2024-04-09 14:00:00 | banking consumers small business
... surged since the COVID-19 pandemic. Despite this, 35% of respondents were unaware of mail theft as a method for check fraud, and 47% admitted to using mailboxes or mail services for checks. Signature Bank of Georgia's Executive Vice Chair, Freddie Deutsch, noted a rise in sophisticated fraud tactics, including check washing and wire transfer fraud, underscoring the escalating challenges financial institutions face. Consumer Awareness and Bank Technologies The survey revealed a gap in consumer practices and awareness regarding check fraud prevention, with 31% of Americans unsure if they fol...
2024-04-09 | consumers economy
... little change, but the survey highlighted a significant increase in the perceived probability of missing 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.Th...
2024-03-12 23:15:00 | consumers economy
... owth expectations increased by 0.2 percentage point to 5.2%. The increase was driven by respondents with a high school degree or less.Perceptions of credit access compared to a year ago deteriorated with a larger share of respondents reporting tighter conditions and a smaller share reporting looser conditions compared to a year ago. Expectations about credit access a year from now also deteriorated with a smaller share of respondents expecting looser credit conditions and a larger share of respondents expecting tighter credit conditions a year from now.The average perceived probability of miss...
2024-03-12 08:42:12 | retirement
... ding the charge at 73%.The traditional retirement no longer holds much appeal for more than half of Gen Z (60%) and Millennials (58%), who are encouraged by the rise of remote work and are more likely than their older counterparts to travel, relocate to somewhere scenic or abroad, or take a chance on starting their own business in retirement. Across generations, two-thirds look forward to pursuing work for pleasure while in retirement and hope for a phased retirement – working full-time at first, then part-time, before stopping altogether.“Americans are approaching their ‘golden years’...
2024-03-12 | healthcare
... in costs from 2021 to 2023 of 18.9%, but only 1.4% increase from 2022 to 2023. According to Arland, this is probably because of stabilizing post-pandemic housing market trends5 and inflation. “There is increased demand for skilled workers in the long-term care space, as 10,000 Baby Boomers turn 65 every day until 20306 and seven out of ten of them are likely to need long-term care services and support at some point.” ...
2024-02-26 | demographics housing
... ...
2024-01-18 | housing
... r opinion, rates will still need to be raised significantly in order to significantly lessen the "lock-in effect" that homeowners who refinanced or purchased during the pandemic faced. This is even with rates less than 6%. In general, we anticipate that both the mortgage market and homebuyer affordability will fare better in 2024 than they did in 2023." ...
2024-01-16 | consumers economy spending
... vacations fell. The share reporting a large purchase on furniture declined to its lowest value since April 2020 and is below pre-pandemic levels.The reported degree of month-to-month variability in household income was slightly lower in December 2023 compared to its August and December 2022 readings.Expectations ...
2024-01-09 | economy
... 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 expecting looser credit conditions and a smaller share of respondents expecting tighter credit conditions a year from now.The mean perceived probability that the average interest rate on saving accounts will be higher in 12 months decreased by 3.6 percentage points to 25.9%, its lowest level since November 2021.Perceptions about households’ current financial situations improved with fewer respondents reporting b...
2023-06-01 | investing
... dent James Lee, CFP®, CRPC®, AIF®. "Going forward, advisers will need more education on how alternative investments can provide potential diversification and risk mitigation benefits to overcome concerns about liquidity, fees, and expenses."While alternative investments are catching the attention of some financial advisers, the survey highlighted that over 90 percent of investment professionals currently use or recommend exchange-traded funds (ETFs). Notably, half of the respondents indicated plans to increase their utilization of ETFs over the next 12 months (50%), while only three percent...
... .-Ind.$390,00019.9 %8.2 %2.7 %-22.7 %32118.6 %1.5 ppCleveland-Elyria, Ohio$237,0009.1 %4.6 %-0.5 %-18.1 %3858.8 %0.4 ppColumbus, Ohio$394,00012.8 %4.9 %7.3 %-22.1 %221112.4 %4.0 ppDallas-Fort Worth-Arlington, Texas$469,000-1.4 %-3.3 %62.9 %-16.2 %371616.7 %7.5 ppDenver-Aurora-Lakewood, Colo.$682,000-1.8 %3.3 %27.7 %-26.5 %251516.7 %4.9 ppDetroit-Warren-Dearborn, Mich.$267,000-2.4 %-0.1 %-4.9 %-22.4 %301012.3 %0.7 ppHartford-East Hartford-Middleto...
2023-05-30 | demographics retirement
... hem,” said LaVigne. “From financial crises to politics to the pandemic, we all have reason to wonder what else might be just around the corner. That’s why it’s so important to have a written financial plan that includes not only sound strategies to accumulate the money you’ll need in retirement, but that also includes risk mitigation strategies to protect you from the inevitable rough patches.”Many Gen Xers and millennials feel like shifts in health insurance and employer-sponsored retirement plans have made financial wellness more difficult.56% of millennials and 49% of Gen Xers s...
2022-09-22 | consumers economy
... ) of UK consumers questioned find it difficult to make the minimum monthly payments on their credit cards. The poll of more than 1,000 UK consumers reveals that as the country transitions from the pandemic to the cost-of-living issue, individuals have merely switched their financial concerns. With 57% of those surveyed reporting using credit cards to make ends meet over the past year.Consumers in Generation Z are even more dependent on credit; 68% of respondents in the 18–25 age group said they rely on credit cards to make ends meet. Consumers are also becoming more financially wise as a res...
2022-09-22 | consumers demographics women
... rently the worst it's been in the last five years," said Ellevest Head Data Scientist Dr. Kate Sullivan, who constructed the proprietary index. "Women's financial health worsened during the pandemic, primarily due to employment levels, but it rebounded relatively quickly as the labor market recovered and access to paid family leave began to expand. Since then, however, it's been driven further down, as high inflation impacts her spending power and the overturning of Roe v. Wade clouds her economic future. No wonder consumer confidence has been falling, even as women return to the workforce." ...
2022-09-08 10:22:34 | economy
... rding to the monthly Return to Normal indicator from vehicle-shopping app CoPilot, the used car market has reached its pinnacle after used car prices reached all-time highs throughout the COVID-19 pandemic and supply chain delays, and even stayed steady amid several interest rate hikes this year. Most markets and brands have seen price declines following recent record highs. The price premium, or the difference between current listing prices and what the identical used automobiles would have been worth, is displayed by CoPilot's Return to Normal Index. This index accounts for the COVID-...
2022-08-05 12:00:10 | investing
... d 1,084 business owners from March 30-April 22, 2022. Source: UBS...
2022-07-28 10:00:00 | housing
... opportunities, and pandemic supply chain issues slowing the creation of new housing inventory. U.S. home prices increased by 40% between February 2020, at the start of the pandemic, and April 2022, per the Case-Shiller Indices, a leading measure of U.S. home prices. The most recent data for May 2022 showed a slight deceleration in home price growth, with the National Composite Index reporting a 19.7% annual gain in May, down from 20.6% in April. But the Federal Reserve and other central banks are increasingly hiking interest rates as they fight rampant inflation. Because of this, ...
2022-07-27 12:00:00 | financial planning
... 022 Planning & Progress Study, people who are dealing with financial uncertainty report that it has an impact on their health, work performance, and relationships. The following issues are reported by respondents: Depressing - 36% They are kept awake at night by 34% Their relationship with their spouse/partner - 28% They miss out on opportunities and social events - 28% You create problems with family members or friends (other than spouses/partners) - 26% Physically ill for 24% Their job performance is affected - 24% The ...
2022-07-27 | consumers economy
... "The most recent findings from the Pulse survey confirm what Prudential learned from its customers and partners: The financial challenges and opportunities facing Americans are as varied as the country itself," Caroline Feeney, CEO, Prudential's U.S. Insurance & Retirement Businesses. "Our goal is understand these diverse needs and provide innovative, tailored solutions that make an impact on the financial lives of our customers." Source: Prudential Financial...
