2024-05-13 | economy retirement
... is to help them understand the value of protection solutions, like annuities, which can guarantee income in retirement and guard against market volatility."...
2024-04-26 | retirement
... 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 never being able to retire. Nancy LeaMond, AARP's Executive Vice President and Chief Advocacy & Engagement Officer, underscored the gravity of the retirement crisis, urging swift congressional action to provide necessary financial support. LeaMond highlighted AARP's collaborative efforts with states to implement retirement savings programs but noted that federa...
2024-04-10 | consumers economy
... idance in balancing short-term spending with long-term savings and financial security goals, such as retirement. Despite the availability of more tax-efficient and potentially income-guaranteeing financial solutions like employer-sponsored retirement plans and annuities, 70% of respondents rely on traditional bank accounts for future savings. On average, individuals save $175 monthly for retirement, yet over a quarter (26%) have not started saving for retirement at all. Contrastingly, average monthly discretionary spending amounted to $400 across various categories.The independent survey was c...
2024-04-09 23:15:00 | demographics retirement
... ucted online in February and March of 2024, the survey involved a nationally representative group of 1,000 individuals aged 25 and above, with a household income of at least $50,000 (single) or $75,000 (married/partnered), or investable assets of $150,000 or more. The study aimed to capture diverse perspectives by including oversamples from Black/African American, Hispanic, and Asian/Asian American populations....
2024-04-09 15:00:00 | consumers financial education
... sive financial education has never been more apparent.Primerica’s findings offer a crucial insight into the financial uncertainties facing middle-income Americans today, underscoring the need for improved financial literacy and education to navigate the complexities of modern economic life....
2024-04-09 | consumers economy
... ssing a minimum debt payment, reaching the highest level since the COVID-19 pandemic's onset. This increase, most pronounced among middle-aged respondents and those with lower incomes, points to rising financial pressures on American families.Despite these concerns, the survey noted slight improvements in perceptions of credit access and financial well-being compared to the previous year. Yet, expectations for tighter credit conditions in the future suggest a cautious optimism among consumers.The Survey of Consumer Expectations is a critical tool for understanding public sentiment on various e...
2024-03-21 | advice retirement
... ...
2024-03-19 | financial planning retirement
... utions for personalized financial planning, and we expect the demand to increase, especially for tools involving retirement income."Plan sponsors can meet this need by providing digital services and financial wellness programs that address the impending needs of pre-retirees and families in retirement. These types of solutions are not only valued by participants but could also be a catalyst for driving better retirement outcomes.The insights from the report are based on T. Rowe Price's annual Retirement Savings and Spending study, which surveys a national representative group of 401(k) partici...
2024-03-15 23:59:00 | retirement women
... ently are tax planning methods (37%), saving enough money to reach or maintain retirement (34%), and turning savings into retirement income (27%).Regarding their relationship with an advisor, one finding sticks out: women who are married or single (19% and 25%, respectively) state that feeling more confidence about their financial destiny is the primary reason they have an advisor.Although advisors are stepping up to the plate, they can overestimate their capacity to engage with female customers.Advisors are trying to work with more female clients as the market for solid advice becomes more an...
2024-03-12 23:15:00 | retirement
... tirement if they had a source of guaranteed monthly income in addition to Social Security. 92% of people say securing a lifetime income is important, and 65% of them think it takes precedence over other financial goals....
2024-03-12 23:15:00 | consumers economy
... debt increased to 9.3% from 8.9%.The mean perceived probability that the average interest rate on saving accounts will be higher in 12 months increased by 0.6 percentage point to 26.1%, remaining below its 12-month trailing average of 30%.Perceptions about households’ current financial situations deteriorated somewhat with fewer respondents reporting being better off than a year ago. Year-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 ...
2024-03-12 08:42:12 | retirement
... ...
2024-02-26 | demographics housing
... hallenges to housing equity. In 2022, Black applicants saw a 146% higher mortgage loan denial rate compared to white applicants, potentially hindering future generational wealth transfer. Credit history is the most common reason cited for these denials.Initiatives aimed at things like enhancing access to down payment assistance and credit-building opportunities as well as implementing reforms in zoning, together with efforts to construct and preserve affordable housing in thriving communities, are vital....
2024-02-15 | consumers economy
... ants (24%), entertainment outside the home (15%) and clothes and shoes (15%).Growing income, savings top 2024 financial goalsMore than half of Black respondents said making more money and increasing savings were among their financial goals this year, while nearly half have a goal to paying down debt. Meanwhile, other goals that were less popular include selling a home, establishing a non-retirement investment account and acquiring cryptocurrency.Checking, savings account balances remain lowAccess to traditional checking and savings accounts is high among the Black Americans in Achieve's survey...
2024-02-15 | retirement financial wellness
... nine points higher than those who don't (50% vs. 41%) on financial well-being, measured using the Consumer Financial Protection Bureau Financial Well-Being Scale.Having a financial advisor predicts increased confidence and decreased stress and anxiety, controlling for demographic factors."While this most recent iteration of the Retirement Income Literacy Study reiterates the themes found in most financial planning research concerning the lack of financial and retirement literacy, one thing that became abundantly clear this time around was just how important the role of the financial professio...
2024-02-01 | consumers spending
... cision makers acknowledge that they grow irritated when they have to handle things on their own. Furthermore, over 33% of couples are off base when it comes to their partner's income; 27% acknowledge that they are frequently irritated by their partner's financial behavior, but they choose to overlook it in order to maintain harmony. In addition to their communication breakdown, partners voice worries about retirement, emergency finances, and leading the life they've always wanted. Furthermore, Gen Z expresses worry about feeling financially secure enough to have and support children (54%), as ...
2024-01-22 | consumers economy
... support a "soft-life culture," which defines success based on happiness, satisfaction, and fulfillment, as opposed to a "hustle culture," which defines success based on income, prestige, and achievement (36% and 28%, respectively), as more people prioritize their own well-being. However, 56% of Gen Z respondents claim to most relate with the hustling culture right now, indicating a generational divide in priorities and experiences.Highlights of the survey included:Work-life harmony is becoming more and more crucial. Following a yearly pattern, a greater proportion of Americans (63%) said they ...
