2024-05-13 | economy retirement
... tors age 55+ or currently in retirement are most worried about paying for basic living expenses (83%), medication and other health-related items (58%), and supplemental health insurance (39%) in retirement. To meet these financial commitments, this same cohort is foregoing big and small pleasures today, spending less on luxury goods (47%), leisure (44%), entertainment (44%), and vacations/trips (38%). External Factors Sway Retirement Optimism For many investors, the uncertain economic landscape presents an ongoing challenge to retirement planning. Three in 4 investors are concerned about a U...
2024-03-12 08:42:12 | retirement
... ir income for retirement, with Millennials saving 20% and Gen Z saving 25%.When it comes time to draw down hard-earned retirement savings, the majority (80%) of people with a retirement income plan are at least somewhat confident that plan will meet their goals. That said, nearly half still have some concerns in the back of their head about having enough money in retirement, including outliving their savings. Maintaining mental and physical fitness followed as other close concerns. Among the just under one-fifth who claim to have retired – and then unretired – the reasons for going back to...
2024-03-12 | healthcare
... e expenditures have gone up in the following ways since 2022:The nationwide median cost of assisted living facilities grew by 1.4% to $64,200 annually. A home health aide's yearly median cost has risen by 10.0% to $75,500. This cost covers "hands-on" personal assistance with tasks like eating, dressing, and taking a shower. The typical annual cost of homemaker services, which include help with "hands-off" duties like cleaning, cooking, and running errands, has gone up 7.1% to $68,600. While the cost of a private room in a nursing home jumped 4.9% to $116,800, the national med...
2024-03-06 | financial wellbeing
... 1-in-3 adults do not fully understand what their health insurance plan covers, indicating a need for improved educational resources on the specifics of medical coverage and assistance selecting benefits that can help fill gaps in coverage. ...
2024-02-15 | consumers economy
... ey will be able to increase their savings and pay down debt in 2024. Black respondents were often twice as likely than white respondents to predict various aspects of their financial health will improve in 2024, and frequently had higher instances of optimism than other demographics as well.3-in-4 Black Americans living paycheck-to-paycheckAchieve's survey found 76% of Black consumers are living paycheck-to-paycheck, including 43% who said they struggle to make ends meet and 33% who report being financially comfortable.Respondents were split almost evenly when asked about recent changes to the...
2024-02-15 | retirement financial wellness
... evolving and intricate landscape of retirement is essential for ensuring a secure financial future." Financial Advisors Can Help Bridge Knowledge GapsThe study establishes a compelling link between retirement literacy and working directly with a financial advisor. Advised respondents have higher scores across all knowledge areas, are more financially well, and feel more confident about retirement.Participants with ongoing advisory relationships scored 11 points higher on retirement income literacy than those without (38% vs 27%).Those who work with financial advisors score nine points hi...
2023-05-30 | demographics retirement
... g to pay for it (62% vs. 44% of non-retired Boomers).Along with this lack of confidence is a dawning realization among Gen Xers that time may be running out on their retirement planning:25% say they have plenty of time to save money for retirement later, down from 43% in 202125% say retirement is too far away for me to start worrying about it now, down from 37% in 202147% say they can’t even think about saving for retirement right now and are just trying to take care of day-to-day expenses, up from 38% in 202264% worry they won’t have enough saved for retirement, up 55% in 202155% wish the...
2023-02-28 | consumers
... must deal with inflation on a daily basis and are actively altering their behavior, particularly during the holiday shopping season of 2022 "said Anuj Nayar, LendingClub's financial health officer. Consumer optimism is rising, while discretionary expenditure is declining. Shoppers had a considerably more cautious stance when it came to holiday buying in 2022. According to data from November 2022, 15 million consumers—a 10% drop from 2021—said they would forgo holiday-related purchases. Consumers' Credit Management Strategies Consumers frequently use credit cards during times of h...
2023-01-30 | consumers economy
... as the Fed's efforts to limit inflation drive up the cost of debt, we are witnessing near record numbers of Americans living paycheck to paycheck," said LendingClub financial health officer Anuj Nayar. "While the amount of Americans living paycheck to paycheck is similar to the height we reached in the middle of the epidemic, the causes appear to be very different, as the economy is not sheltering in place like it was in 2020."2023 Consumer Sentiment2023 paycheck-to-paycheck consumers are hopeful about their finances but scared about inflation. The report found that 41% expect their personal ...
2022-09-22 | consumers demographics women
... hy Ellevest is providing a guide to improving your financial wellness and a package of actionable, customizable financial health workbooks to help guide our community toward stability and control. We will continue to update and publish the Ellevest Women's Financial Health Index, monitor women's relationship with money, and provide best-in-class resources in the months and years to come." Source: Ellevest...
2022-08-09 | economy inflation customer experience CX UX
... m those in the past and more complex. It is unusual for GDP and ACSI, which measure the quantity and quality of economic production, respectively, to decline in an environment with a healthy labor market. The fact that consumer spending is rising is also unusual. It not only makes up the majority of GDP, but it also has a positive correlation with rising rather than falling consumer satisfaction. But our current economy is contradictory in that way. To make matters worse, given the ACSI numbers show that inflation is not properly compensated for the deterioration in quality, especially in serv...
2022-08-05 12:00:10 | investing
... nials and younger) are more likely to increase their market allocation (38%). (18 percent among Boomers and older). The economy (85%), healthcare (74%), taxes (72%), and Social Security are the top issues for high-net-worth investors ahead of the midterm elections (71 percent ). Brazil 53% of Latin American investors are optimistic about the economy and stock market, compared to 60% in the US. Their optimism stems from a return to normalcy, strong consumer demand, and potential market dips. Europe High-net-worth investors in Europe are less optimistic about the stock market...
