2024-05-13 | economy retirement
... irement. 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 nervous investor." This lack of a 'magic number' and anxiety about an uncertain financial future is causing concern about affording necessary items in retirement. Investors age 55+ or currently in retirement are most worried about paying for basic living expenses (83%), medication and other health-related items (58%), and supplementa...
2024-04-09 09:25:00 | cryptocurrency demographics real estate
... highlight the varying financial attitudes and practices across different generations, reflecting broader economic trends and the influence of technology and social media on financial decision-making....
2024-03-19 | financial planning retirement
... national representative group of 401(k) participants. The report with more details on the importance of financial planning for retirement can be found here. Retirement Income was a key theme in T. Rowe Price's 2024 U.S. Retirement Market Outlook....
2024-02-15 | retirement financial wellness
... r this time around was just how important the role of the financial professional is in consumers' lives," says Chet Bennetts, CFP®, CHFC®, CLU®, RICP®, CLF®, CFP® Certification Education and Chartered Financial Consultant® (ChFC®) Program Director at The American College of Financial Services. "When we measured financial anxiety and financial stress, those with a financial professional had 20% less financial anxiety and 25% less financial stress."With robust results from surveying more than 3,765 Americans aged 50 to 75, the Retirement Income Literacy Study research team plans to ...
2023-06-01 | investing
... dscape and the strategies employed by investment professionals to navigate evolving market conditions.Additional research by FPA is available at www.financialplanningassociation.org/learning/research....
2022-07-27 12:00:10 | housing
... nt Generation and Boomers were less familiar with HECMs and HELOCs than the younger generations. All respondents had low knowledge of the features of home equity loans. The Silent Generation and Boomers were less familiar with HELOCs than the younger generations. HELOC Familiarity - 63% of Gen Z/Millennials, 60% of Gen X; 58% Boomers: 57% Silent Gen HECM Familiarity : 59% of Gen Z/Millennials, 46% of Generation X; 37% Boomers; 37% Silent Gen 64% respondents were unaware or misinformed that home equ...
2022-07-27 12:00:00 | financial planning
... Millennials Improvements are needed in financial planning 62 % 74 % 74 % Talk to an advisor 35 % 30 % 40 % Pre-pandemic, I didn't have an advisor but now do / will 18 % 29 % 24 % The study found that people who have an advisor save more ...
2022-05-04 12:00:01 | advice demographics
... ; (2) discussing financial planning with family; and (3) having someone who listens. Their three top financial fears now are: taxes, a large, unexpected expense, and healthcare costs. 2. Risk is real when there’s more on the line Nearly half of Millennials (48%) say risk is the most important factor they consider when selecting investments. They assess risk in a variety of ways, but most commonly define it as market volatility. Volatility also ranks highest on their list of investment concerns. Three-quarters (76%) understand that sudden market swings of 10% are a normal occurrence and...
2022-04-25 14:00:00 | demographics financial planning retirement
... hwab. “If you dream of constant travel, make that a specific line item in your retirement plan to ensure you have the funds to make it happen. If you want to maintain exposure to higher risk assets like digital currencies in your retirement portfolio, think about how to balance that with more traditional investments that can provide you with a reliable source of income when you don’t have a paycheck. And finally, you prepare for retirement to enjoy it, but it’s important to have a solid income and distribution strategy so you don’t risk running out of money in retirement.” Some ke...
2022-04-25 10:00:00 | financial planning
... accounts, interest in cryptocurrency, or simply exploring digital wealth planning tools," says Donna Walton, Vice President, Wealth Strategist at TD Wealth. "People want their financial planning to advance alongside their day-to-day use of technology and digital integration." The results also revealed that more than eighty percent (83%) of surveyed estate and financial planners said they use digital tools to support clients' estate planning, leveraging estate planning software (52%) and online wealth and/or estate planning platforms (48%), demonstrating that a majority of estate planning pr...
2022-01-10 12:00:00 | consumers economy
... ess,” 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...
2021-12-06 09:22:18 | advice demographics
... ia. Further, over one-fourth of Gen Z Americans receive their financial advice from social media. YouTube seems to be the most popular place for Gen Z (63%) and Millennials (71%) to discuss financial planning, while TikTok is gaining popularity with Gen Z (56%). More than 60% of the respondents who receive their information online say they have acted on that advice. "It's great to see people enthusiastic about seeking out financial information and helping others financially succeed. The survey shows that 54% of Generation Z respondents aren't preparing financially for retirement, so if soci...
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...
2021-09-08 | consumers
... hree in four Americans (72%) still set financial goals, financial planning has hit a plateau. The most significant drop occurred among Gen Z (ages 18-24,) with those setting financial goals declining from 80% to 74% from January to now. Excessive Spending: Additionally, the survey revealed increases in excessive spending and activities that can worsen one's financial situation up five points nationally to 50% since April, with the largest jump being from those in the 35-44 age group, which is up from 59% to 69%. Impulse Spending: Since April 2021, there has been an uptick in many Americans...
2021-06-22 10:08:19 | healthcare
... co, California, a 50-year-old man can expect to spend an average of $368,421 ($128,755 present value) and his wife $486,520 ($166,309 present value) for long-term care. Source: HealthView Services...
2021-05-12 12:00:01 | advice financial planning
... ...
2021-05-04 | financial planning
... aritable contributions, you can magnify your giving power by grouping them into years when you have enough deductions to itemize, rather than giving about the same amount every year. Source: AICPA...
2021-04-01 18:00:00 | financial planning demographics
... opleFish. This study was conducted from a sample of 1,080 consumers in the United States aged 18+. The margin of error for total respondents is +/-3% at the 95% confidence level. Source: ScoreSense...
2021-03-31 15:00:00 | pandemic retirement
... to financial planning, professionals can help more Americans save and achieve the retirement they want." Source: Nationwide...
... Source: Edelman Financial Engines...
2021-02-12 09:30:30 | pandemic saving retirement
... st build towards a myriad of financial needs for today and tomorrow—including everyday expenses, saving for education, housing, and retiring someday, just to name a few. 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...
2021-02-01 12:00:00 | banking digital
... questions. More than half (58%) of all Erica interactions to date took place in 2020 alone, with 135 million client requests completed last year. The bank is also offering financial planning as a digital experience. Life Plan, is one of the most rapidly-adopted offerings in the company’s history. With Life Plan, clients can set and track near- and long-term goals based on their life priorities, and better understand and act on steps toward achieving them. Since launching nationally in the fall of 2020, more than 2.3 million Life Plans have been created by clients within the Bank of Amer...
2021-02-01 12:00:00 | financial advice
... Money is planning to introduce a financial wellness offering for employers later this year – enabling them 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 ...
2021-01-15 | financial planning apps advice
... llenges, and relevant financial literacy topics. “It’s our goal at eMoney to increase access to personalized financial planning experiences and provide a full spectrum of planning solutions to our clients,” said Chad Porche, VP of product innovation at eMoney. “Incentive is a valuable app for those who are looking to get started and stay on track with their finances, and it enables our advisors to service this broad and diverse audience in a scalable way. We received great feedback from our beta users, and we’re excited to introduce Incentive to the broader market.” Brad Aren...
2020-12-28 09:17:32 | pandemic financial planning
... hat sentiment now is important to give their heirs peace of mind — and the financial tools and knowledge — in making these decisions when the time comes.” Source: Wells Fargo/Businessswire ...
2020-08-28 09:17:32 | financial planning
... y topic that clients most want to broach for the first time (53%). More information: https://www.businesswire.com/news/home/20200826005418/en/Millennials-Gen-Xers-Shaping-Future-Financial-Planning...
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