2024-01-18 | housing
... in economic growth in that year. The Federal Reserve's December meeting and the swift recent loosening of financial conditions, as well as the steady increase in real personal income growth in October and November, are seen by the ESR Group as encouraging signs for the upcoming quarters. The ESR Group insists that the economy still faces a higher-than-normal chance of recession, but emphasizes that the current estimate involves increased uncertainty and severe downside risks.Doug Duncan, senior vice president and chief economist at Fannie Mae, stated, "We expect home sales and mortgage origina...
2024-01-18 | housing
... re increasing more quickly than median housing prices, which is the opposite of the trend observed in 2023. Among them are San Diego County, CA; Harris County, TX; Los Angeles County, CA; Cook County, IL; Maricopa County, AZ; and Harris County, Houston, TX.In 141 of the counties examined in the report (42 percent), median home prices are increasing more quickly than average weekly wages. These counties include Middlesex County, MA (outside Boston), Miami-Dade County, FL, Broward County (Fort Lauderdale, FL), Orange County, CA (outside Los Angeles), and Kings County (Brooklyn, NY)....
2024-01-16 | consumers economy spending
... esponses to an unexpected 10% increase in income show an average 38.4% would be used by households to pay down debt (up from 33.8% in December 2022 and the highest reading since August 2016), 45.6% would be saved or invested (down from 47.7% in prior year), and 16.0% would be spent or donated (down from 18.5% in prior year and the lowest reading since the series began in August 2015).Source: New York Federal Reserve Bank...
2024-01-09 | economy
... e point to 3.0%, remaining above the February 2020 pre-pandemic level of 2.7% . The series has been moving within a narrow range of 2.9% to 3.3% since January 2023.Median household spending growth expectations declined by 0.2 percentage point to 5.0%, reaching the lowest level recorded since September 2021. Still, the series remains well above its February 2020 pre-pandemic level of 3.1%. Perceptions of credit access compared to a year ago were largely unchanged. Expectations about credit access a year from now instead improved with a larger share of respondents expecti...
2023-06-01 15:00:00 | asset management
... at 71%, while smaller wealth players, with AuM below $150 billion, on average suffered a steep increase to surpass 82% in 2022. Technology spending has been a key driver of increased CIRs. The average share of technology in total operating expenses reached over 15% across both wealth and asset managers in 2022, up from 13% five years earlier. Over the same time frame, IT spending has particularly been on the rise in application development (+25%) and hosting (+19%), mirroring the expansion of new requirements as well as large investments in cloud migration.For the first time since the 2008–...
2023-06-01 | demographics finances
... retirement plan sponsors can also help younger workers by automating retirement plan contributions, offering plans with guaranteed lifetime income and by increasing access to financial wellness tools."The survey also showed some encouraging data:More than half (54%) expect or want to fully retire at a certain point, and more than one third (36%) say saving for retirement is one of their top three financial goals. Almost three in four young adults (72%) indicate they are saving in a retirement plan – either through their workplace (48%), one that they purchased on their own (13%), or both (11...
2023-06-01 | wealth management hnw
... ealth markets in North America, Europe, and Asia-Pacific. To bring in the industry perspective, the 2023 Wealth Management Executive Survey covers more than 90 responses across 14 markets, with representation from pure WM firms, universal banks, independent broker/dealer firms, and family offices. The 2023 Relationship Manager Survey covers more than 800 responses across nine markets. The survey questioned relationship managers about their views on the firm’s WM strategy priorities, their satisfaction with the support provided by their WM firm, and customers’ increased interest in new prod...
2023-05-30 | demographics retirement
... ...
2023-05-24 10:23:10 | investing
... t sets the standard for professional excellence and credentials. The organization is a champion of ethical behavior in investment markets and a respected source of knowledge in the global financial community. Our aim is to create an environment where investors' interests come first, markets function at their best, and economies grow. There are more than 190,000 CFA charterholders worldwide in 160 markets. CFA Institute has nine offices worldwide and 160 local societies. For more information, visit www.cfainstitute.org or follow us on Linkedin and Twitter at @CFAInstituteAbout the FINRA Investo...
2023-02-28 | consumers
... on on their wallets, Nayar noted, "it may not be enough to balance their finances." "Massive credit card debt is carried by customers of all income levels, and if debt interest rates rise, they may soon equal the savings balances of all consumers living paycheck to paycheck1. Now is an excellent moment for consumers who want to reduce their overall debt load to think about consolidating and/or refinancing their debt into an installment loan." ...
2023-01-30 | consumers economy
... he impact of the Fed to curb inflationary pressures," said Nayar. "Until the economy recovers, more Americans of all incomes will say they live paycheck to paycheck. Consumers must review spending and save for the unexpected now more than ever."...
2022-09-22 | consumers demographics women
... ingly, wealthy women are feeling financial stress just as much as non-wealthy women: Some 75% of women making more than $250,000 in annual income report that they do not feel in control of their money. "We've seen again and again that taking stock of your financial health — and then taking concrete actions to improve it — can turn money from a source of stress to a source of strength for women," said Ms. Krawcheck. "That's why Ellevest is providing a guide to improving your financial wellness and a package of actionable, customizable financial health workbooks to help guide our commun...
2022-08-09 12:10:00 | consumers economy
... n Z's median payment increased 16% year over year, compared to just 3% for Baby Boomers. Average gas spending as a percentage of total card spending per household for lower-income households ($50k per year), which peaked at nearly 10% in June, decreased to 9.3% in June as oil prices fell throughout July. According to internal expenditure and payment data, Anna Zhou, economist with the Bank of America Institute, "consumers are not wilting in this summer heat." While 34% of US families are renters, "relief from decreased gas costs and shop promotions encouraged consumers to continue to spe...
2022-08-08 12:00:01 | housing
... consumer sentiment from Fannie Mae's National Housing Survey. The HPSI reflects consumers' current views and expectations of housing market conditions. The net share of those who say their household income is significantly higher than it was 12 months ago increased....