2022-07-27 12:00:00 | financial planning
... ing 54.6 77.5 +22.9 Unplanned financial emergencies can be paid for by your ability to pay 52.9 77.6 +24.7 All-round certainty 57.2 78 +20.8 Gerend stated that there are many factors that can impact the level of stability and security people feel in their life. A trusted advisor...
2022-07-27 | consumers economy
... The survey, which surveyed 4,000 adults, explores the unique perspectives and goals of an American population and the challenges and feelings they face as they plan for the future. These are key demographic findings: Women still face unique challenges in advancing their careers and improving their financial security, despite greater wage growth and a more flexible, remote work culture. Nearly 40% of respondents felt not adequately compensated for the work that they do. Millennials feel more financially secure than other generations. 36% of them report feeling financially ins...
2022-06-01 10:39:58 | demographics retirement
... ic and positive about their lives. They have a clear-eyed view of what it means to age, and they want their final decades of life to be independent and healthy – as they define the terms!" On the financial front, just over half of adults 70 and older say their financial situation is excellent or very good – but responses vary 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 ...
2022-05-19 | retirement
... ...
2022-05-11 12:00:01 | retirement
... d preventive care, discussing retirement plans and goals with family and friends, beginning or expanding volunteering activity and working with a financial advisor, who can be instrumental in interpreting current market conditions and developing a holistic financial plan to better financially prepare for a 100-year lifespan, as well as the expenses that come with it. Source: Edward Jones...
2022-05-04 12:00:05 | workplace
... peers, these college students prioritize the following financial considerations (aside from salary) when evaluating a job: 1) Medical benefits/health care (70%); 2) Retirement savings (54%); 3) Bonus opportunities (31%); and 4) Student debt assistance (25%). Yet, ultimately a much greater percentage of college students (61%) than working professionals (48%) report they value factors improving their overall quality of work life versus financial benefits when evaluating a job offer. “The last two years have been a pivotal time for many life decisions, and many young working professional...
2022-05-04 12:00:01 | advice demographics
... reminder of financial basics Nearly half (49%) of Millennials say they felt stressed about their financial security during the pandemic. The experience may have further reinforced for them the value of professional advice. They say the greatest value advisors provided was by helping them better understand their whole financial picture and preventing them from making emotional investment decisions. In retrospect, they say the pandemic served as a reminder of basic financial lessons, including the importance of having an emergency savings account (53%), keeping their spending in check (51...
2022-05-04 12:00:00 | education finance
... 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
... than four in ten (41%) of those surveyed cited economic changes or downturns as the top threat to their inheritance. Three in ten (30%) fear health care and long-term care costs for their parents will affect the family wealth and have an impact on their inheritance. One in four (26%) cite issues around family dynamics as a threat. “Some of these are issues out of their control, and with inflation on the rise, as well as the cost of goods, these numbers likely will only go higher,” said Liersch. “Today’s economic environment makes it more important than ever to have meaningful financ...
2022-05-02 12:00:00 | consumers credit
... nthly are still creditworthy, have good credit scores, and tend to use personal loans, credit cards and other payment methods such as personal loans to manage their cash flow. Source: LendingClub...
2022-04-26 13:00:00 | investing pandemic
... stors can be classified as financially healthy, compared with 72% among more tenured investors. Specific financial vulnerabilities observed in this pandemic-era segment include challenges paying bills on time, difficulty managing debt and availability of sufficient savings to cover six months or more of living expenses. Additionally, satisfaction with their brokerage firm is significantly lower among financially vulnerable clients, suggesting firms need to do a better job of delivering content, tools and services that can help clients more effectively manage investments in the context of their...
2022-04-25 14:00:00 | demographics financial planning retirement
... a way to maintain a healthy spending and entertainment budget. Relaxed Minimalists – approximately 31-41% of future retirees | 22.4-29.6 million Millennials Equally satisfied by the company of their close-knit inner circle and the simple pleasures of their day-to-day routines, Relaxed Minimalists will value deep relationships more than other personas. They will place less focus on finances and devote 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, H...
2022-04-20 | inflation retirement
... the realities of our world today require a shift in thinking about the opportunities to harmonize one’s entire savings picture. Resources such as health savings accounts to offset the burden of medical costs, student loan debt support and tools for building emergency savings continue to grow in popularity as employer wellness benefits. Going forward, it will be critical for employers to provide support in these areas so these generations, and all individuals, can find greater opportunity to build a secure financial future,” concluded Lavallee. Source: Voya ...
2022-02-11 12:29:10 | retirement women workplace
... rried, 54% frustrated and 16% panicked. In fact, 51% of women who have delayed or cancelled their retirement plans say the decision has negatively affected their mental health. "Working through the pandemic hasn't been easy for anyone. This is particularly true for women, who are balancing child or elder care challenges and career burnout" said Amelia Dunlap, vice president, Retirement Solutions Marketing at Nationwide. "This only adds to the stress that women are facing, feeling off course from their overall financial and retirement goals." The good news is women are turning their energ...
2022-01-10 12:00:00 | consumers economy
... exercising shows many people want to improve their financial health, and it’s clear that financial confidence is intrinsically linked to overall health and wellness,” says Personal Capital’s Chief Marketing Officer, James Burton. “Americans are seeking financial advice, and we don’t see this boom in financial planning changing anytime soon. In the past year, we’ve seen an 88% increase in net new client assets, excluding market gains, and we are fully prepared to meet the growing demand this year.” Source: Empower/Personal Capital...
