently saving for an emergency fund. Pocketbooks reopening? The majority (68%) of respondents reported that the...
2021-03-09 | technology
... cial goals 94% of those who seek financial advice track portfolio performance and risk profile 89% of those who seek financial advice do so to set financial goals for retirement, put a loved one through college, estate considerations, etc. "Clients are looking for a financial advisor to be a guide, someone who can understand them and help them achieve their financial goals," LaQuinta said. "As clients' and investors' expectations change, technology will play an important role in supporting the evolving health, family, purpose and financial needs – helping them feel informed, under...
2021-02-01 12:00:00 | financial advice
... to cost-effectively provide employees with access to financial planning and coaching as a benefit. The new offering is part of a new wave of app-based financial advice offerings, with similar services offered by Albert Genius for a minimum fee of $4 per month, and Savology Plus, a soon-to-be-introduced service from Savology.com at an estimated fee of $8 per month. Source: Status Money, Staff Reporting ...
2021-01-27 14:00:00 | pandemic retirement saving
... ime 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 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 res...
2021-01-15 | financial planning apps advice
... nearly a third (32%) of respondents said that not being able to find reliable and sound financial advice, as well as a lack of understanding or financial education were their biggest barriers to achieving financial wellness, which underscores the need for a resource like Incentive to help individuals take control of their financial health and wellness. Source: eMoney...
2021-01-12 12:05:00 | women retirement
... cial decision-making for their households, with female retirees and pre-retirees (ages 50-75) more open to financial advice than men. This combination of decision-making power and openness to advice indicates that women are a critical audience for financial advisors. The study shows this is a clear opportunity for financial professionals to expand their business by providing guidance to women to build financial strategies and close the planning gap. Women reported retirement income planning, guaranteed lifetime income, and health and long-term care among the greatest areas of concern. ...
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