2022-08-08 | economy inflation
... year-ahead price increases for gas and food fell sharply. Home price growth expectations and year-ahead spending growth expectations continued to pull back from recent series highs. Households’ income growth expectations improved. Source: New York Federal Reserve...
2022-08-05 12:00:00 | retirement women
... portfolio protection is more important than high returns. As women near retirement and enter their highest-earning years, they should consider adding protected income to their portfolios." Women are risk-averse in their careers (32%), personal lives (30%), but not their investments (12 percent ). 43% say they take more financial risks than with their life or work. Many "future selves" may regret not taking personal risks in 20 years. Saving more money for later (45%) is the only regret in the top five, alongside career and personal risks like not traveling outside my comfort zone (57%), ...
2022-07-28 12:00:00 | consumers debt
... illennials believe they will ever pay off their debt. Survey results showed that nearly half of millennials (47%) spend more than 30% of their monthly income on housing. This is 1.5x what financial experts recommend. With housing prices rising, one third of millennial renters don’t believe they will ever afford a house. While the average millennial has $49,463 in savings, one in seven report 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 doub...
2022-07-27 12:00:10 | housing
... into another vital source of financing. Given the historical home values, tapping into home equity might make sense when you consider how many older Americans live on a fixed income. FAR's partnership with the Financial Planning Association, and our consumer marketing efforts, have long supported the belief that a majority of older Americans don't consider home equity when planning for retirement. These results confirm FAR's long-held belief and advocacy. It is important that we continue to show how homeowners can incorporate this asset into their retirement plan. A reverse mortgage, a home e...
2022-07-14 12:00:00 | consumers economy
... y they plan to work longer before retirement, and three-quarters (75%) of employed middle-income Americans say they don’t think they have enough saved to retire comfortably, up 10 percentage points since March. In addition, one in five plan to find a higher paying job (22%). Source: Primerica, Inc. ...
2022-07-13 | demographics investing
... aving at least $1 million in investable assets, including 401(k). HENRY is defined as having $250K+ in household income, or between $100K-$999K in investable assets. Source: RBC Wealth Management...
2022-06-01 10:39:58 | demographics retirement
... me 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 ...
2022-05-23 | consumers
... likely to look for a new job if required to return to the office as if their employer instituted a pay freeze. In addition, the report explores families' experiences related to banking and credit, income, housing, retirement, student loans, and retirement alongside several new topics, such as the use of emerging financial products including cryptocurrencies and "Buy Now, Pay Later" services. The survey included 11,000 adult respondents....
2022-05-04 12:00:01 | advice demographics
... to accumulate considerable wealth so far, the source of which 37% attribute to business ownership or self-employment income and 43% say comes from investing. Just 13% cite receipt of an inheritance or family money as a source of their wealth. “Millennials have high expectations, but they also are proactive when it comes to planning,” said Dave Goodsell, Executive Director of the Natixis Center for Investor Insight. “This generation has enjoyed a long bull market with low interest rates and little inflation for much of their adult lives. They also saw how 9/11, the tech bubble, and ...
2022-05-02 12:00:00 | consumers credit
... oints lower than the average score for consumers who do not pay monthly. At the same time, the gap between the average credit ratings of consumers with low and high incomes is less than 90 points. Consumers earning less than $50,000 report a credit score below the average of 648, while those earning more than $100,000 report a credit score above the average of 734. The data also shows that consumers experiencing financial difficulties tend to check their credit history more often. Of those consumers who have trouble paying paycheck-to-paycheck bills, 20% checked their credit score 24 hou...
2022-04-26 12:00:00 | consumers
... ...
2022-04-25 14:00:00 | demographics financial planning retirement
... in retirement.” Some key considerations for Millennials as they think about and plan for retirement: Picture retirement as a target financial state, not a date. Retirement isn’t really a switch you flip at a certain age anymore – it’s a financial state that allows for the flexibility to make work optional. It may be a phase in life you frequent every now and then or push off until you’re really ready to slow down. Either way, crunch the numbers and start saving to ensure you’ll have the nest egg you want, whenever you decide to crack it open. First things first, sta...
2022-04-25 12:15:00 | workplace
... ccept for a new job—increased to $73,283 from $70,339 in November. The increase was most pronounced for women, respondents with a college degree, and those with an annual household income lower than $60,000. The SCE Labor Market Survey is fielded every four months as a rotating module of the Survey of Consumer Expectations (SCE). The data are updated online three times per year as results come in, and an annual New York Fed press release, issued following the July survey, highlights notable changes and trends. Source: New York Federal Reserve...
2022-04-25 12:00:02 | investing retirement
... rsonal net worth; only 35% of Americans believe they understand what "justice" means, although the majority (91%) have heard of it. "In many cases, you don't need to be a high-income investor to reach your long-term retirement goals and needs. The key is to make a plan and have a goal you're aiming for," Brownstein says. “Most likely, this includes setting an equity goal that will allow you to maintain your lifestyle after retirement.” Source: Personal Capital...
2022-04-25 12:00:00 | sustainabillity
... opping choices "a lot" or "a lot." The percentage drops to less than 45% among rural and boomer respondents. Conversely, the gap between men and women and high and low incomes is relatively smaller. As in 2019, consumers continue to view government, technology and food companies as leaders in sustainability. What follows is a more eclectic list of homebuilders, automakers, restaurants, pharmaceutical companies, and appliance manufacturers. However, consumers believe that every sector, government sector and NGO can do more, even those that are already the best performers today. For example...
2022-04-25 10:00:00 | financial planning
... . Many believe that inflation could devalue assets or business and employment challenges could threaten expected income and reduce the size of the estate left to loved ones," remarked Walton. "In addition, there continue to be increased challenges in arranging documents for clients. Clients and estate planners need to plan for the unexpected, such as law changes or family dynamics, to manage increased complexity when it comes to estate planning." Source: TD Ameritrade...