2021-12-21 09:22:18 | boomers technology
... third of seniors ordered food at a restaurant and one in four listened to podcasts on their smartphones. Health innovations and everyday items that automatically track health indicators are also of great interest. However, 42% of seniors believe this technology was not designed for them. About 30% of seniors use technology for personal hobbies, mainly through video content. Streaming content continues to grow, with most subscribing to an average of three platforms. Source: AARP ...
2021-10-29 09:08:19 | demographics retirement
... d Collinson. Source: Transamerica Center for Retirement Studies...
2021-10-20 | housing
... e buyers can afford monthly mortgage payments, they report high rent costs (57%) and expensive home prices (54%) are making it harder to save for the upfront costs of homeownership. That's why Bank of America's Community Homeownership Commitment® was created – to address the challenges many would-be buyers face. Already, the Community Homeownership Commitment has provided over $270 million in grants to more than 29,000 homebuyers. Sheena, the Detroit homeowner, is just one of many who took advantage of Bank of America's Down Payment Grant and America's Home Grant® to close on a home earl...
2021-10-14 12:00:00 | banking demographics
... history, then another financial institution is." Source: MX, Q2, Rival Technologies, Finn AI White Paper...
2021-10-11 12:00:00 | retirement
... act, 86% of employees who use financial wellness tools say they see a positive impact as a result. Seeing a holistic view of their financial health, including spending, saving, debt and protection, can help them better plan for and achieve multiple financial goals. The importance of education Education and tools can help employees make sound financial decisions, and also drives their overall confidence and engagement. Savers who use employer-provided financial resources are more than twice as likely to have increased the amount they contribute to their retirement plan in the past year. ...
2021-09-09 | retirement
... esident of Personal Capital. "However, retirees and near-retirees who are worried about looming inflationary pressures can stay focused on their overall investment strategy." "It's wise to avoid letting current events drive long-term decision making," Shah continued. "Having a plan that's designed to endure varying conditions leading up to and during retirement is the key to increasing your financial confidence at any stage." Although they are concerned about inflation, respondents remain cautiously optimistic about their retirement and the overall economy: Seventy-five percent (75%) say tha...
2021-07-06 | workplace
... erage, respondents believe that more than half of their organization's full-time workers will have a hybrid work arrangement. Almost 40 percent will work 2 to 3 days remotely. 13 percent will be remote 1 day per week and on-site 4 days. Another 30 percent will be in the office 5 days per week. "While there are many difficulties surrounding a move to a hybrid work arrangement, most workers want the flexibility to choose what's right for them," said Amy Lui Abel, PhD, Vice President, Human Capital Research at The Conference Board. "For companies, the challenge in getting...
2021-06-24 09:08:19 | advice banking
... 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 study are all national banks, earning high marks for their diverse advice offerings, the relevancy of advice/guidance and concern for customer needs while providing advice. Study Ranking Bank of America ranks highest in customer satisfaction with ...
2021-06-22 10:08:19 | healthcare
... ears of annual LTC cost inflation. Assuming projected average longevity, an industry standard of 44 hours of home health care per week, one chronic health condition, and residency in San Francisco, 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...
2021-06-22 09:08:15 | travel
... mental health and as an act of self-care, compared to only 17% of men. "Clearly the Covid pandemic has created pent-up demand for travelling, and we are seeing people investing their money in some well-deserved time off," said Quicken CMO Linda Itskovitz. "But the transition back to 'normal' travel could take a negative toll on people's personal 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 ...
2021-06-10 12:00:00 | employment workplace
... rking remotely has had a positive effect on their mental health. The most common activities for reducing stress while working remotely include going outside for a walk/fresh air (51%), catching up on movies and TV (35%), and taking breaks to spend time with family (33%) Compared to the results of MindEdge's 2020 survey, respondents in this year's survey are somewhat more upbeat about the effect of remote work on their job situations. Just under two-of-five (37%) say that working remotely has made their jobs easier, up from 26% last year. One-of-four (24%) say that working remotely has made th...
2021-06-09 12:00:00 | consumers digital pandemic
... d health and wellness. Our survey revealed that people are willing to adopt new products and services even while adjusting to challenging circumstances in trying times. This adaption and need for inventive technology are placing more pressure on companies to innovate even faster. As we've seen throughout the pandemic, this innovation should focus around the essential elements of daily life to help people thrive in their crowded homes — underscoring the simple fact that technology and invention, ideally, is about supporting human needs." Both in and out of the home, smartphones helped peop...
2021-06-08 12:00:01 | health
... essary, as well as additional resources such as supplemental insurance to help with the out-of-pocket medical costs that appear to be deterring many men from taking care of themselves." Source: Aflac...
2021-06-02 12:00:13 | banking
... ck to customers with no minimum balance requirements, no monthly maintenance fees, no ACH transfer fee, and a large nationwide, no-fee ATM network with over 43,000 Allpoint ATMs. Source: Ally Bank...
2021-06-02 12:00:00 | employment
... stabilized and organizations make long-term decisions about a future with more remote work, they will need to continuously monitor their employee experience and holistic well-being." As workplaces widely reopen, a "hybrid model"—part in office, part remote—will gain steam. More than 70 percent of surveyed organizations plan to reopen their workplaces in the next six months (May through October). Most of that will take place in the fall, with 50 percent saying that they plan to open back up between August and October. More than 40 percent of respondents expect their organization to sp...