2022-05-23 | consumers
... During the week of the survey in late 2021, 22 percent of employees worked entirely from home, down from 29 percent in late 2020, but well above the 7 percent who worked entirely from home before the pandemic. Most employees who worked from home preferred to do so, often citing work-life balance and less time commuting. Those working from home indicated that they would be about as 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,...
... ...
2022-05-04 12:00:05 | workplace
... of this survey may not be representative of all adults meeting the same criteria as those surveyed for this study. Source: Fidelity Investments ...
2022-05-04 12:00:01 | advice demographics
... ...
2022-05-02 12:00:00 | consumers credit
... check-to-paycheck consumers report a credit score above the FICO average (750). “Today, the number of people living paycheck to paycheck is reminiscent of the early days of the pandemic and has become the dominant lifestyle across all income categories,” said Anouj Nayar, Financial Health Specialist at LendingClub. “As inflation like we haven't seen in a generation takes more than our daily wages, Americans, thanks to income and credit ratings, are increasingly relying on credit products just to survive. That's why the financial services industry needs to offer the best tools to help...
2022-04-26 13:00:00 | investing pandemic
... ncial 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 overall financial lives. Hybrid offerings not resonating with investors: In addition to DIY investors...
2022-04-25 10:00:00 | financial planning
... to Face Planning Challenges As individuals and families contend with lingering financial losses ushered in by the COVID-19 pandemic, market volatility emerged as the number one threat to estate planning in 2022 (31%), up slightly from 22% in 2021 and 13% in 2020. Document management is also becoming increasingly complex for clients and their independent legal counsel, with the following being most difficult to upkeep: powers of attorney (31%), current wills (29%, up from 11% in 2021 and 31% in 2020) and guardian and beneficiary designations (20%, down slightly from 33% in 2021). "In ...
2022-04-23 | travel
... en 35% didn’t feel safe traveling, and an even more so since summer 2021, when 42% cited pandemic safety concerns. Source: Vacasa...
2022-04-20 | inflation retirement
... ncies The concerns of millennials today may be rooted in their experience living through the Great Recession and then the recent economic downturn tied to the pandemic. Add to these concerns the burdens of student loan debt, higher health care costs or the rising cost of child care and education, and the uncertainties deepen. Often coined a generation likely to spend their hard-earned money on travel or entertainment, millennials stood out in Voya’s research as having the most concerns about the long-term financial impact of both COVID-19 and inflation. Voya’s survey also revealed that ...
2022-02-11 12:29:10 | retirement women workplace
... e facing, feeling off course from their overall financial and retirement goals." The good news is women are turning their energy into action. Since the pandemic began, 66% of plan sponsors have noticed that women are more likely to make changes to their retirement plans than men. Of the women who are expecting to delay or cancel their retirement plans, 67% say they've shifted their overall approach to saving for retirement in response. The survey found women are also interested in exploring solutions that can help them reach their goals. About half (48%) of female participants showed int...
2022-01-10 12:00:00 | consumers economy
... 8%). The survey, conducted by the Harris Poll, finds economic confidence among respondents also remains relatively low at 40%, down 2% from one year prior and down 12% from the start of the pandemic. “It’s a fact of life that forces in the economy are going to impact how confident people feel about their finances,” said Empower President and CEO Edmund F. Murphy III. “Periods like this represent opportunities for savers to become even more engaged in their finances and seek the advice they need to help reassure them in their financial plan or put them on a path to help drive renewed...
2021-12-22 12:00:00 | real estate
... ssibility over proximity to the office. Austin, Phoenix and Tampa have consistently been some of the hottest spots for home buyers looking to relocate during the pandemic. Source: Redfin.com ...
2021-12-21 09:22:18 | boomers technology
... to access technology and its benefits. " Older people continue to incorporate technology into their lives. Some of the technological behaviors that emerged during the pandemic appear to persist, such as video chatting, online shopping, ordering groceries, banking and healthcare, with older people making more online purchases and financial transactions than in previous years. Over the past two years, the number of seniors using a home assistant and wearable devices has doubled. Research shows that learning to use and control smart home technologies is a major interest for people over 5...
2021-12-03 12:00:00 | pandemic workplace
... ...
2021-11-26 | economy retirement travel
... ey'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
... ded from policymakers and employers to address structural issues, bridge inequalities, ensure equal pay and benefits, and ultimately promote their retirement security," said Collinson. Source: Transamerica Center for Retirement Studies...
2021-10-20 12:10:10 | demographics
... d among those with lower levels of financial literacy." The economic uncertainty created by the COVID-19 pandemic has underscored the need for Americans to improve their personal financial knowledge, and 39% of survey respondents say they are now motivated to focus on their financial literacy. This feeling is more common among younger generations, with Gen Z, Gen Y and Gen X respondents reporting feeling the most focused (52%, 48%, and 44%, respectively). "The number of Americans who lack financial literacy, particularly in our younger generations, is deeply concerning," said An...
2021-10-11 12:00:00 | retirement
... As employees continue to endure the uncertainty and financial anxiety onset by the pandemic, their interest in retirement income products has dramatically increased — currently 72% percent of employees are interested in what guaranteed income products can mean for their financial futures, and nearly half say they would increase their contribution if guaranteed income were offered. “After a year filled with the unexpected, people are looking for something they can rely on,” said Ralph Ferraro, senior vice president, Retirement Plan Products and Solutions, Lincoln Financial Group. “...
2021-09-09 | retirement
... ...
2021-09-08 | consumers
... suggest programs and tools that are not well known based on an individual's unique goals and financial situation. Source: BMO Harris Bank...
2021-08-25 12:00:00 | economy
... l...
2021-08-16 12:00:00 | recreation
... nother recent survey by The Vacationer showed how much travel has rebounded since the start of the pandemic. Participants were asked if they traveled on the following holidays. Fourth of July 2021. - 51.41% Memorial Day 2021. — 27.17% Easter 2021. — 15.09% Christmas/Hanukkah/Kwanzaa 2020. — 23.40% Thanksgiving 2020. — 22.26% Fourth of July 2020. — 14.72% The more than 53% who plan to travel for Labor Day this year is over 10% more than the number of people that traveled for Easter and Memorial Day combined. Source: The Vacationer...
2021-08-16 09:08:19 | housing
... the biggest factor driving the drop in competition in Sacramento," Mercer said. "Sacramento exploded in popularity among remote workers during the pandemic. People coming from San Francisco were like kids in a candy store here because home prices were so inexpensive in comparison. But we're no longer seeing as big of an influx of those folks, likely because families can finally travel again and employers are asking people to come back to the office. It will be interesting to see if migration to Sacramento rebounds if the Covid situation continues to worsen." Sacramento was still the third-...
2021-08-10 09:08:19 | workplace
... t comes at no surprise that half of survey respondents say that work isn't as important to them as it was before the pandemic (50%), particularly Gen Z-ers (60%) and Millennials (57%) sharing such sentiment. With work-life balance being top of mind, three-quarters of all respondents would prefer a four-day work week (with the same hours) than a traditional five-day week (75%), including 90% of government workers. Interestingly, Gen Z-ers are the least adamant generation when it comes to such concept, as only 58% agree, compared to 77% of Millennials, 79% of Gen-Xers, and 78% of Boomers. Whil...
2021-08-09 09:26:29 | education
... t, visit: https://www.lendingtree.com/credit-cards/study/back-to-school-spending-leads-many-into-debt/. MethodologyLendingTree commissioned Qualtrics to conduct an online survey of 1,013 parents with children under 18, from July 21 to July 26, 2021. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control. Source: LendingTree.com...