2022-02-11 12:29:10 | retirement women workplace
... in exploring solutions that can help them reach their goals. About half (48%) of female participants showed interest in in-plan guaranteed lifetime income. ...
2021-12-22 12:00:00 | real estate
... lues during the pandemic has widened the gap between homeowners and tenants in America. Homeowners' wealth has improved significantly over the past year, while tenants have lost those income and are now trapped in rent inflation, ” according to Daryl Fairweather, chief economist at Redfin. “On the other hand, property values have gone up not only in wealthy big cities. Homeowners in rural America who typically don't see significant increases in home values are also reaping the benefits of a booming real estate market. ” The value of rural houses in Novem...
2021-11-26 | economy retirement travel
... local businesses may help reduce shopper reticence, with three-fourths (76%) of consumers reporting they'd be more likely to frequent a small-to-medium size business that offers text messaging. Consumers ranked phone calls and regular mail as the least preferred methods of business communication....
2021-10-29 09:08:19 | demographics retirement
... increase with age: Generation Z women have saved $5,000, Millennials have saved $42,000, Generation X has saved $66,000, and Baby Boomers have saved $134,000 (estimated medians). Fifty-five percent expect to work past age 65 or do not plan to retire – and 53 percent plan to continue working at least part-time in retirement. Eighty-three percent of these women workers cite financial reasons for planning to do so, while almost as many (77 percent) cite healthy aging-related reasons. Less than one in five are "very" confident that they will be able to fully retire with a comfortable lifesty...
2021-10-21 12:00:00 | retirement
... g us that more participants are staying in their plan after retiring, we have introduced a dynamic retirement income strategy into the glide path to help set an optimized annual spend down amount that changes each year, starting at the point of retirement." The Retirement by the Numbers research draws upon actual saving and withdrawal patterns from approximately 4,500 DC plans with more than 1.4 million participants1. Retiree spending data comes from more than five million de-identified JPMorgan Chase Bank, N.A. (Chase) households. Source: J.P. Morgan Asset Management...
2021-10-14 | retirement
... etirement and could face a sharp reduction in their standard of living." The research indicates that implementing pragmatic policy solutions can help middle class households get on a better path to saving for retirement including strengthening and expanding Social Security; protecting defined benefit pensions; and ensuring access to a retirement savings plan through an employer. For this research, the middle class is defined as those between the 30th and 70th percentiles of net worth, or the middle 40 percent. As in the Stark Inequality report, three generational cohorts are considered ...
2021-10-12 12:00:00 | retirement
... s confident they will have enough saved for retirement often save less: 46% save just 0-5% of their gross income. Among those who save for retirement, 30% of respondents use a 401k, and 27% have savings in a non-retirement account. The Regions Next Step omnibus survey questions were part of a national online survey that took place between Aug. 9-11, 2021. The survey reached 1,258 U.S. adults. The results are weighted and are representative of all U.S. adults (18+). Source: Regions Bank...
2021-10-11 12:00:00 | retirement
... t Plan Products and Solutions, Lincoln Financial Group. “In-plan guaranteed income solutions can help provide that, giving people the confidence that they will not outlive their retirement savings.” Source: Lincoln National...
2021-09-09 | retirement
... ay the pandemic has convinced them they will need a bigger nest egg for retirement Among near-retirees who plan to retire within five years, more than 4 out of 10 (41%) say they have begun saving more, and nearly one-quarter (24%) are delaying their retirement date. Seventy-one percent (71%) say they spent less during the pandemic, especially on entertainment (57%) and transportation (43%) 1 in 3 say their overall living expenses increased, with 24% spending more on medical expenses and 17% offering more financial support to family members Source: Kiplinger/Personal Capital...
2021-08-25 12:00:00 | economy
... p; chief customer officer at Northwestern Mutual. While overall debt is on the decline, 30% of Americans' monthly income on average goes towards paying off debt other than mortgages. Far and away, the top source of debt after mortgages is credit cards, accounting for more than double any other source: 19% - credit card bills 8% - car loan 7% - education loans 4% - home equity / lines of credit Debt under control, or controlled by debt?With debt consuming nearly a third of monthly budgets on average, many people also say that it has negatively impacted their ability to pursue othe...
2021-06-07 12:00:00 | investing
... ucted an online survey in April 2021 with a nationally representative sample of 1,000 respondents age 18+ with an annual household income of at least $50,000. Source: Allianz Life Insurance Company of North America...
2021-06-02 12:00:05 | consumers economy
... 21 demographic groups — such as age, income, race and party preference — that IBD/TIPP tracks were above 50.0, in positive territory, on the Economic Optimism Index. That’s up from 17 in May and April, 16 in March, 11 in February, eight in January and nine in December. Fifteen groups rose this month vs. seven in May, 14 in April, 19 in March, 13 in February, 12 in January and nine in December. For the Six-Month Economic Outlook component, 17 of 21 groups that IBD/TIPP tracks scored in optimistic territory vs. 13 in May, 15 in April, 12 in March, nine in February and seven in January ...
2021-05-28 | consumers investing
... osures—helped consumers pay down debt and funnel income into the markets. In Q1 2021, 24% of consumers spent discretionary income paying down credit cards and other debts—down 7 ppts from a year ago. Only 3% of consumers named debt as their biggest concern in Q1 2020, compared to 11% of consumers in Q1 2020. Low barriers to entry—including apps that allow purchasing partial shares and are accessible 24/7—accelerated mainstream interest in stocks and expanded investing to younger demographics. As a result of these new tools for allowing (and gamifying) active investment among non-expe...
2021-05-26 12:00:00 | retirement
... erican 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 strongly oppose reducing Soc...
2021-05-18 | consumers spending
... Americans build an emergency fund of three to six months of income. "Given the job insecurity that occurred as a result of COVID-19, it's always important to keep an emergency pool of funds to tap into in case situations go awry." A finding from the survey also concludes that many Americans (66 percent) have been 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 ...