2021-05-28 | consumers investing
... l pattern. One exception to this cutting back was on savings and investments, which accounted for 9% of budgets in Q1, up +1 ppt from Q4 2020 and +2 ppts year over year. Source: The Conference Board...
2021-05-26 12:00:00 | retirement
... te the trust of the American people, since they do not provide open and accountable deliberation. Elected officials should instead focus on meeting the health and retirement income needs of all Americans. The new survey comes in advance of the soon-expected annual Social Security and Medicare Trustees' reports. Additional survey findings: People age 65 and older (89%) are slightly more likely than those age 50 to 64 (81%) to strongly oppose reducing Medicare benefits to reduce the deficit, and People age 65 and older (87%) are slightly more likely than those age 50 to 64 (83%) to strong...
2021-05-24 09:26:29 | demographics wealth
... across age groups understand and define wealth: Millennials define wealth as: Happiness, success, and power and influence, while Generation X defines wealth as: Success, happiness, and health. Baby Boomers and the Silent Generation define wealth as: Peace of mind, financial capital, security, and independence. Furthermore, 89% of Millennials (average age 36) surveyed reported that the Covid-19 pandemic impacted the way in which they define wealth, compared to 75% of Gen X (average age 46) and just 24% of Baby Boomers and Silent Generation (average age 66). Overall, respondents as...
2021-05-19 12:00:00 | pandemic demographics
... ealth on their career: 29% of women who said their career isn't progressing as fast as they would like point to poor mental health as a major contributing factor. According to the survey, women who identify as LGBT+ and/or women of color were even more likely to report lower levels of mental wellbeing and satisfaction with work/life balance, compared to all respondents. A culture problem: Women continue to experience non-inclusive behaviors in the workplace While many organizations tout their commitment to an inclusive workplace, many women are continuing to experience non-inclusive workin...
2021-05-18 | consumers spending
... setting aside money for savings and investments—a healthy habit to maintain throughout the summer. "Setting aside savings allows Americans to reward themselves without delaying future goals like saving for retirement or paying off debt, while still allowing them to be prepared for unforeseen circumstances. When embarking on home renovation projects, traveling or other activities throughout the summer, it is crucial to budget accordingly and always be financially stable throughout the process," said Frerichs. Gen Z Takes Control of Their Finances The pandemic severely impacted Am...
2021-05-12 12:20:00 | consumer spending
... seasonal adjustments are subject to revision each year. Source: Visa SMI...
2021-05-12 12:19:00 | demographics
... ier this academic year, college students also seem to be responding to the challenge with a healthy amount of pragmatism. They are showing some good personal finance habits, with 73% saying they stop spending when cash is running low and 71% checking their bank accounts regularly. These steps could help with managing money in the near term, and the surveyed students also say they will be making moves that promise a more lasting impact. Over two in five (43%) plan to start saving for retirement within the next year, and 44% also plan to build up an emergency fund of 3 to 6 months of living expe...
2021-05-12 12:00:05 | employment workplace
... sistently re-assess conceptions of productivity and the impact on their cultures, ensuring their team's approach is optimized for the in-person, hybrid and digital work experience." Source: EY...
2021-05-12 12:00:01 | advice financial planning
... ...
2021-05-11 | employment workplace
... ...
2021-05-07 | retirement healthcare
... say they have spent little or no time thinking about what they need to cover in retirement. Even among those who have, 50% believe they’ll need just $50,000 or less to meet health care expenses4. Fidelity’s estimate assumes both members of the couple are enrolled in traditional Medicare, which between Medicare Part A and Part B covers expenses such as hospital stays, doctor visits and services, physical therapy, lab tests and more, and in Medicare Part D, which covers prescription drugs. Source: Fidelity Investments...
... reinforces that the American consumer is healthy and eager to spend, especially on categories such as restaurants, which have faced restrictions over the past year,” said Steve Sadove, Mastercard senior advisor and former CEO of Saks, Inc. “There are a lot of factors at play including stimulus funds, pent-up demand, and the desire to reconnect with friends and family. The fact is that people are excited to gather again and they're refreshing their look for the occasion.” *Overall retail sales excluding gasoline and automotive compared to April 2020 About Mastercard SpendingPulse ...
2021-05-04 | charitable giving
... rity made the issue an even greater concern. Access to basic health services came in second among donors’ biggest priorities—with 31 percent of donors ranking the issue in the top three. With social injustice in the spotlight, the number of donors who listed racial discrimination as one of the top three challenges facing the world nearly doubled. In 2021, 16 percent of donors ranked the issue as a top challenge, compared to only 9 percent in 2020. Optimism problems can be solved: Donors overall reported only tepid optimism—with 57 percent saying that they are somewhat optimistic an...
2021-05-04 | financial planning
... ’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...
2021-04-30 12:00:00 | housing real estate
... s. We have our work cut out for us when it comes to ensuring homeownership is attainable for middle-class Americans with good jobs and money saved up, not just for the wealthiest among us." To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-home-prices-up-20-pct/ Source: Redfin...
2021-04-29 12:00:00 | consumers
... ase...
2021-04-28 12:00:20 | financial wellness pandemic
... en low financial literacy and anxiety and stress, the researchers recommend increasing efforts aimed at improving financial knowledge levels especially among high-risk groups. Other recommendations provided by the researchers to help ease financial anxiety and stress include: Adults, particularly those at risk of experiencing financial anxiety or stress, should be encouraged to set aside emergency savings. Even small savings can help buffer against future financial shocks, potentially providing relief to stressed and anxiety-ridden households. Employers can offer workplace financial ...