2021-07-06 09:08:22 | transportation
... n Q2 2020. "Pricey, optioned-out pickup trucks have been the darling of consumers and the primary culprit in boosting the industry average transaction price during the pandemic, but the well of inventory has finally run dry," said Caldwell. "Consumers who can be more flexible are buying more passenger cars and SUVs, and although they're paying inflated prices for these vehicles, comparatively they command much less than their truck counterparts. Other shoppers are forced to sit out of the market until what they want comes back in stock." Edmunds analysts note that the...
2021-07-06 | workplace
... t increases based on seniority: CEOs: 66 percent are very comfortable/want to return. Individual contributors: 23 percent. Men are more comfortable returning than women: Men: 49 percent are very comfortable/want to return. Women: 31 percent. Older generations are also more comfortable returning than younger ones: Baby Boomer: 43 percent. Gen X: 38 percent. Millennials: 24 percent. Two-thirds of workers will be back in the office in the next 3 months. Nearly half of workers surveyed (43 percent) expect to return to the office by the end of September. Only 12 ...
2021-06-22 09:08:15 | travel
... at do parents think of traveling with children this summer? Parents who have dealt with the struggles of remote learning over the past year are even more prepared to get away, compared to folks with no kids. Of parents with children under 18, 42% are planning to go on multiple vacations compared to 34% of people without kids. Parents with kids under 18 are also more likely than those without kids to go on a longer vacation than in previous years (32% with vs. 26% without) and spend significantly more (20% with vs. 10% without). Source: Quicken...
2021-06-10 08:52:09 | housing interest rates
... f over their heads." "A lot of the people who were driven to hunt for vacation homes over the last year have already bought them," Fairweather continued. "The pandemic and remote work drove many affluent Americans to relocate to vacation destinations, at least part of the time. But with offices reopening and life returning to some semblance of normal, people are less focused on fleeing to the beach or the lake." Source: Redfin...
2021-06-09 12:00:00 | consumers digital pandemic
... unlimited data plan and adding 5G. Sixty-six percent of respondents noted they have had their smartphone for at least a year, while 31% noted they plan on upgrading within a year. Among respondents planning to switch mobile providers in the next year, the largest reason is to get 5G service, followed closely by getting better value for the price. Among those who do not yet have 5G mobile coverage, 54% say they intend to eventually buy a 5G-compatible smartphone and 52% will sign up for a 5G mobile data plan with their carrier, when 5G becomes available. Source: Deloitte, Connectivit...
2021-06-08 12:00:00 | housing
... ban areas did not significantly rise in 2020. Beyond that, Zillow's Urban-Suburban report found that despite some early pandemic-era narratives, suburban housing markets did not disproportionately strengthen in 2020 at the expense of urban areas. The biggest decrease in share of moves between area classes was from suburban to urban, which fell 1.5% year over year. The largest increase was seen in suburban to rural moves, which increased by 1.2% on the year. San Jose saw the most extreme changes in average home value for both those moving to and from ZIP codes within the metro, followed...
2021-06-07 12:00:00 | consumers
... % said knowing that recycled food and beverage cartons are used to make paper products, such as toilet paper and paper towels, makes them more likely to recycle them.” Source: The Carton Council...
2021-06-04 | demographics investing
... g young investors,” said Chris Larkin, Managing Director of Trading and Investment Product at E*TRADE Financial. “While the market has continued to rise during most of the pandemic, keep in mind that volatility is par for the course. It’s critical for investors to stay committed to a disciplined trading approach during the dips and consider valuations and the fundamentals of any one name before swooping in on a new buying opportunity.” Source: E*TRADE...
2021-06-02 12:00:05 | consumers economy
... improving, and the six-month economic outlook is nearing pre-pandemic levels. The job market also looks promising, with more and more businesses returning and/or opening to full capacity. As such, Americans can hopefully begin to feel greater stability after an extremely turbulent year." Economic Optimism Index Breakdown This month, 18 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 up from 17 in May and April, 16 in March, 11 in February, eight in January...
2021-06-02 12:00:03 | retirement saving
... ce recordkeeping client data and this year, it features findings derived through the lens of the global pandemic. "While the financial, physical, and emotional strains caused by the pandemic had, and will continue to have, repercussions on plan design and retirement savings outcomes, it was encouraging to see that through it all, plan sponsors and participants remained committed to retirement savings," said Kevin Collins, head of Retirement Plan Services at T. Rowe Price. Key findings include: The overall average pretax deferral ...
2021-06-02 12:00:00 | employment
... e well-being are also likely related to increased anxiety and stress resulting from multiple factors, such as the global health crisis, the economic crisis, and the lack of childcare," said Robin Erickson, PhD, report co-author and Principal Researcher at The Conference Board. "As some of these situations are resolved or 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...
2021-06-01 12:01:00 | retail spending
... ed in a store, 98% say they felt safe and comfortable while shopping during the height of the pandemic. Make it easy: Customers don’t want to have to spend more than five minutes finding an item or aisle. Fortunately, 66% of customers say their home improvement retailer met this threshold. One differentiator is customers’ ability to receive assistance without having to search or ask for it. More than half (55%) of customers give their primary retailer credit for doing so, but there is a definite range in performance, from the best-in-class retailer achieving this criteria 72% of the...
2021-06-01 | housing real estate
... takeaways for more than 400 U.S. metro areas during the 4-week period ending May 23, unless otherwise noted. Note that at this time last year, pandemic stay-at-home orders halted homebuying and selling, which makes year-over-year comparisons unreliable for select housing metrics. As such, Redfin has broken this report into two sections: metrics that are OK to compare to the same period in 2020, and metrics for which it makes more sense to compare to the same period in 2019. Metrics to compare to 2020: A record-high median home sale price of $354,250, and sales were up 24% year over year,...
2021-06-01 | housing real estate
... l estate axiom of "location, location, location", may be getting turned on it's head. The survey indicates consumer sentiment regarding homeownership may have changed, in part due to the COVID-19 pandemic, with people prioritizing additional space, both inside and out, more so than prime locations. According to the survey, roughly one in five Americans (21%) are planning to buy their first or next home or apartment in the next 12 months. When asked to select all items on their wish list, the top two responses were having room for family or friends to stay (30%) and wanting a large outdoor ...
2021-05-28 | consumers investing
... ust 13% of consumers reported spending on out-of-home entertainment and new technology products—compared to 21% and 20%, respectively, a year ago in Q1 2020. Spending on essential goods and services—including housing, groceries, routine transportation, medical, education, and health care—totaled 55% of household budgets in Q1, up +5.3 ppts compared to the previous quarter's atypical 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...
2021-05-27 | spending
... aid Greg Petro, CEO of First Insight. “More than a year after we began this study, our findings show that consumers are still very much concerned about how the pandemic is affecting their personal finances and overall feelings of safety while shopping.” Some gains were made in perceptions of in-store shopping safety. Trying on clothes in a dressing room. Sixteen percent fewer respondents (50 percent) say they do not feel safe trying on clothes in dressing rooms today, an improvement from last year when only 58 percent said they felt unsafe. Trying on shoes. Thirteen percent fewer ...
2021-05-24 09:26:29 | demographics wealth
... wealth, Millennials register the largest impact, with nearly 80% saying the pandemic changed how they will use their wealth in the future. Over half of all respondents say the pandemic has improved their donations and philanthropic commitment (52%). The same number also improved their saving levels (52%) and their relationship with their financial advisor (51%). “The Why of Wealth report sheds light on our highly emotional relationship with wealth, and how those relationships are influenced by age, profession and our lived experience,” said Gerald Baker, Head of Trust & Fiduciary Servic...
2021-05-20 | economy
... the global pandemic in January 2020," said Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board. "While employment and production have not recovered to their pre-pandemic levels yet, the U.S. LEI suggests the economy's upward trend should continue and growth may even accelerate in the near term. The Conference Board now forecasts real GDP could grow around 8 to 9 percent (annualized) in the second quarter, with year-over-year economic growth reaching 6.4 percent for 2021." The Conference Board Coincident Economic Index® (CEI) for the U.S. increased by 0.3 percen...