2021-05-10 12:00:00 | demographics travel spending
... pecially to destinations further afield," said Christine Maguire, general manager, global media business, Tripadvisor. "What is also encouraging for brands and destinations is that, among those planning to spend more than $5,000 on their next trip, as many as 62% have not yet made a booking -- and they are eager to spend more on travel than ever before. For brands, the opportunity is there to attract the purchasing power of this audience now." "The research highlights a positive outlook and several trends that look set to shape the U.S. travel market recovery. Cities are m...
2021-05-06 | retirement
... used to supplement income for millions of seniors in America. To read the full results of the AAG Post-2020 Retirement Survey, visit the link below:https://www.aag.com/post2020survey/" Source: AAG ...
2021-05-04 | consumers
... 7 of 21 demographic groups — such as age, income, race and party preference — that IBD/TIPP tracks were above 50.0, in positive territory, on the Economic Optimism Index. That’s unchanged vs. April and up from 16 in March, 11 in February, eight in January, nine in December and eight in November. Seven groups rose this month vs. 14 in April, 19 in March, 13 in February, 12 in January, nine in December and just three in November. For the Six-Month Economic Outlook component, 13 of 21 groups that IBD/TIPP tracks scored in optimistic territory vs. 15 in April, 12 in March, nine in Februar...
2021-05-04 | financial planning
... es 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
... 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 are currently in good financial health. Black (54%) and Latinx (49%) respondents are more optimistic about their finances this year, slightly higher than the general population at 48%. ...
2021-04-28 12:25:14 | affluent economy
... s wealthiest investors, according to Spectrem’s $25 Million Plus Investor Report. More than half of those surveyed indicate they are considering moving their residence to states with low-or-no income taxes. The report, which is the only continual survey that has tracked the $25MM+ investment sector since 2007, fielded data from those with over $25 million in Net Worth, not including the value of their primary residence (NIPR). “In the current environment with public sentiment in favor of massive tax increases to finance a progressive agenda, wealthy households will be relying more...
2021-04-28 12:00:20 | financial wellness pandemic
... . People with high financial anxiety were more likely to have past-due bills for the treatment of a health problem. Focus group respondents said that having too many expenses and monthly bills, especially medical expenses, were major factors contributing to high anxiety. “These findings are sobering. Over the past year, Americans’ financial struggles, anxiety and stress levels have likely worsened,” Andrea Hasler, Ph.D., deputy academic director of the Global Financial Literacy Excellence Center and an assistant research professor of financial literacy at GW, said. “Focu...
2021-04-27 09:12:22 | consumers economy
... ing short-term income prospects, 17.9 percent of consumers expect their incomes to increase in the next six months, up from 15.4 percent in March. Those expecting their incomes to decrease fell to 10.9 percent, down from 12.6 percent. Source: April 2021 Consumer Confidence Survey® ...
2021-04-20 12:00:09 | housing real estate
... vantage of low mortgage rates and buying up high-end houses—particularly in popular vacation destinations—which is contributing to the surge in luxury-home sales. Meanwhile, many lower-income Americans have lost their jobs and lack the means to become homeowners. The 49 most populous U.S. metropolitan areas all experienced growth in sales of luxury homes during the first quarter. The biggest gainer was Miami, where luxury-home sales skyrocketed 101.1% from a year earlier. It was followed by San Jose, CA (92.3%), Oakland, CA (82%), Sacramento, CA (79.3%) and Las Vegas (72.7%). Miami, S...
2021-04-20 12:00:09 | pandemic
... ...
2021-04-20 12:00:06 | investing payments
... early incomes, with an average age of 44 and average household income of $107,000 a year. "This new research signals a valuable and welcome diversification of crypto's investor base. A broader set of participants establishes a positive long-term evolution of the market," said Noah Perlman, Chief Operating Officer at Gemini. "Trading platforms that prioritize security and smart regulation, while making it simple for anyone to use, make cryptocurrencies accessible and attractive. We believe digital assets are a strategic part of a well-rounded portfolio and providing crypto edu...
2021-04-19 12:00:10 | millennials retirement
... % Gen-Xers and 35% of Boomers. With decades of savings ahead of them, many Millennial investors are off to a good start. Asked how long they could comfortably live off their current retirement savings, 27% of Millennials said 10 years, 36% said 20 years, while 18% said they already had enough saved for 30 years or more. Considering that more than one-third of Americans are forced into retirement sooner than they'd planned, it's increasingly important for all investors to be prepared for the possibility of funding retirement for longer than expected. Top Factors for Attracting MillennialsThe o...
2021-04-19 12:00:10 | retirement
... 87% favoring all-active for capital preservation. Of the survey respondents, 67% preferred an active/passive blend in fixed income, with the others favoring all-active.Interest in ESG investment options continues to grow, with over a half of consultants already or planning to recommend sustainable options; however, 54% of those surveyed said they needed to have greater regulatory/legal comfort before implementing an ESG solution. Source: PIMCO...
2021-04-15 12:00:10 | employment retirement
... ant part of overall financial wellness. Employers report if they could encourage their employees to take action in 2021 to improve their financial health, they would focus on increasing employee savings rates or deferral percentages within the retirement plan (37%) and help employees start saving in the plan offered, if eligible (31%). Source: Principal...
2021-04-15 12:00:01 | pandemic retirement
... financial resiliency.1 To see the full survey results, click here. Source: TIAA...
2021-04-14 12:00:01 | demographics investing
... ...
2021-04-08 12:00:59 | investing
... ...
... w-income Americans further and further apart, and the soaring demand for vacation homes during the pandemic is a perfect example of their unequal financial footing, with some people buying second homes and others unable to buy their first," said Redfin Chief Economist Daryl Fairweather. "Home prices just keep going up. That's a good thing for Americans who already own one home because they can take advantage of their increased equity to buy other assets, which in some cases includes another home. But it's bad for lower- and middle-class families, particularly those who are renters, because the...
2021-04-07 12:00:00 | housing
... sehold income is significantly higher than it was 12 months ago increased 12 percentage points month over month. Source: Fannie Mae...