2021-04-27 09:12:22 | consumers economy
... aps due to the improving job market and the recent round of stimulus checks. Short-term inflation expectations held steady in April, but remain elevated. Vacation intentions posted a healthy increase, likely boosted by the accelerating vaccine rollout and further loosening of pandemic restrictions." Consumers' appraisal of current conditions improved significantly in April. The percentage of consumers claiming business conditions are "good" increased from 18.3 percent to 23.3 percent, while the proportion claiming business conditions are "bad" fell from 30.1 percent to 24.8 percent. Consume...
2021-04-26 12:00:14 | travel
... importantly, nearly a quarter of current RV owners are now under the age of 35, and 84% of those younger owners plan to purchase a new RV in the next 5 years. “The health benefits and mental wellbeing that come from being outdoors cannot be overestimated,” said Kirby. “The RV industry is proud to build a product that makes it easier for people to get outdoors.” Source: RV Industry Association...
2021-04-26 12:00:10 | employment pandemic
... pared with more experienced workers, at a time when weak labor market conditions allow companies to be more selective in their job requirements. Younger workers hit harder: In this recession, young workers were overrepresented in some of the hardest hit industries, such as restaurants and out-of-the-home entertainment. Job satisfaction increased for the 10th year in a row. Satisfaction climbed from its lowest rate of 42.6 percent in 2010 to its highest of 56.7 percent. 2020 saw the highest recorded job satisfaction in 20 years. Job satisfaction is forecast to continue improving po...
2021-04-20 12:00:09 | pandemic
... ed by the pandemic, Black (74%), Hispanic (77%), and Asian (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%...
2021-04-19 12:00:05 | pandemic workplace
... ncerns about international relocations — primarily health and safety risks (39 percent), lack of friends or family for social support (39 percent) and language or cultural barriers (38 percent). Back to the office: For now, 88 percent of workers would accept a virtual relocation assignment, but post-pandemic, they are ready to see the world through more than just a screen. Fifty-seven percent would prefer relocating in-person rather than virtually. Boomers want to lead the way in global mobility: Of the four generations surveyed, Boomers are the most willing to move during the pand...
2021-04-15 12:00:10 | employment retirement
... ed, if eligible (31%). Source: Principal...
2021-04-15 12:00:01 | pandemic retirement
... pared to last year, while only about one quarter of those under age 45 say they are worse off due to COVID-19. "Across nearly all metrics, from physical health to personal finances, COVID-19 has disproportionately affected lower income Americans. We are also seeing that the pandemic has taken a particularly hard hit on mid- and late-career Americans," said Snezana Zlatar, senior managing director and head of financial wellness advice and innovation at TIAA. "As we emerge from the crisis, stakeholders must work together to help improve financial wellness for all Americans by helping them crea...
2021-04-14 12:01:00 | demographics investing
... al wellness became part of our everyday health routine, just like nutrition, sleep and exercise? Rich, Redefined: Old ideas of wealth feel out of touch in a world where natural resources are dwindling and inequality is rising. More ethical measures of financial success are disrupting the system. As money and values become increasingly interlinked, we'll see the rise of Islamic finance, ethical ROI, and built-in givebacks.What if credit card companies structured their rewards programs based on ethical spending? The more socially responsible the company or sector, the more points you get. Bri...
... ...
2021-04-13 12:00:01 | investing pandemic
... Communication services 21% 24% Consumer discretionary 20% 15% Utilities 19% 20% Materials 19% 15% ...
2021-04-13 | pandemic investing
... there are ways to participate in the market while still having a level of protection, ensuring they’re not missing out on potential gains that may be important to the future health of their retirement accounts.” Interest in protection products on the rise Nearly half (48%) of respondents said they are willing to give up some potential gains for a financial product that protects a portion of their retirement savings, up from 43% in Q4 2020. Furthermore, two-thirds said they believe it is important that they have some of their retirement savings in a financial product that provides pro...
2021-04-12 14:00:00 | workplace employment
... ce during the pandemic were healthcare (37%), retail (21%), and food services (21%). "Right now, every company is undergoing an experience transformation. There is no one-size fits all approach. From hybrid work environments, to online delivery and curbside pickups, employees and customers have more options than ever," said Julia Anas, Chief People Officer, Qualtrics. "As companies work to rewrite their playbooks, those who take the time to understand and act on how people think and feel will be empowered to make the right decisions, at the right time, in the right way, and ...
2021-04-09 14:00:00 | entrepreneurship
... ident at the New York Fed. “A majority of older firm owners either reduced their salary or didn’t take one at all, dipping into personal savings to cover business expenses., People of color who own small businesses were more likely to borrow from personal networks or against their home or retirement accounts. They were also more worried about their personal credit score or depletion of personal assets and picked up second jobs. “This report demonstrates the need to build an emergency toolkit for these small businesses, which are a vital part of the infrastructure of America’...
... ey uncovered that more than one-in-ten (12%) U.S. homeowners say the number of children or adults in their home has increased during the pandemic due to COVID-19 safety (35%), health reasons (20%) or other changes. As a result, over half (56%) of those newly-expanded households have renovation plans for 2021. Not surprisingly, three-in-four (72%) homeowners whose households have grown wish they had more personal space. Multi-generational families (that may include parents, children and their grandparents) and traditional households (parents and their children) are more likely to undertake 202...