2021-05-19 12:00:00 | pandemic demographics
... t;Deloitte Global") and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more. Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Our global network of member firms and related entitie...
2021-05-19 | real estate
... mic, they still have the largest market share in the low-priced-home segment—a trend that has held constant for decades. In the first quarter, 1 of every 5 low-priced homes that sold in the U.S. (20.8%) was purchased by an investor. That compares with 12.5% of high-priced homes and 11.3% of mid-priced homes. Source: Redfin...
2021-05-18 | consumers spending
... ial impacts from the pandemic. Nearly one in three (27 percent) of Gen Z noted they have increased their emergency savings and one in five have increased the amount they're investing in the stock market (19%), compared to 12% of Millennials, 13% of Gen X, and 6% of Baby Boomers. "What we saw from recent trends with app-based trading platforms is that Gen Z is starting to get interested in their finances and investing and saving for the future," said Frerichs. "These apps ignite an initial interest that we hope continues to grow, leading to a desire to activate a more strategic,...
2021-05-13 12:00:01 | travel
... ostic Brown, publisher of Destinations magazine and host of the Vacations Unpacked travel series, produced by Wyndham Destinations. “It’s not surprising our survey found that the pandemic impacted travel for 81% of people, with 83% of them saying they were unable to see family and friends as often as they’d like last year. Vacation ownership offers travelers desirable accommodations, such as separate bedrooms, dining and living spaces, as well as fully-equipped kitchens and in-suite washers and dryers in most units, making the transition back to vacationing more seamless than ever.” ...
2021-05-13 12:00:00 | economy demographics
... ecially in the last few months – setting and maintaining good financial habits that will set them up for success in the future." Source: BMO Harris Bank...
2021-05-12 12:20:00 | consumer spending
... ng as the pace of vaccinations increase and restrictions are eased across the country,” added Wayne Best. “Signs of economic recovery, additional stimulus payments and optimism that the pandemic is waning are contributing to stronger spending compared to last year and even within recent months." The gains in spending momentum, however, remain uneven. The SMI for cities that experienced the greatest job losses in April 2020 has been on average 1.5 points lower over the last year than cities where job losses were more limited, indicating that fewer consumers were able to join the recovery...
2021-05-12 12:19:00 | demographics
... ch month to avoid paying interest. “We have been encouraged to see college students responding to the COVID pandemic with such resilience but worry they may be getting ahead of themselves financially,” said Ray Martinez, Co-founder and President of EVERFI. “Financial literacy will continue to be key as students find the right strategies for managing their money and working toward successful financial futures.” Personal Finance Areas Where Students Are Still Getting Good Grades Continuing a positive trend seen earlier this academic year, college students also seem to be respon...
2021-05-12 12:00:05 | employment workplace
... c, an increase from 49% in the previous survey, which was conducted in 2020. Roselyn Feinsod, Principal, People Advisory Services, Ernst & Young LLC, says: "Organizational culture has historically been built based on shared in-person experiences and it is fascinating to see that the new ways of working have improved such culture in the eyes of many employees. As we look toward the longer-term and organizations continue to transform their operations, employers will need to consistently re-assess conceptions of productivity and the impact on their cultures, ensuring their team's appr...
2021-05-12 12:00:01 | advice financial planning
... ...
2021-05-11 12:00:04 | housing real estate
... ...
2021-05-11 12:00:00 | consumers
... dissatisfied consumers. The decline in customer satisfaction, along with the spread of COVID-19, have led to less consumer spending and negative GDP growth. However, as the pandemic now seems to moderate or contract, GDP increased at an annual rate of 6.4% during the first quarter and, due to a massive pent-up demand, consumer spending grew by a record 10.7% — even as customer satisfaction declined. Low customer satisfaction will not matter much to GDP growth in the short run. In the long term, when the pent-up demand has run its course, it would be problematic if customer satisfaction co...
2021-05-11 | employment workplace
... ...
2021-05-10 12:00:01 | pandemic
... ...
2021-05-10 12:00:01 | real estate
... o stay-home orders and economic lockdowns related to the pandemic. Non-seasonal price growth is slightly bigger than seasonal price growth this month partly because prices in non-seasonal towns dropped more significantly at this time last year. Price growth for homes in seasonal towns started recovering last summer, and April marks the 10th straight month of 10%-plus year-over-year growth. To read the full report, including charts with metro-level data, please visit: https://www.redfin.com/news/second-home-demand-doubles Source: Redfin...
2021-05-10 12:00:01 | investing
... of a consumer-led recovery this year, while jobless claims dropped sharply during the period and reached the lowest point since the beginning of the pandemic. The Federal Reserve also held interest rates near zero and announced plans to continue to support the economic recovery. Source: TD Ameritrade, Inc. ...
2021-05-10 12:00:00 | demographics travel spending
... obal 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 making a comeback as a top destination, and there is a clear desire among more affluent tra...
2021-05-07 | housing real estate
... hotel stays and food. These price increases will likely be short-lived, but could cut into homebuyers' budgets and ease competition enough for the housing market to become more balanced. A more balanced market could encourage more move-up homeowners to finally sell, because they won't be so fearful about being able to find and compete for a home to buy." Source: Redfin...
2021-05-06 | investing
... say they make financial decisions together, but overwhelmingly believe that unless women are equally involved in these decisions, there will never be true gender equality. During the pandemic, stereotypical gender roles became exacerbated among couples when it came to discussing their wealth. According to the report, women defer to spouses because they believe they lack the knowledge (82%), the interest (73%) or the time to participate in the financial discussions, as they largely shoulder the burden of household responsibilities (78%). Men who take responsibility for the long-term f...
2021-05-06 | pandemic workplace
... mothers). “The pandemic has affected parents in particularly challenging and unique ways,” continued Fanning, a father of four. “As we prepare for better days ahead, it's important to openly acknowledge these challenges, plan ahead for changing and unknown financial circumstances, and seek support from friends, family, communities and professionals at every turn.” Source: MassMutual...
2021-05-04 | consumers
... % over the last month to hit the lowest level since early in the pandemic. Most people are now more comfortable regularly working on-site at their places of employment, which signals that we are approaching a broader reopening of the economy,” said Raghavan Mayur, president of TechnoMetrica, who directed the poll. “Additionally, Americans are using their stimulus checks to ensure their future financial security, with a combined 65% using checks to pay down credit cards, grow or replenish their savings or invest in the stock market. These factors suggest that as the economy continues to imp...
2021-05-04 | charitable giving
... already considered hunger our greatest challenge before the pandemic, widespread food insecurity 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 overa...
2021-04-30 12:00:00 | housing real estate
... 00 U.S. metro areas during the 4-week period ending April 25 (unless otherwise noted). Note that at this time last year, pandemic stay-at-home orders halted homebuying and selling, which makes year-over-year comparisons unreliable for select housing metrics. As such, Redfin has broken this analysis into two sections: metrics that are acceptable to compare to the same period in 2020, and metrics for which it makes more sense to compare to the same period in 2019. Metrics to compare to 2020: Asking prices reached an all-time high of $357,200. Homes that sold during the period were on the...
2021-04-29 12:00:00 | consumers
... nd took a closer look at the financial goals and impacts among Black and Latinx consumers – populations hardest hit by the economic impact of the pandemic. Unsurprisingly, the pandemic has had a significant impact on consumers’ finances, as many experienced a loss of income or a financial fluctuation over the last year. 37% of the general population said that their financial situation has gotten worse over the last year, with 16% reporting a job loss, furlough or loss of income over the last 12 months. 20% said that they had less disposable income, which is consistent among...