2021-04-06 12:00:00 | pandemic affluent
... ally focused, including good health (63%) and supportive family and friends (59%), over such options as having a stable source of income (51%) or the money to maintain a desired lifestyle (47%). Pandemic Shifts Financial Behaviors and Conversations The pandemic has caused many affluent Americans to re-evaluate the way they save, spend and invest. Nearly half (48%) say they have made no changes to their investment risk tolerance during this period. Among the 44% of investors who have made changes to their investment risk tolerance, they are split in terms of how they have responded t...
2021-04-01 14:00:00 | pandemic investing
... AIB report (Quantitative Analysis of Investor Behavior) from DALBAR, Inc. found that the Average Investor reacted in an atypical fashion during the market turmoil of last March; fleeing from fixed income investments but holding steady with their equity levels. The study reports that only 11% of investors cashed out investments in response to the market crash last March. The level of money movement among equity funds was similar to other times of crisis; however, in 2020, a much greater proportion of the money movement was via exchanges into other equity investments. "The Average Equity Fund...
2021-04-01 12:00:01 | housing real estate
... ...
2021-03-31 16:00:00 | pandemic investing
... d how their priorities have changed amid the challenges of the last year. A majority of respondents (63%) said their household income was not impacted by the pandemic, and 10% said their income actually increased. However, a quarter (25%) reported they are earning less money – underscoring the uneven toll COVID-19 has had on Americans’ finances. Against this backdrop, more than 6 in 10 respondents said protecting their financial assets (63%) and planning for uncertainty (62%) are more important to them now than before the pandemic. What’s more, nearly half (45%) believe these shifts w...
2021-03-31 15:00:00 | pandemic retirement
... ed income resources. By taking a holistic approach to financial planning, professionals can help more Americans save and achieve the retirement they want." Source: Nationwide...
2021-03-31 12:00:00 | workplace
... workplace. And a succession of climate catastrophes, including the Australian bushfires of 2019 and 2020, have prompted some job seekers to question prospective employers' levels of environmental commitment. Roughly seven in ten respondents said diversity and climate had become more important issues to them in the last year. (The younger the cohort, the higher the likelihood of the issue growing in importance.) Half of all workers said they would not accept a job offer from an employer whose policies in these areas didn't match their personal beliefs. The report makes recommendations for h...
2021-03-30 15:00:00 | consumers
... ry. However, 13.3 percent expect their incomes to decrease, up slightly from 12.9 percent last month. Source: The Conference Board...
2021-03-30 14:00:02 | retirement
... Source: Alliance for Lifetime Income...
2021-03-30 12:00:02 | economy demographics
... storical trend data. The Investor and Retirement Optimism Index has an adjusted baseline score of 100 from when it was established in October 1996. It peaked at +152 in January 2000, at the height of the dot-com boom, and hit a low of -81 in February 2009. Source: Wells Fargo...
2021-03-26 | economy
... ...
2021-03-25 12:00:00 | millennials housing
... y was +/- 3.6 percentage points. Results were weighted for age, gender, region, race/ethnicity and income where necessary to align them with their actual proportions in the population. Source: Realtor.com®...
2021-03-24 12:00:00 | pandemic retirement
... CARAVAN® Survey was conducted February 5-12, 2021 by Engine Insights, which is not affiliated with Fidelity Investments. The results of this survey may not be representative of all adults meeting the same criteria as those surveyed for this study. Source: Fidelity Investments...
2021-03-24 | housing real estate
... ng to offer loans to borrowers with less-than-immaculate credit." The Homebuying Process Is Taking Longer Homebuyers toured 14 homes on average during the last six months, up from 13 homes a year earlier. From start to finish, the homebuying process took a median of 96 days, compared with 91 days during the same period the prior year. It's taking longer to find homes in part because there's an intensifying housing shortage that's causing many house hunters to get outbid repeatedly. "Within hours of a home hitting the market, the showing schedule is often completely booked up,"...
2021-03-18 15:00:01 | pandemic seniors
... vents of 2020 had a negative impact on their retirement plans. Last year forced many seniors to draw additional income to fund their daily lives. More than one in five seniors (21%) said that the events of 2020 caused them to withdraw additional funds from one or more of their retirement accounts. The COVID-19 pandemic forced all of America's seniors to remain home for the majority of the year, causing many to feel increasingly safer at home. More than one out of every four seniors (28%) said they felt safer at home in 2020 than years prior. With the increased time spent at home, mo...
2021-03-18 | retirement
... ...
2021-03-16 14:00:00 | housing
... ...
2021-03-16 | retirement
... and presented in 2019 dollars. Source: T. Rowe Price...
2021-02-25 | investing demographics
... n Black Americans who earn more than $100,000 a year consistently save or invest considerably less than their white counterparts at the same income level. “These differences are not new. Black Americans are disadvantaged from the outset when it comes to building wealth,” says Hobson. She notes that while 51 percent of white Americans say they have inherited wealth, just 23 percent of Black Americans have. Schwab-Pomerantz points out that more white Americans (44%) than Black Americans (33%) are focused on preparing for retirement as their most important financial goal. “For so many...
2021-02-23 15:00:00 | advice banking
... ely comfortable using technology, and prefer using digital products and services 66% of Futurists agree personalized proactive services are an important feature for their primary bank to offer 4) Customers are willing to share personal data in exchange for personalized proactive services. 61% of consumers are motivated to let go of their reservations around privacy and security in exchange for managing their individual spending budget and getting online individual advice to save money. For example, customers said they would: 41% share online retail purchases 37% share geo l...
... the second half of 2020 compared to the second half of 2019. This growth came in the financial services (29%), e-commerce (38%) and media (9%) sectors. Financial services saw low overall attack rates, driven by a high volume of repeat login transactions from trusted customers, with the exception of payment transactions, which saw attacks at a higher rate than any other industry. This presents a key opportunity for fraudsters to cash out. E-commerce saw the largest growth in bot volume in comparison to other industries. The 2.7% attack rate for mobile app e-commerce payments is higher than any ...
