2024-04-26 | retirement
... 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, the specter of inflation and escalating costs looms large: - More than a third (37%) worry about covering basic expenses like food and housing.- Over a quarter (26%) express concerns about meeting family caregiving costs.- A staggering 70% are anxious about prices outpacing their income growth.- Shockingly, over a quarter (26%) of those not yet retired anticipate neve...
2024-04-09 | consumers economy
... 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 optimism among Baby Boomers (27% in Q1 2024 vs. 16% in Q4 2023) and the Silent Generation (34% in Q1 2024 vs. 16% in Q4 2023), whereas Gen Z reports financial stress (43% in Q1 2024 vs. 31% in Q4 2023).A significant drop in the number of Americans expecting a recession compa...
2024-03-12 23:15:00 | consumers economy
... -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 percentage point to 38.9%....
2024-02-01 | consumers spending
... least occasionally. While over one-fourth of couples say money is the biggest obstacle in their relationship, there is good news: over half of respondents feel very good or outstanding about their financial situation, and 27% of boomers say their love language is creating a financial plan together.The study by Fidelity, which has been going on since 2007, is special in that it polls each couple separately before compiling their responses to assess and determine what areas of communication and money management the couple is doing well and where more work needs to be done to move the relationshi...
2024-01-09 | economy
... worse off than a year ago. Year-ahead expectations also improved with a smaller share of respondents expecting to be worse off and a larger share of respondents expecting to be better off a year from now.The mean perceived probability that U.S. stock prices will be higher 12 months from now increased by 0.2 percentage point to 36.7%....
2023-06-06 | housing
... cial anxiety include concerns about their overall financial situation (82 percent) and fears of unknown expenses (83 percent)."Homeownership has traditionally been one of the best ways to secure long-term financial gains, build equity and achieve real financial progress," said Thomas Parrish, Head of U.S. Retail Lending Product Management at BMO. "It's crucial, especially in higher-rate environments, for Americans to talk to a mortgage advisor who can help prepare buyers for the homebuying process, work to determine how much a person can afford and clear up the misconceptions about the many pa...
2023-06-01 | investing
... survey highlighted that investment professionals continue to adopt a balanced approach, with 64% implementing a combination of active and passive strategies.Of those surveyed, 79 percent are Certified Financial Planner™ professionals, 53 percent indicated they work as an independent IAR/RIA, and 47 percent say they have more than 21 years of financial services experience. The 2023 Trends in Investing Survey provides valuable insights into the current investment landscape and the strategies employed by investment professionals to navigate evolving market conditions.Additional research by...
2023-05-30 | demographics retirement
... eir parents did to change jobs, and make their financial situation better, because they can’t afford to lose their employer’s health insurance, compared to 34% of boomers.57% of millennials feel like they get less support from their employer for retirement savings than their parents did, compared to 47% of Gen Xers and 43% boomers.Boomers recognize the financial challenges of the younger generations, with seven in ten believing the overall financial climate these days makes it much harder for younger adults to balance savings and spending compared to when they were young.Generation X Feeli...
2022-07-28 12:00:00 | consumers debt
... that they have no savings. According to 37% of respondents, their biggest financial regret was not saving enough. The financial situation for millennials today is dire. One in four doubt they could afford $500 to cover an emergency, one fifth say they cannot afford children and one fourth don't know their credit score. It is not surprising that 41% of millennials are pessimistic about their financial future. ...
2022-07-14 12:00:00 | consumers economy
... on as their top concern. Paying for food and groceries also ranks high (26%, up four percentage points since March) as does their current financial situation (25%, up eight percentage points since March). Most plan to cut back on spending. Nearly three-quarters (71%) report cutting back on restaurant/takeout meals, up from 57% in March. Nearly the same amount (69%) say they plan to keep their current technology instead of upgrading, up from 44% in March. And about half (49%) are planning to budget or cut back on groceries, up from 37% in March. Reassessing major purchases. Overall, m...