2021-04-28 12:00:20 | financial wellness pandemic
... e of financial literacy.” Given the connection between 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 ...
2021-04-28 12:00:10 | workplace
... w survey finds more than 1 in 10 Americans (11%) say they have already moved in the past year. Yelp's recent Economic Average report found that the pandemic housing frenzy has continued through the first quarter of 2021, with consumer interest in real estate agents up more than 90% from a year ago in every state. Consumer interest for junk removal services more than doubled in every state as people prepared to move or declutter. Top 10 U.S Metros for Digital Nomads, According to Yelp and Zillow: 1. Jacksonville, Florida Typical rental rates: $960 per month Taking the top spot is t...
2021-04-28 12:00:00 | employment pandemic
... ue to the significant job loss in leisure and hospitality which limited job opportunities to switch into that industry. The distribution of job switchers across gender remained the same from pre-pandemic to now. While wages for male job switchers were higher overall, wage growth was higher for females. This is indicative of the lower wage levels females currently receive. Compared to last year, the disparity in wages between male and females increased with age. The hourly wage for males is 7 percent higher for those 24-years-old and younger, whereas the hourly wage for males is 36 perc...
2021-04-27 09:18:30 | pandemic demographics
... ienced stress about their financial situation since the start of the pandemic (88%) say it has had at least some negative impact their mental wellbeing, including more than half (53%) say the negative impact has been major or moderate. Source: AICPA...
2021-04-27 09:18:23 | investing
... ial advisor. The study was fielded from December 2020 through February 2021. ...
2021-04-27 09:12:22 | consumers economy
... ion 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. Consumers' assessment of the labor market also improved. The percentage of consumers saying jobs are ...
2021-04-27 | housing real estate
... dipped nearly as much, dropping 42.3%. Source: Redfin...
2021-04-26 12:00:14 | travel
... , wanting to explore the great outdoors, and the ability to use an RV as a basecamp for other outdoor recreation activities,” Kirby continued. “While many new buyers reported the pandemic did have some impact on their decision to purchase, the survey results showed ‘restriction on other travel due to COVID’ came in fourth from the bottom of the list. This really shows that people didn’t buy RVs over the past year because there weren’t any other options, they bought RVs because of the endless opportunities RVing provides to travel and to get outdoors.” This new insight into the...
2021-04-26 12:00:10 | employment pandemic
... ...
2021-04-26 12:00:01 | demographics housing
... int between early 2019 and early 2020, while the white homeownership rate stayed flat. Black-owned home values have also grown just over one percentage point faster than white-owned home values each year for the last three years. In February 2020, Black-owned home values were up 4.6% from a year earlier, while white home values were up 3.6%. In February 2021, Black home values were up 10.9% from the previous year, while white home values were up 9.7%. This faster appreciation among Black-owned homes narrowed the overall home value gap from 16.7% to 15.9%.Further, the analysis shows that Black...
2021-04-23 12:00:04 | housing
... e monthly increase, bringing annual growth back above 1% for the first time since July. Rents have been softer since the beginning of the pandemic in many large markets and fell in the priciest ones -- though Zillow research shows those savings were limited to the most expensive zip codes. In March, rents rose at an accelerated rate almost across the board, though the highest year-over-year growth is taking place in the Inland West and Sun Belt, along with some more affordable metros in the Midwest and Rust Belt. Among the largest 50 U.S. metros, annual rent growth is highest in Riversi...
2021-04-21 12:00:00 | banking
... ed its 2nd annual Consumer Digital Banking study that found consumers across the U.S. and Canada have embraced digital banking and biometric identity proofing during the COVID-19 pandemic. The study found that almost half (41 percent) of North American consumers are more likely to use digital means to open a financial account than a year ago, while almost a third (32 percent) are less likely to visit a branch to open a new account. "In an effort to help stop the spread of the virus, consumers across North America have accelerated their move from brick-and-mortar branches to digital b...
2021-04-20 12:00:09 | housing real estate
... relative abundance of high-end homes to choose from." Non-luxury homeowners have also taken advantage of mortgage forbearance during the pandemic, allowing them to hold onto their homes in the event of a default instead of putting them up for sale. This is another reason the housing shortage is more acute in the non-luxury market, Fairweather added. The typical luxury home that was for sale during the first quarter spent 61 days on the market—38 fewer days than the same period in 2020. That compares with 26 fewer days for expensive homes, 18 fewer days for mid-priced homes and 14 fewe...
2021-04-20 12:00:09 | pandemic
... savings compared with 62% of white families. Parents of color saw similar trends with college savings: Black and Hispanic families were more than twice as likely to decrease rather than increase college savings (Black families: 35% versus 11%; Hispanic families: 34% versus 14%). In contrast, the percentage of white families that decreased college savings was comparable to the percentage of white families that increased retirement savings (26% versus 22%). This trend is particularly concerning because, according to the survey responses, Black families (34%) and Hispanic families (31%) are s...
2021-04-20 12:00:05 | payments technology
... y have." According to the 2020 Venmo Customer Behavior Study, more than 30% of Venmo customers have already started purchasing crypto or equities, 20% of which started during the pandemic. With the introduction of crypto on Venmo, the broader Venmo community will now have access to an easy-to-use and intuitive crypto platform to help them take part in the cryptocurrency market. Crypto on Venmo is enabled through PayPal's partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services. PayPal was also granted a first-of-its-kind conditional Bit...
2021-04-19 12:00:10 | millennials retirement
... ere also somewhat more likely to be laid off due to the pandemic (17%) than Gen-Xers (10%), and much more likely than Boomers (2%). The Power of Planning to Protect AssetsWhile protecting assets was their number-one financial concern, 88% of Millennial investors said that having a plan for their investments helps them feel in control, even if they can't plan for everything. To confront an extreme market drop and ongoing volatility, Millennials were much more likely to have a strategy to protect their assets against market risk in 2020 (71%) than they were in 2018 (53%). In fact, in 2020 Mille...
2021-04-19 12:00:05 | pandemic workplace
... ve during the pandemic, with 85 percent open to relocating and 40 percent open to moving internationally. They’re also in it for the long-haul. Among Boomers willing to relocate internationally, 61 percent are willing to stay for more than three years. Meet in Europe: Eighty-one percent of respondents chose a European destination as a top-three desired city to relocate to, with London being the most popular (20 percent cited the city in their top-three destinations of choice, followed by Paris (16 percent) and Rome (10 percent). However, the Americas and APAC also are well represented i...
2021-04-19 12:00:01 | ESG investing
... ncreased efficiency in a post-COVID world," added Schiffman. "Advisors were not able to engage with wholesalers in the same way they did before the pandemic and were initially hesitant to engage virtually. Now, as the COVID-19 vaccine rollouts progress and we may see a return to normal sooner than expected, advisors are eager to re-engage with wholesalers and are receptive to new relationships." Advisors continue to feel positive about conditions for success today and in the future, with the study showing that 77% are favorable (somewhat or very) about growing and scaling their practice tod...
2021-04-19 12:00:00 | demographics media
... e to half (46%) say that video games have taken away from other entertainment time. For all generations, listening to music is a top-three favorite entertainment activity. Around 60% of respondents have a paid streaming music service, and the same amount have used a free, ad-supported music service. For those who pay, the library of music was the primary reason, followed by an ad-free and reasonably priced experience. For those using a free, ad-supported music service, zero cost was the primary reason, followed by ease of access and a broad range of content. Social media is a gateway to e...
2021-04-15 12:10:00 | investing
... ll-service investors under age 40 have increased their frequency of interaction with their advisory firm during the pandemic, with phone (+33%), website (+25%), email (+24%) and mobile apps (+23%) emerging as the channels with the largest increases. By contrast, just 38% of investors age 40 and older increased their level of engagement during the past year. Younger investors twice as likely to make financial changes: During the past year, 58% of investors under age 40 made changes to their investment portfolios, such as increasing or decreasing investments, stopping recurring contributi...