2021-02-23 | financial wellness financial resilience
... 24% of those making $75-$100k, and 26% of those making $100k+ have requested pay advances six or more times. Despite this, more than a third of employers do not offer pay advances, or lack a standard process for offering them. Just under half (40%) of employers offer no employee benefits for financial wellness. Unexpected financial needs are the norm for employees More than 80% of employees surveyed say that they have experienced at least one unexpected financial need in the past 12 months. About half of employees faced this six times or more in the same time period—or about once e...
2021-02-09 14:00:00 | mortgage housing
... While vaccination will mitigate the pandemic, the best cure for delinquency is income restoration through job creation.” State and Metro Takeaways: Every state logged an annual increase in overall delinquency rates in November. Hawaii (up 4.3 percentage points) and Nevada (up 4.2 percentage points) topped the list for gains. Nearly all U.S. metro areas logged an increase in overall delinquency rates in November compared with one year earlier. Odessa, Texas, experienced the largest annual increase with 9.5 percentage points, likely due to significant job loss in the oil...
2021-02-09 | investing
... lining debt concerns—alongside below-normal spending on vacations and out-of-home entertainment due to pandemic restrictions—have left a portion of Americans with more disposable income and fewer ways to spend it. Stocks, which continue to yield strong returns, have become an increasingly attractive option for these consumers." Additional insights from the inaugural US Consumer Dynamics Report are featured below. The proportion of US consumers spending discretionary money on stocks and home improvements rose in Q4 2020—and shrank in every other category. Consumers' share of spen...
2021-02-05 | investing
... urther found that the majority of new investors—meaning those who opened a non-retirement investment account for the first time during 2020—were under the age of 45 and had lower incomes than investors who already owned taxable investment accounts prior to 2020. New investors were also more likely to be racially or ethnically diverse. “The spike in new investors demonstrates that people, given access and opportunity, will take steps to participate in the equity markets, potentially benefiting from the historically higher long-term returns these markets offer,” said FINRA Foundation ...
2021-02-02 | retirement
... nt Confidence Index from SimplyWise.com found that concerns over personal finances and savings remain high for all Americans. Yet certain populations, including seniors, people of color, and lower income Americans are disproportionately feeling the impact of the virus on their finances. Key report findings included: 55% of people are more concerned about retirement today than this time last year. 44% of Americans worry they'll never be able to retire—an all-time high. 23% of Americans don't have any kind of retirement plan. 64% of Black Americans could not last more than 3 ...
2021-01-29 09:30:30 | benefits workplace
... lth-care expenses. In 2021, 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 14:00:00 | millennial retirement
... y to come from their own savings and investments (36 percent global, 35 percent U.S.) and the government (36 percent global, 34 percent U.S.), than from employers (28 percent global, 32 percent U.S.). The life journeys of young adults require an increasing do-it-yourself approach to retirement preparations, especially given their job-hopping tendencies and expectations. More than half of young adult workers say the longest period of time they have worked for, or expect to work for, any single employer is one to five years (52 percent global, 59 percent U.S.). "Saving for retirement may...
2021-01-28 09:30:30 | pandemic women retirement
... guaranteed income solutions to protect against outliving savings, such as deferred income annuities (DIAs; 10% vs 12%), single premium immediate annuities (9% vs 16%) and qualified longevity annuity contracts (QLACs; 8% vs 11%). Source: Nationwide...
2021-01-21 14:00:00 | transportation spending
... of the biggest trends that they predict will shape the road ahead in 2021: The new vehicle market will continue to grow more pricey and exclusive as the pandemic drives an income divide among Americans. New car prices are skyrocketing: In December 2020 the average transaction 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 ...
2021-01-13 15:00:00 | pandemic spending
... ducing their spending and paying down debts while maintaining their jobs and their incomes. Millions of others, however, have been devastated financially in the wake of the COVID-19 pandemic and are struggling just to keep the lights on and food on the table. "Hope is an incredibly powerful thing, and the fact that it's beginning to rise after the year we've all just been through is unquestionably a good thing," said LendingTree's Chief Credit Analyst, Matt Schulz. "However, that doesn't change the fact that the economy is still a mess and millions of Americans simply can't afford a splurge o...
2021-01-13 14:00:00 | consumer expectations housing inflation
... roughly equal number rotating in and out of the panel each month. Unlike comparable surveys based on repeated cross-sections with a different set of respondents in each wave, our panel allows us to observe the changes in expectations and behavior of the same individuals over time. Source: Federal Reserve Bank of New York...
2021-01-13 | global confidence
... term will weigh on confidence. Africa & The Middle East (A&ME): Consumer confidence in A&ME climbed into optimistic territory in Q4, due in part to fiscal measures that improved the job and financial outlook of consumers. Consumers are the most optimistic in the Gulf Cooperation Council (GCC), where confidence will likely remain resilient in the months ahead. Pessimism is much higher in Africa, where heightened restrictions in response to a second wave and challenges accessing vaccines may suppress further gains in consumer confidence in the near term. North America: Generous go...
2021-01-12 12:05:00 | women retirement
... are Fraught with Concerns, Misconceptions: Gap Exists Between Care Need, Funding Plan Women outscored men on the understanding of who pays for long-term care, though only three in ten women (30%) correctly stated that most expenses are paid for by Medicaid, compared to just one in five men. Still, half of women express a high level of concern about the cost of healthcare in retirement, with one-third (34%) saying they worry about paying for long-term care expenses. Only 12% of women feel highly knowledgeable about long-term care, and the research reveals a sizable gap exists between b...
2021-01-12 | consumer confidence
... This month, eight of 21 demographic groups — such as age, income, race and party preference — that IBD/TIPP tracks are above 50.0, in positive territory, on the Economic Optimism Index. That’s vs. nine in December, eight in November, 15 in October, three in September, four in August and two in July. Twelve groups rose this month and one was unchanged. In December, nine groups rose vs. just three in November, all 21 in October, seven in September, 17 in August and two in July. For the Six-Month Economic Outlook component, 14 of 21 groups that IBD/TIPP tracks scored in optimistic ter...