2022-06-01 10:39:58 | demographics retirement
... widely by household income. More than half of those with an income of less than $30,000 per year rate their financial situation 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 ...
2022-05-04 12:00:05 | workplace
... ed for this study. Source: Fidelity Investments ...
2022-05-04 12:00:00 | education finance
... lenges of adulthood, it has negative effects on the economy and the financial wellness of 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...
2022-04-25 12:00:02 | investing retirement
... of Americans who do not currently consider themselves "high" wealth believe they can achieve it . "Your net worth is a powerful financial indicator because it gives you a complete picture of your financial situation," said Michelle Brownstein, certified financial planner and vice president of Personal Capital's private client 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%). Bu...
2022-01-10 12:00:00 | consumers economy
... normalized and today’s jobseekers have the upper hand. Yet, Americans’ views of their financial health are languishing, and many consumers don’t feel confident about their current financial situation or the economy. According to a new annual 2022 Wealth & Wellness Index released today from retirement services provider Empower Retirement and affiliate hybrid wealth manager Personal Capital, only 34% of American consumers surveyed say they are “very financially healthy,” a 14% drop versus when asked in March of 2021 (48%). The survey, conducted by the Harris Poll, finds economic co...
2021-10-29 09:08:19 | demographics retirement
... ay and benefits, and ultimately promote their retirement security," said Collinson. Source: Transamerica Center for Retirement Studies...
2021-09-08 | consumers
... ...
2021-05-13 12:00:00 | economy demographics
... and 76% respectively in January. "After the tumultuous year many have had financially, it's encouraging to see things trending in the right direction. It's an important economic indicator that consumers feel more secure and that they are taking the necessary actions to help them make more financial progress," said Paul Dilda, head of consumer strategy for BMO Harris Bank. "It's all about achieving a balance between indulging today and saving for tomorrow, and it's encouraging to see younger adults – especially in the last few months – setting and maintaining good financial habits that ...
2021-05-04 | financial planning
... ider significant changes in your financial situation. For example, if state and local taxes are taking a big bite of your income, it might pay to consider moving to a lower tax area as part of your retirement planning. High medical deductions may mean it’s time for a check-up on your health insurance. For charitable 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...
2021-04-29 12:00:00 | consumers
... rs’ finances, as many experienced a loss of income or a financial fluctuation over the last year. 37% of the general population said that their financial situation has gotten worse over the last year, with 16% reporting a job loss, furlough or loss of income over the last 12 months. 20% said that they had less disposable income, which is consistent among Black (23%) and Latinx (25%) respondents. Still, consumers feel more optimistic about their financial future and are taking actionable steps to improve their financial health. 65% of the general population believe they ...
2021-04-28 12:00:20 | financial wellness pandemic
... ty and stress on their clients. Source: FINRA, GFLEC ...
2021-04-27 09:18:30 | pandemic demographics
... rly nine in ten of Americans who have experienced stress about their financial situation since the start of the pandemic (88%) say it has had at least some negative impact their mental wellbeing, including more than half (53%) say the negative impact has been major or moderate. Source: AICPA...
2021-04-13 | pandemic investing
... ns 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 costly in the future,” said Kelly LaVigne, vice president of Consumer Insights, Allianz Life. “It’s important that people understand there are w...
2021-04-05 12:00:05 | consumers
... topic."This year's Personal Finance Index reveals the precarious financial situations of many Americans, which have been exacerbated by the COVID-19 pandemic," said TIAA Institute Senior Economist Paul Yakoboski. "But we have also seen Americans become increasingly motivated since the onset 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 ...
2021-03-31 16:00:00 | pandemic investing
... ident of Financial Advice Strategy at Ameriprise. “Investors are paying closer attention to their finances and are making important changes to strengthen their financial situation.” Saving and investing for the long-term While other priorities have shifted, one has remained high on the list for most survey participants: preparing for retirement. Despite the pandemic, among those who had previously determined when they would retire, 69% of them said their goal has not changed. In fact, nearly one in five (18%) have accelerated their plans to retire, and of these respondents, 83% said ...