2021-04-06 12:00:00 | pandemic affluent
... friends about real estate decisions, healthcare costs, and their approach to saving for retirement. However, they have become increasingly comfortable talking about changes to life plans due to financial concerns (72% today vs. 66% 20 years ago) and how market volatility impacts their personal investments (71% today vs. 63% 20 years ago). Compared to other generations today, millennials are even more comfortable talking with friends about all types of financial topics. The Modern Investor: Getting Educated and Socially Conscious Respondents are turning to a range of resources to learn a...
2021-04-01 16:00:00 | demographics investing
... cial education, yet only 21 states require a personal finance course for high school students. To help fill this gap, Greenlight is introducing its first-ever collection of free educational resources for the classroom with Kahoot!, the leading game-based learning platform for teachers and students. "Teaching financial skills both at home and in schools is so important, but often parents and teachers don't have the tools they need. Greenlight offers groundbreaking financial education solutions for families at home and is now bringing its expertise into classrooms across the country," said Nea...
2021-03-31 16:00:00 | pandemic investing
... o them now than before the pandemic. What’s more, nearly half (45%) believe these shifts will be long lasting. Focusing on the full financial picture Not surprisingly, health and safety rose to the top as a priority for investors. In fact, 71% of survey participants said keeping their family physically safe is more important to them now than before the pandemic – and it prompted many to think about the state of their financial affairs. Most strikingly, nearly two-thirds (63%) of investors who did not have an emergency savings fund prior to the pandemic put one in place or plan to do ...
2021-03-31 15:00:01 | pandemic workplace
... eanwhile, younger employees are more interested this year in benefits that positively impact their mental and financial health. Must-have benefits for twenty-something employees are legal services and student debt assistance (both up 19 percentage points since last year), as well as life insurance (up 11 percentage points since last year). “The pandemic has shed a clear light on what employees need from their employers – not only right now, but in the future,” said Katz. “As the workplace continues to evolve and become more personalized, employers need to heed the wants and needs of...
2021-03-31 14:00:00 | pandemic spending
... ending patterns: At the peak of the pandemic, 64% of US consumers reported actively cutting back on spending, according to The Conference Board® Global Consumer Confidence Survey. After a drop in late 2020, it was back up at 62% in Q1 2021. Frugality will continue to reign for many consumers, especially if the jobs recovery remains sluggish if and when government fiscal support recedes. Black, Latino, lower-paid, and less-educated workers bore the brunt of lost jobs and wages. In January 2021, over 40% of consumers in each of these demographics reported having difficulty meeting regul...
2021-03-31 | employment
... h's labor market data, reporting the strongest gain since September 2020," said Nela Richardson, chief economist, ADP. "Job growth in the service sector significantly outpaced its recent monthly average, led with notable increase by the leisure and hospitality industry. This sector has the most opportunity to improve as the economy continues to gradually reopen and the vaccine is made more widely available. We are continuing to keep a close watch on the hardest hit sectors but the groundwork is being laid for a further boost in the monthly pace of hiring in the months ahead."The matched sample...
2021-03-30 12:00:02 | economy demographics
... g at Black and African American investors’ long-term financial health, nearly all (87%) Black and African American investors reported having a retirement savings plan (similar to 89% among all investors). Additionally, Black and African American investors reported similar progress with respect to other financial goals. The poll asked investors to rank and describe how much progress they have made on six financial-oriented life goals. Progress toward achieving these goals was only slightly lower among Black and African American investors, with the exception of saving for a child’s colleg...
2021-03-30 | workplace employment
... before they leave to promote health and cleanliness in the office. Overnight Storage Organizations should offer employees in shared desks with some space, such as a locker, where they can securely store a limited amount of work materials or personal items. “The offices for the hybrid workforce of the future will cater to fewer employees at once,” said Ms. Shoham. “Shared seating will be the way to avoid having the office feel like a ghost town when employees return. In the long-run, transitioning to shared seating is an important first step toward optimizing the use of office space ...
2021-03-26 | economy
... ...
2021-03-25 09:08:19 | pandemic saving
... are more optimistic compared to previous economic downturns according to the MassMutual Consumer Spending & Saving Index, released today. This is despite the vast majority (77%) agreeing that the health crisis caused the worst economic downtown in their lifetimes. Saving has been difficult with almost half of survey respondents (49%) saying they have saved less than $500 in the past three months, and 40% of those who saved less than $500 were directly impacted by job loss or a salary decrease. Other key findings: More than half of Americans (51%) had to dip into their savings over t...
2021-03-24 12:00:00 | pandemic retirement
... nly 17% correctly identified their Full Retirement Age (FRA) for Social Security, including 44% of Gen X-ers, who underestimated their FRA of 67. The impact of divorce on Social Security: There’s good news on this front. While 63% of respondents think a former spouse has the ability to reduce their monthly benefits, the truth is, one’s Social Security benefit is not reduced if an ex-spouse claims some of their Social Security benefits. About the Fidelity Investments State of Retirement Planning Study This study presents the findings of a national online survey, consisting of...
2021-03-21 | pandemic
... er jumped from 51% in late December to 64%. However, consumers are balancing near-term optimism with longer-term expectations. Consuming at home and avoiding crowds are likely to remain after the health crisis has passed. Global anxiety trends to lowest point since April 2020Globally, anxiety caused by COVID-19 seems to be steadily diminishing. However, despite a significant spike in feeling safe to venture from home to go to stores, work, restaurants and other public places, concern over personal finances continues to accelerate for many consumers. With weeks of decline in new COVID-19 c...