2021-01-12 | debt credit cards
... ther survey findings: Over 34 percent of respondents lost at least a quarter of their household income Of those who lost income, 94.6 percent cut their spending by at least 25 percent, while only 5 percent say they are still spending just as much as they did pre-pandemic. Almost 30 percent admit to finally sticking to a budget, even though they had made a budget in the past and did not stick with it Approximately 45 percent of respondents feel that President-Elect Biden will be good for their finances Source: Debt.com...
2021-01-08 | housing
... ...
2021-01-01 | pandemic millennials
... gency expense. Even those lucky enough to maintain their income still may have had to tap savings to help others, as nearly one-in-five attribute their financial setback to providing “unexpected financial assistance to family members or friends.” Despite this, many Americans remain optimistic and determined to make their money work harder in the New Year, with 72% confident they’ll be in a better financial position in 2021. The fact Americans’ top financial resolutions are consistent with prior years is a reminder that the fundamentals of building financial stability remain consiste...
2020-12-31 | housing
... households would not be spending more than 28 percent of their income on mortgage payments, property taxes and insurance. That required income is more than the $64,447 average wage nationwide based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide unaffordable for an average household with two wage earners. Source: ATTOM Data Solutions press release ...
2020-12-30 | retirement workplace pandemic
... e of return (52%), invest entirely in cash or other low-risk investments once the participant is retired (53%) and provide a guaranteed stream of income at retirement (56%). "Over the past few years, target date funds have become a critical component of the retirement system, and our data show that participants rightfully appreciate the ease of use and diversification that these vehicles provide. That's good news, but our survey shows that sponsors, advisors and consultants need to do more to help participants understand how target date funds work, especially as those participants get close...
2020-12-28 09:17:32 | pandemic financial planning
... ct conversations. Higher-income investors are not markedly different in most respects from all investors in their estate preparation or preferences. However, those high-income investors surveyed are much more likely to want to leave a letter of wishes (70% vs. 56%). While most investors (62%) say they want to leave it up to their heirs to do as they choose with the money and assets they leave them, 35% want to determine the specific impact their estate has through directions they leave behind. “Having a specific impact after you are gone is difficult to do without discussing your goals wi...
2020-12-28 | housing
... hether in the form of employment income or federal stimulus payments to avoid a painful wave of evictions. Buyers will have a harder time affording homes, especially their first one Mortgage payments have become more affordable for homeowners over the past two years thanks to ultra-low mortgage rates. Zillow expects rapid price growth and slightly higher mortgage rates to reverse that trend in 2021, so buyers contemplating a move may consider doing so sooner rather than later. Given the expected volume of sales, hopes for an economic recovery as the COVID-19 vaccine rolls out, and th...
2020-12-26 | retirement pandemic
... 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 to change, it's encouraging to see more people working past the age of 65 out of choice and not necessity," says Mitchell. "Although that may not always be an option for all, having a tailored, diversified strategy with both insurance and investments can allow people to make informed choices regarding a retirement that suits their unique circumstances." S...
2020-12-22 | consumer confidence employment
... creased marginally from 21.6 percent to 22.2 percent. Regarding their short-term income prospects, the percentage of consumers expecting an increase rose marginally from 16.0 percent to 16.8 percent, while the proportion expecting a decrease declined marginally from 14.5 percent to 14.3 percent. Source: December 2020 Consumer Confidence Survey® The Conference Board / Release #8001 ...
2020-12-17 09:26:29 | financial wellness retirement
... might have on their future nest egg. As a result, a more significant amount (87%) believe having a guaranteed source of income in retirement is important or extremely important....
2020-12-14 | income spending credit
... ximately 1,300 household heads. Respondents participate in the panel for up to 12 months, with a roughly equal number rotating in and out of the panel each month. Unlike comparable surveys based on repeated cross-sections with a different set of respondents in each wave, our panel allows us to observe the changes in expectations and behavior of the same individuals over time. Source: New York Federal Reserve...
2020-11-09 | inflation financial situation
... n October decreased from 3.0% to 2.8% at the one-year horizon and remained unchanged at 2.7% at the three-year horizon. The decline was driven by higher-income respondents (household income above $100,000). Our measure of disagreement across respondents (the difference between the 75th and 25th percentile of inflation expectations) was unchanged at the one-year horizon but declined at the three-year horizon. Both remain substantially above their pre-COVID-19 levels. < br> Median inflation uncertainty—or the uncertainty expressed regarding future inflation outcomes—decreased at both horiz...
2020-10-02 12:00:00 | investing income
... ial for a lower level of risk than the stock market. Whether an investor is just beginning their financial journey or they have decades of experience under their belt, cultivating an income-generating component to a portfolio is an important step, and we're very proud to be offering this first-of-its-kind fund." TGIF will be sub-advised by Income Research + Management and Exponential ETFs. Toroso Investments serves as the ETF's investment advisor. TGIF has an expense ratio of 0.59%. Source: SoFI...
2020-09-16 | workplace
... ees (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....
2020-08-25 09:26:29 | women retirement
... lth, those with greater liquidity in their portfolio and those with defined benefit plan income were more likely to report high retirement confidence. For more information: https://www.gao.gov/assets/710/708121.pdf...
2020-08-24 | social security retirement
... doing enough to help Americans gain true financial independence in retirement. While a majority of Americans will or do rely on Social Security for retirement income, they are not confident in its future. For more information: Perron, Rebecca. Social Security Opinions and Attitudes on Its 85th Anniversary. Washington, DC: AARP Research, August 2020. https://doi.org/10.26419/res.00400.001...
2020-08-10 | inflation household finances
... 7% in June to 2.9% in July, above its 12 month trailing average of 2.5%. Consumers continue to relatively pessimistic about their household finances with median expected household income growth remained steady at 2.1% in July for the second consecutive month, which is well below its 2019 average of 2.8%. One-year ahead expectations about households' financial situations deteriorated with more respondents expecting their financial situation to worsen and fewer expecting it to improve. Both perceptions and expectations of financial conditions remain weak compared to pre-COVID-19 readings. ...
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