2021-03-25 | pandemic insurance
... in their households. It is understandable then that the current study finds 43% of Millennials are more concerned than other generations about leaving their dependents in a difficult financial situation if they should die or burdening others with burial/funeral expenses. “The silver lining to this pandemic for our industry is that the awareness of the value of life insurance is at an all-time high,” said Faisa Stafford, LUTCF, president and CEO of Life Happens. “Twenty-two percent of insured Americans (29 million) believe they need more life insurance. For those without coverage, 59% sa...
2021-03-18 | retirement
... ...
2021-02-25 | investing demographics
... ans remain eternally optimistic: when asked to forecast their personal financial situation in 2021 compared to 2020, 60 percent of Black Americans say they feel their situations will improve, compared to only 40 percent of white Americans who felt the same way. Source: Charles Schwab/Ariel Investments...
2021-02-02 13:00:00 | pandemic retirement
... and 11% were concerned about not being able to provide for their family. While many remain confident in their financial situations, it's likely because they acted quickly to curb spending. More than half of American couples across generations admit to having quickly adjusted their budgets and spending habits to offset the impact of the pandemic, with 58% reducing spend on nonessential items, 43% cancelling travel plans and 36% delaying larger purchases. Unless you're a millennial, that is. Twenty-five percent of millennial couples surveyed admit to engaging in excessive or frivolous spendin...
2021-01-28 14:00:00 | millennial retirement
... n a more precarious financial situation. From high rates of student debt and unemployment to unaffordable housing, a variety of factors are stacking against young Americans' ability to achieve long-term financial security," said Heidi Cho, a millennial retirement expert for nonprofit Transamerica Center for Retirement Studies®. The new report explores retirement related attitudes and behaviors of workers in their 20s, a cohort straddling Millennials and Generation Z. The survey spans 15 countries in the Americas, Europe, Asia, and Australia. It was conducted during January and February 202...
2021-01-25 12:00:30 | pandemic investing
... their financial situation, according to a recent study by financial-services firm Edward Jones. When it comes to financial resilience – the ability to withstand or quickly recover from difficult financial situations – almost half of respondents (46%) are confident in their current abilities. "It's encouraging to see that Americans feel confident in their financial standing given the tumultuous year 2020 presented," said Edward Jones Principal Vanessa Okwuraiwe. "Even so, financial stability requires careful planning, goal-setting and the flexibility to revise that strategy if and when s...
2021-01-15 | financial planning apps advice
... o 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 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...
2021-01-13 14:00:00 | consumer expectations housing inflation
... ore respondents expecting their financial situation to improve over the next year. The mean perceived probability that U.S. stock prices will be higher 12 months from now remained unchanged in December at 38.5%, the lowest reading in 2020. About the Survey of Consumer Expectations (SCE) The SCE contains information about how consumers expect overall inflation and prices for food, gas, housing, and education to behave. It also provides insight into Americans' views about job prospects and earnings growth and their expectations about future spending and access to credit. The...
2021-01-01 | pandemic millennials
... ericans indicate they are in a “worse” financial situation compared to last year, versus only 19% who said the same in 2019 about the year prior. When faced with financial setbacks in 2020, the most common solutions were to “cut back on other expenses” (45%), “use my 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 ...
2020-12-14 | income spending credit
... ock prices will be higher 12 months from now decreased 2.3 percentage points to 38.5% in November, its lowest level since August 2019. About the Survey of Consumer Expectations (SCE) The SCE contains information about how consumers expect overall inflation and prices for food, gas, housing, and education to behave. It also provides insight into Americans’ views about job prospects and earnings growth and their expectations about future spending and access to credit. The SCE also provides measures of uncertainty regarding consumers’ outlooks. Expectations are also av...
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. ...
2020-08-10 | inflation household finances
... 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 weak compared to pre-COVID-19 readings. ...
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