2021-03-19 12:00:00 | consumers pandemic
... ...
2021-03-18 | retirement
... ...
2021-03-16 | retirement
... ice's final analysis sample consisted of 1,470 households. All spending and income numbers were inflation adjusted using the consumer price index and presented in 2019 dollars. Source: T. Rowe Price...
2021-03-12 15:00:00 | demographics retirement
... compared to 34% and 23% of the total population, respectively. Though barriers to retirement loom large. Among female investors, the top barrier to saving for retirement is health care costs (47%), followed by rent or mortgage (41%). And the top reason women withdrew early from their retirement funds was for a medical emergency (13%). Paying for education costs (10%) or spending on herself or her family (10%) closely followed. “Amid an incredibly disruptive year, it’s encouraging to see female investors thinking long-term and putting more away for their future selves,” said Deniz O...
2021-03-12 14:00:04 | demographics health
... rectly address mental health and substance abuse issues, and regularly communicating those benefits are ways employers can create supportive workplaces that promote behavioral health. Source: The Standard...
2021-03-11 | pandemic technology
... ...
2021-03-09 | technology
... lients' and investors' expectations change, technology will play an important role in supporting the evolving health, family, purpose and financial needs – helping them feel informed, understood, secure and in control about their future." In 2020, Edward Jones announced a $500 million, multi-year investment into its digital transformation and the roll-out of new financial advisor tools to work with clients and prospective clients. The firm also ranked No. 5 in KPMG's U.S. customer experience excellent report. Source: Edward Jones...
... ncially aware as a result of challenges they faced during the pandemic. The increased reliance on digital banking tools helped many Americans maintain healthy financial habits to endure economic uncertainty. As of >June 2020, KeyBank's Digitally Active clients signed on (to either desktop or mobile) an average of 20.2 times per month. Respondents plan to continue using digital tools to conduct the following transactions going forward, compared to before the pandemic: Insurance enrollment (41% vs. 34%) Creating/updating a financial plan (40% vs. 33%) Creating/updating an estate plan...
2021-02-23 | financial wellness financial resilience
... ...
2021-02-09 14:00:00 | mortgage housing
... November 2019, when it was 3.9%. This is the lowest overall delinquency rate since an initial jump in April 2020. To gain an accurate view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency, including the share that transitions from current to 30 days past due. In November 2020, the U.S. delinquency and transition rates, and their year-over-year changes, were as follows: Early-Stage Delinquencies (30 to 59 days past due): 1.4%, down from 2% in November 2019. Adverse Delinquency (60 to 89 days past due): 0.6%, unchanged from Novembe...
2021-02-09 | investing
... . Unsurprisingly, more than half of US consumers continue to name the economy (26%), health (18%), or job security (9%) as their top concern for the months ahead. Notably, however, focus on all three areas was lower in Q4 compared to Q2, in the early months of the COVID-19 crisis. Source: The Conference Board ...
2021-02-03 01:22:28 | economy employment
... al, due to rounding. Source: ADP...
2021-01-29 09:30:30 | benefits workplace
... 21, Voya is working to enhance the capabilities of this powerful tool to help Americans make informed benefits decisions and manage their income across competing health, savings and spending demands.” Source: Voya Financial...
2021-01-28 | housing
... g supply of houses and pushed prices ever higher. "Last year marked a unique year in the history of home prices and profits in the United States. A once-in-a-century health crisis tore through much of the nation's economy but seemed to have the opposite effect on the housing market," said Todd Teta, chief product officer at ATTOM Data Solutions. "Demand remained strong as people who could afford the space and relative safety of single-family homes did just that, aided by super-low mortgage rates and a strong stock market. But they went after a narrowing supply of housing stock, so prices so...
2021-01-26 14:00:00 | insurance
... a time when insurers are launching tech-driven partnerships to improve customer wellness, approximately seven out of 10 consumers (69%) say they would share significant data on their health, exercise and driving habits in exchange for lower prices from their insurers, compared with 58% two years ago. In addition, two-thirds (66%) of consumers say they would also share significant data for personalized services to prevent injury and loss — up from 54% in the 2019 report. But while consumers are more willing to share personal data, their concerns about intrusiveness and its impact on premiu...
2021-01-26 | credit
... said Jay Moon, General Manager of Credit at Credit Sesame. "We've seen that the cost of poor credit is much more than financial, impacting everything from mental health to relationships. It's unacceptable that this is affecting the lives of some more than others." The credit score itself is only part of the story—many feel like they are inherently at a disadvantage within the credit system. Hispanic Americans feel nearly as slighted by the system as Black Americans. Nearly a third of Black Americans (30 percent) and a quarter of Hispanic Americans (25 percent) say they never had a chance ...
2021-01-25 12:00:00 | workplace demographics employment
... tant remote work topics including insight on employee mental health and sentiment on returning to the office. To learn more, download the eBook at https://www.nintex.com/nintexworkplacestudy2021_ebook_0121/. Source: Nintex...
2021-01-22 15:00:00 | mortgage interest rates
... the 30-year fixed-rate mortgage (FRM) averaged 2.77 percent. “Mortgage rates have hovered near historic lows for almost a year, fueling purchase and refinance activity amid a global health crisis,” said Sam Khater, Freddie Mac’s Chief Economist. “We’re now seeing rates fluctuate a bit as political and economic factors drive Treasury yields higher. However, we forecast rates to remain relatively low this year as the Federal Reserve keeps interest rates anchored near zero for a longer period of time, if needed until the economy rebounds.” 30-year fixed-rate mortgage avera...