2021-04-15 12:00:10 | employment retirement
... ains cautious. The majority of U.S. employers surveyed have remained committed to providing benefits and financial resources throughout the pandemic to help employees manage savings and income in retirement.2 COVID implications are top of mind for employers, with many reporting concerns about its long-term financial impact. More than half of employers express caution regarding the economic outlook for the next year (53%). This is a shift from July 2020, when 40% of employers expressed caution. Employers are concerned about how their employees will fair once in retirement as well as talent r...
2021-04-15 12:00:05 | housing
... .3% 16.7% Homes sold, seasonally-adjusted 597,300 -2.4% 10.1% Pending sales, seasonally-adjusted 537,700 -5.5% 22.1% New listings, seasonally-adjusted 527,100 -1.5% -7.1% All Homes for sale, seasonally-adjusted 1,458,600 -3% -28.9% Median days on market 25 -7 -19 Months of supply 1.1 -0.5 -1.5 Sold above list 42.0% 5.9 pts† 16.6 pts† Median Off-Market Redfin Estimate $337,500 0% 15.4% Average Sale-to-list 100.6% 0.8 pts† 2.0 pts† Average 30-year fixed mortgage rate 3.08...
2021-04-15 12:00:05 | banking
... n that delivers the financial services industry’s most actionable insights, found consumer banking preferences are shifting and behaviors are evolving by generation. The research reveals how the pandemic has accelerated changes in banking behaviors among Baby Boomers (Boomers+), Generation X (Gen X), Millennials and Generation Z (Gen Z) customers. These findings seek to better understand generational banking preferences to equip financial services leaders with the insights needed to plan for the future. Trends by generation include: The fastest way to capture the loyalty of Gen ...
2021-04-15 12:00:01 | pandemic retirement
... t about managing personal finances. Prior to the pandemic: Only about 35% of U.S. adults reported having an emergency fund. More than half of those making less than $50,000 said they've never created an emergency savings fund, saved more money for retirement, or worked with a professional financial advisor for guidance on savings and retirement. Today, most Americans (nearly 75% who are better off and nearly 70% who say they are worse off) say they have placed a greater importance on creating an emergency savings account going forward. Americans also want to save more for retirement ...
2021-04-14 12:01:00 | demographics investing
... Finance report can be downloaded at https://www.backslash.com/futureof. Source: Backslash...
2021-04-14 12:00:01 | demographics investing
... assets, grew in influence with a rising share of households and Assets Under Management (AUM). During the study period, the Mass Market grew from 30% to 38% of households with Mass Affluent ($100K to ...
... ...
2021-04-13 12:00:01 | investing pandemic
... ...
2021-04-13 12:00:00 | economy housing
... . This is a good sign, and considering the improving picture regarding the pandemic and climbing employment rates, we are looking at the potential for a strong year of recovery." “The transition rate from current to delinquent this January was the lowest in twelve months, which is another hopeful sign that family finances are beginning to improve,” said Dr. Frank Nothaft, chief economist at CoreLogic. “Further, the transition from 30- to 60-day delinquency was the lowest since last March and is likely to decline further with strong job growth. The consensus view among economists is th...
2021-04-13 | pandemic investing
... ey have had to dip into their retirement savings because of the impact of COVID-19. Millennials continue to be hit the hardest during the pandemic, with almost half (47%) saying they have had to spend some of their retirement savings (compared with 33% of Gen Xers and 22% of baby boomers). Further, more than half (59%) have also either stopped or reduced saving for retirement (compared with 41% of Gen Xers and 32% of baby boomers). Source: Allianz Life...
2021-04-12 14:00:00 | workplace employment
... etter experience 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 r...
2021-04-09 14:00:00 | entrepreneurship
... s placed on older business owners’ financial health,” said Claire Kramer Mills, assistant vice president 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 em...
2021-04-08 14:00:00 | retail travel
... ID-19 pandemic. IBV Study MethodologyThe IBM Institute for Business Value polled more than 15,000 adults in the Unites States, India, U.K., Canada, Germany, Mexico, Spain, Brazil and China in February 2021 to better understand consumers' perspectives on the COVID-19 vaccine, what they plan to do once they are vaccinated, and how it may affect their perspectives on a number of issues, including retail spending, transportation, future attendance at events in large venues, and returning to work. The full study is available at: https://www.ibm.com/thought-leadership/institute-business-value/repo...
2021-04-08 12:00:59 | investing
... ...
2021-04-08 12:00:00 | pandemic workplace
... % of middle managers, and 79% of senior managers answered they were presently highly satisfied with their jobs. Similarly pre-pandemic, 68% of individual contributors, 68% of middle managers and 80% of senior managers reported being highly satisfied with their jobs. Only 10% of employees surveyed want to return to the office full time, showing that flexibility to work from anywhere is key. 73% of managers said two or three days in the office and the rest working from home would be the preferred hybrid work model, while 54% of individual contributors preferred either a flexible 2-3 days a w...
2021-04-08 12:00:00 | small business
... Stokes, president of FranchiseVentures. "The next several months should show a wave of startups based on this data." Source: FranchiseInsights.com...
2021-04-08 12:00:00 | consumers spending
... st and second halves of the month: Sales in the first half of March increased 1.6% vs. a year ago, when consumers were hitting the stores and stocking up in the face of the pandemic. In comparison, during the second half of the month, retail sales rose 46.9% YOY. This growth reflects both the positive boost of the stimulus payments on consumer spending as well as the lockdowns that weakened retail sales across the country in the same period in 2020. The unique retail scenario of last March is also seen in the year-over-year comparison for the sectors. For instance, in March 202...
... e 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 barrier to homeownership is getting higher and higher." Home prices in seasonal towns are up 19...
2021-04-07 12:00:00 | housing
... easons why it's a good time to sell. Alternatively, while the net 'good time to buy' component increased month over month, it has not recovered to pre-pandemic levels, as the homebuying experience continues to prove difficult for many of the same reasons, namely high prices and a lack of supply." Good/Bad Time to Buy: The percentage of respondents who say it is a good time to buy a home increased from 48% to 53%, while the percentage who say it is a bad time to buy decreased from 43% to 40%. As a result, the net share of those who say it is a good time to buy increased 8 percentage p...
... ome so important. The LightStream survey 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 chi...
2021-04-06 12:00:00 | pandemic affluent
... . When life returns to “normal” after the pandemic, affluent Americans plan to spend more on grocery delivery (30%), food prep/meal-kits (27%), restaurant delivery (26%), house cleaning (25%) and laundry services (22%). The survey also found that people are opening up more about certain financial topics today than they did 20 years ago. Approximately three out of four affluent Gen X, baby boomer and senior respondents have long been comfortable talking to friends about real estate decisions, healthcare costs, and their approach to saving for retirement. However, they have become ...
2021-04-06 | housing
... t saw significantly more people coming than going, especially from more expensive, larger cities farther north and on the coasts. The pandemic has catalyzed purchases by millennial first-time buyers, many of whom can now work from anywhere." Source: Zillow.com...
2021-04-05 12:00:20 | consumers
... increase from 2019. Several factors may have contributed to this improvement; the recent survey revealed almost a quarter of respondents checked their score more often than before the start of the pandemic, while many consumers surveyed (29%) took steps to prepare for a recession such as cutting back on spending, which remained consistent with those surveyed one year ago (at 32%). Respondents also paid off debt, with fewer carrying credit card balances (a decrease of 13%) and student loan debt (a drop of 6%) compared to last year. Consumers feel more financially stable today Survey respo...
2021-04-05 12:00:05 | consumers
... ations of many Americans, which have been exacerbated by the COVID-19 pandemic," said TIAA Institute Senior Economist Paul Yakoboski. "But we have also seen Americans become increasingly motivated since the onset of COVID to improve their personal finances. Now is the time to focus on enhancing financial literacy as we look forward to life post-COVID." Financial challenges and lower levels of financial literacy are significantly more prevalent among the Black and Hispanic communities who face structural inequities and longstanding institutional biases: Thirty-two percent...
2021-04-05 12:00:00 | economy
... dged down to 6.0 percent. These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic. Job growth was widespread in March, led by gains in leisure and hospitality, public and private education, and construction. Friday's report was echoed by The Conference Board reporting the ETI increased in March, after a small decrease in February. The index now stands at 102.44, up from 100.01 (a downward revision) in February. The index is currently up 7.7 percent from a year ago. "The Employment T...
2021-04-01 18:00:00 | financial planning demographics
... es. This is important considering the current COVID-19 pandemic. Responses to future planning vary widely by environment and demographics. Financial preparation outlooks are positive for most groups, despite their current individual situation. Full Study: https://www.scoresense.com/emergency-preparation-study/ All figures, unless otherwise stated, are from PeopleFish. This study was conducted from a sample of 1,080 consumers in the United States aged 18+. The margin of error for total respondents is +/-3% at the 95% confidence level. Source: ScoreSense...
2021-04-01 15:00:00 | retirement investing
... stency of a monthly retirement paycheck is so appealing to investors," said Toni Brown, senior vice president and head of retirement strategy for Capital Group. "But as the pandemic has shown, our expectations are all too often disrupted by reality. Helping investors realize the goal of a retirement paycheck is anything but straightforward, and plan sponsors and financial advisors have an important opportunity to educate them on how to get there.” Perception versus reality The survey found that nearly 7 in 10 investors (68%) are confident they will reach their retirement go...
2021-04-01 14:00:00 | pandemic investing
... Investor looking like a rock star. The first was the rapid speed of the crash and subsequent recovery. Another unique factor was the intuitive winners and losers that would result from the pandemic. The Average Equity Fund Investor was a good fund picker in 2020, but I would caution investors from becoming overly confident. Abandoning a long-term strategy to find top performers seldom works out in their favor." Despite the improved behavior and outperforming the S&P 500 in 6 of the last 8 months of 2020, the Average Equity Fund Investor still underperformed the S&P 500 by 1.31% for the y...
2021-04-01 12:00:01 | housing real estate
... the housing market in 2021. A lot will depend on how well the broader U.S. economy recovers from the pandemic and whether there are still many more buyers looking to escape congested neighborhoods most prone to the virus, pushing prices even higher. But for now, our data shows that average workers are able to manage the costs associated with rising values." Among the 552 counties in the report, 327 (59 percent) had major home-ownership expenses on typical homes in the first quarter of 2021 that were affordable for average local wage earners, based on the 28-percent guideline. The largest of t...
2021-04-01 | housing real estate
... ly listed homes increased by 6.3% on a year-over-year basis. Despite the increase, newly listed homes ended March down 20%. Compared to a more typical non-pandemic year, March saw 117,000 fewer new sellers, adding to the more than 200,000 new listings deficit over the previous two months relative to the 2017 to 2019 average for the same time period. Rising interest rates have yet to deter buyers, or perhaps, they are pushing them to act quickly. Either way, the typical home spent 54 days on the market in March, six days less than last year. Homes are selling even faster in the 50 largest U....
2021-03-31 16:00:00 | pandemic investing
... elp them withstand unexpected changes. To that end, 30% of survey participants who did not have an advisor prior to the pandemic started working with one or intend to do so soon due to COVID-19. “A financial professional can play an important role in helping investors assess the long-term impact of their shifting priorities,” said Keckler. “Advice from a qualified advisor can help them navigate life’s twists and turns and stay on track to achieve their biggest financial goals for the future.” Source: Ameriprise Financial...
2021-03-31 15:00:01 | pandemic workplace
... rcentage 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 their employees, and then reflect these key learnings in benefits and work experiences they provide.” Research Methodology MetLife’s 19th annual U.S. Employee Benefit Trends Study (EBTS) was conducted in December 2020 and Januar...
2021-03-31 15:00:00 | pandemic retirement
... e first time due to the pandemic, compared to 12% of boomers. However, the challenge is more than half of Americans (57%) rarely consider the taxes they will pay or are paying in retirement and 31% aren't receiving the tax advice they need for retirement. There is an immediate opportunity for financial professionals to address this need, with half (50%) of Americans reporting they'd switch financial professionals for someone who could help them plan for taxes in retirement. More specifically, Americans would like advice on how to receive a tax benefit from itemizing (46%) and how to adjust ...
2021-03-31 14:00:00 | pandemic spending
... ...
2021-03-31 12:00:04 | pandemic spending
... good signs for a post-pandemic world.""I'd never say there's a silver lining to a pandemic, so I'll just say I'm hopeful we've learned some solid financial lessons," Silvestri says. "We'll know for sure when we conduct our credit card survey next year." Source: Debt.com ...
2021-03-31 12:00:00 | workplace
... k closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact. Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fue...
2021-03-30 15:00:18 | pandemic recreation
... esponses Up 50% - 40% Up 30% - 16% Up over 80% - 13% Up over 90% - 11% Normal - 7% Up 70% - 4% Way below normal - 4% Below normal - 2% Up 10% - 2% Source: CampgroundViews.com...
2021-03-30 15:00:00 | consumers
... he preliminary results was March 19. "Consumer Confidence increased to its highest level since the onset of the pandemic in March 2020," said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. "Consumers' assessment of current conditions and their short-term outlook improved significantly, an indication that economic growth is likely to strengthen further in the coming months. Consumers' renewed optimism boosted their purchasing intentions for homes, autos and several big-ticket items. However, concerns of inflation in the short-term rose, most likely due to rising ...
2021-03-30 14:00:02 | retirement
... all retirees retired as the result of employer circumstances, not because they reached a certain age or savings goal, nor because they wanted to pursue hobbies. "The collision of COVID-19 and Peak 65 has only accelerated the pace of retirements," said Fichtner, who is also a senior fellow at the Alliance. "It has created a windfall of early retirements, hastening the impact of Peak 65. Pensions have virtually disappeared and we're in an ultra-low interest rate environment making it hard to generate risk-free retirement income. Meanwhile, people are claiming Social Security early and missing o...
2021-03-30 12:09:00 | housing
... ...
2021-03-30 12:00:02 | economy demographics
... ent plan reported taking a loan from their 401(k) or similar type of personal retirement plan since the start of the pandemic. Nine percent of all investors took such a loan and among this group, the primary reason they cited for tapping their retirement funds was to pay off debt (35%). This was followed by 21% saying they used it to pay for a major expense, such as medical bills, and 16% said to help pay for their normal daily expenses. Another 18% said they used it to make a major purchase of some kind while 4% used it to help other family members. “While certain communities continue...
2021-03-30 | workplace employment
... c office life.” Gartner clients can hear more details by listening to the following on-demand webinar: Best Practices for Transitioning to Shared Seating and by reading the Gartner reports: 6 Steps for Estimating Shared-Seating Ratios and Build a Business Case for Shared Seating. Non clients can register for an upcoming webinar on this topic: Panel Discussion: Reopening Offices – What Finance Should Know or learn more about the digital future of finance here: Digital Future of Finance CFOs and finance leaders can participate in Gartner research and get complementary access by joining ...
2021-03-29 12:00:00 | housing
... s the right thing to do, and it’s also good for business, so landlords are highly motivated to work with renters to get through the pandemic together.” One mutually beneficial solution is offering a repayment plan and amortizing the back rent into ongoing rent payments, with landlords effectively serving as private creditors as they recover back rent over time. In this scenario, the benefit to the renter is avoiding an eviction, and the landlord is made financially whole. However, that might not be feasible for landlords who need a steady cash flow to make mortgage payments and remain a...