2021-01-21 14:00:00 | transportation spending
... ion price for a new vehicle hit an all-time record high of $40,573. Edmunds analysts expect this number to go up as affluent consumers benefiting from lower interest rates and healthy stock and housing markets continue buying bigger, more expensive new trucks and SUVs. At the same time, more affordable options in the new car market are growing increasingly scarce as automakers shutter their car lines, which Edmunds experts say will create a barrier to entry for many consumers and force them into the used car market. COVID-19 vaccines will help keep auto sales steady but won't boost them dra...
2021-01-18 | healthcare insurance
... may experience during the plan year." Source: ValuePenguin.com...
2021-01-15 | financial planning apps advice
... need for a resource like Incentive to help individuals take control of their financial health and wellness. Source: eMoney...
2021-01-13 08:00:00 | healthcare payments
... eir customers to the digital economy and enhance the consumer health and pharmacy experience through our differentiated technology and established role in healthcare.” The new Walgreens credit cards are slated to be available in the second half of this year. Source: Walgreens...
2021-01-13 | global confidence
... ...
2021-01-12 12:05:00 | women retirement
... ledge surrounding long-term care needs,” said Jorgensen. “Long-term care is a critical issue for this audience, and advisors can help women close the gap from theoretical to practical in terms of expected long-term care need and how it’s paid for.” Source: The American College of Financial Services...
2021-01-08 12:05:00 | spending
... nd mobile phone bills topping the list. While 90% of consumers believe the funds will help their financial health in the new year, recently released data from doxo’s 2020 US Bill Pay Market Size & Category Breakout report revealed how much consumers pay per bill each month, suggesting that the $600 checks won’t last very long. Key findings from the $600 Stimulus Check Impact Report include: While more than half of all Americans believe they will receive a stimulus check, many are unsure: 53% believe that they will receive one37% don’t know if they will receive one10%...
2021-01-08 12:00:00 | stock market investing
... quarter of 2021: Health care. Investors continue to see the most potential in the health care sector, which maintained its top spot (59%). There is still much to be seen about the logistics of mass vaccination, but investors seem to have high hopes for strength in this sector if distribution goes according to plan. IT. With stay-at-home orders returning and corporate America slow to return to the workplace, interest in the tech sector remained steady at 46%. Energy. This historically volatile sector just bumped consumer staples from last quarter, ranking third (30%). The energy ...
2021-01-04 09:32:54 | pensions retirement
... will want to consider the effects the pensions may have on corporate earnings and free cash flow while also considering the outlook for future investment performance.” Source: Globalnewswire ...
2021-01-04 | pandemic retirement consumer confidence
... financial security (49%) having a close-knit family (35%) Principal conducts periodic “pulse” surveys with customers, financial professionals, and consultants to gain their insights about how timely topics might be impacting them. The November survey findings explore consumer concerns and actions surrounding saving for retirement, financial behaviors related to market volatility, and COVID-19. Nearly 1,200 U.S. residents (35% retirees and 65% workers) who have at least one financial product or service with Principal participated in the study during November 2020. Source: ...
2020-12-31 | insurance fintech insurtech
... products spanning homeowners, renters, and pet health insurance. Consumers rate Lemonade #1 across multiple platforms, citing the hassle-free digital experience with lightning-fast claim payments, best-in-class customer service, and an unconflicted business model. Source: Lemonade press release and Investor Relations documents ...
2020-12-26 | retirement pandemic
... f my needs – 58% I am concerned about rising costs like healthcare - 49% I had an unexpected situation arise that has cut into my retirement savings - 20% For those who plan to work past the age of 65 by choice, the top reason cited by nearly half (49%) is that they enjoy their job/career and would like to continue. Other reasons include: I want additional disposable income - 43% It is a social outlet that will help me stay active/prevent boredom - 34% I want to do something that will let me give back to the community - 21% "While the nature of retirement continues...
2020-12-17 09:26:29 | financial wellness retirement
... re than half (60%) of working Americans say they have more work-life balance than prior to COVID-19, while just over half (59%) have noted becoming more healthy through diet or exercise. Importance of Emergency Savings: With COVID-19 causing unprecedented economic disruption, recent industry data shows that up to 46 million Americans have depleted their emergency savings.1 The good news is Voya’s data found that more individuals are seeking to get back on track with more than six in 10 agreeing that they are better prepared for a future emergency (66%) and are saving more money to cover p...
2020-09-16 | workplace
... , health savings accounts (HSAs) or flexible spending accounts (FSAs) were mentioned by nearly 4-in-10 surveyed employees (38%) — followed by 35% of employees selecting supplemental health benefits like hospital indemnity insurance, critical illness insurance, or short-term and long-term disability income insurance....
2020-08-28 09:17:32 | financial planning
... 6-70) who have not discussed the topic say they either want to or are willing to if the topic came up. Across all ages, potential expenses for their own care is the health and security 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...
2020-08-25 09:26:29 | women retirement
... older women, women described some level of anxiety about financial security in retirement. Many expressed concerns about the future of Social Security and Medicare benefits, and the costs of health care and housing. Women in the groups also cited a range of experiences that hindered their retirement security, such as divorce or leaving the workforce before they planned to (see fig.). Women in all 14 focus groups said their lack of personal finance education negatively affected their ability to plan for retirement. Many shared ideas about personal finance education including the view that it s...
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