2021-03-26 | consumers economy
... tion Respondents age 25-34 are the most likely to invest their tax refunds or spend it on something fun Nearly 35% of respondents do not expect a refund Source: MyBankTracker...
2021-03-26 | economy
... nerally embedded in source data and cannot be separately identified. For more information, see “Effects of Selected Federal Pandemic Response Programs on Personal Income.” 2020 2021 Oct. Nov. Dec. Jan. Feb. Percent change from preceding month Personal income: Current dollars -0.7 -1.2 0.5 10.1 -7.1 Disposable personal income: Current dollars -0.9 -1.4 0.6 11.4 -8.0 Chained ...
2021-03-25 19:08:19 | housing interest rates
... results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.17 percent. “During the course of the pandemic, ‘home’ has become more important than ever. As a result, strong purchase demand continues—but buyers also outnumber the sellers,” said Sam Khater, Freddie Mac’s Chief Economist. “Since January, mortgage rates have increased half a percentage point from historic lows and home prices have risen, leaving potential homebuyers with less purchasing power. Unfortunately, this has disproportionately affected the low end of t...
2021-03-25 09:08:19 | pandemic saving
... rdingly: Nearly one-third (31%) say they’re saving more now to prepare for increased spending in the spring and 29% are saving up to take a vacation. Millennials/Gen Z are preparing most for “life as usual” to resume, with 41% saving more for future spending and 30% saving for a vacation. “No one has ever regretted being too prepared or having saved too much for when times got tough or for when an opportunity surfaced, which has proven out this past year,” added Fanning. “Building a financial cushion for emergencies and the future, and constantly assessing your fin...
2021-03-25 | pandemic insurance
... enerations about leaving their dependents in a difficult financial situation if they should die or burdening others with burial/funeral expenses. “The silver lining to this pandemic for our industry is that the awareness of the value of life insurance is at an all-time high,” said Faisa Stafford, LUTCF, president and CEO of Life Happens. “Twenty-two percent of insured Americans (29 million) believe they need more life insurance. For those without coverage, 59% say they need life insurance, which represents 73 million Americans. As educators about the importance of life insurance, we kno...
2021-03-24 12:00:00 | pandemic retirement
... vice president of Retirement and Cash Management at Fidelity Investments. “Although the survey indicates 36% of Americans are more concerned now than at the start of the pandemic on their ability to maintain a nest egg in retirement, at Fidelity, we saw retirement savings accounts reach record levels in the fourth quarter of 2020 and also experienced record levels of planning engagements with clients throughout the year. This is a remarkable validation of the faith so many retirement savers have in their own financial future and their ability to move forward confidently.” Want to Improv...
2021-03-24 12:00:00 | economy employment
... CEOs expect falling revenues, compared to a pandemic peak of 31 percent in last year's second quarter Investment & Hiring Gains Increases in fixed investment spending were planned by 44 percent of respondents during the first quarter of 2021, up from last quarter's 40 percent and last year's 38 percent Planned increases in hiring were reported by 66 percent of CEOs, just above last quarter's 64 percent and substantially above last year's 55 percent Source: Vistage...
2021-03-24 09:43:31 | pandemic housing
... le protection when home upgrades are made.” Hippo is playing an active role in helping homeowners maintain their homes. Hippo customers have access to Hippo Home Care, a virtual home concierge service that provides proactive home care and maintenance services. Homeowners can receive annual remote home checkups by certified Home Pros that work with customers to guide them through an inspection of certain systems around the home. Hippo Home Care has delivered thousands of home checkups and its Home Pros have performed over 11,000 preventive actions. Hippo has the most widely adopted smart h...
2021-03-24 | housing real estate
... ...
2021-03-22 12:00:00 | housing
... n in February 2020). “Despite the drop in home sales for February – which I would attribute to historically-low inventory – the market is still outperforming pre-pandemic levels,” said Lawrence Yun, NAR’s chief economist. He cautioned of a possible slow down in growth in the coming months as higher prices and rising mortgage rates will cut into home affordability. “I still expect this year’s sales to be ahead of last year’s, and with more COVID-19 vaccinations being distributed and available to larger shares of the population, the nation is on the cusp of returnin...
2021-03-22 09:08:19 | workplace
... d Karin Kimbrough, chief economist, LinkedIn. "As opportunity is democratized with remote work and talent movement, we'll see a spread of skills across the country, and this is the time for business leaders to take the opportunity to access different skills and talent not previously available to them." Source: Microsoft Corporation...
2021-03-21 | pandemic
... as the number one reason to use "buy online pickup in store" (BOPIS); however, in the latest survey, safety dropped to fourth replaced by "cheaper and faster than delivery," suggesting that a permanent trend is taking hold. Source: Deloitte ...
2021-03-19 12:00:00 | housing real estate
... ...
2021-03-19 12:00:00 | consumers pandemic
... ...
2021-03-18 15:00:01 | pandemic seniors
... 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, most seniors now have no desire to move. Over half of American seniors (55%) said they plan on living in their current home forever. Despite the negative effects that 2020 had on seniors' finances and the urge to remain...
2021-03-18 14:00:00 | real estate
... und six months to turn around - just not as much as they did in the previous few years," said Todd Teta, chief product officer at ATTOM Data Solutions. "It's too early to know if that small slide was a sign of weakness in the broader housing market or just a bump in the road. We will know much more as we gauge other key market metrics in the coming months."Home flipping rates down in 64 percent of local markets; biggest drops in South and WestHome flips as a portion of all home sales decreased from 2019 to 2020 in 126 of the 198 metropolitan statistical areas analyzed in the report (63.6 perce...
... ,” said Ric Edelman, founder of Edelman Financial Engines. “Seeking advice from an experienced financial advisor can help women improve their situation as we move past the pandemic.” The survey revealed, however, that relatively few women seek advice from financial advisors. In fact, more women have received advice from their parents (36%) than a financial advisor (27%). Source: Edelman Financial Engines...
2021-03-18 | retirement
... other streaming services during the pandemic than on their investment portfolio or developing a financial plan/strategy. Should Planning Be a Higher Priority? Asked how they felt about the amount of retirement planning they’ve done, just 27% of non-retired respondents said “very good” and they were “fully on track.” Worse, only 18% of non-retired respondents near or at retirement age (60-67 years old) said the same – which might be why only 26% of non-retired respondents in this age range said they have enough money saved for retirement, while fully 60% said they do not h...
2021-03-12 15:00:00 | demographics retirement
... ial. “The pandemic has taken a major toll on us all, so it’s no small feat to prioritize retirement and rebound from the challenges this year brought on. But if the pandemic has taught us anything, it’s to expect the unexpected—and putting a little away now can help ease the burden when times get tough.” Source: E*TRADE...
2021-03-12 14:00:04 | demographics health
... , compared to a 3% increase in Gen X workers and a 1% increase in Boomers. The latest data comes in an effort to understand the state of workplace behavioral health since the start of the COVID-19 pandemic. The Standard and Versta Research conducted the 2020 Behavioral Health Impact Update to complement the original 2019 Behavioral Health Impact Study, released prior to the coronavirus outbreak. Data from the 2020 study shows Millennial and Gen Z workers are more likely to miss work for mental health treatment, and many avoid treatment because of work concerns. While half of workers overall...
2021-03-12 | technology
... ts. Employers need more security training on the basics of password choice and the technologies available to protect accounts better. SOURCE ScoreSense...
2021-03-11 | pandemic technology
... ...
... olicy The survey also found that 50% of 35-44-year-olds have become involved in cryptocurrencies since the pandemic, higher than any other age group, a significant development, as ESET researchers recently found a slight increase in cryptomining activity following a decrease after the bitcoin crash in 2018. "As more consumers turn to online and mobile banking for their financial transactions, they appear to be becoming more educated about staying safe online. However, many people still need to make sure they are practicing safe cyber habits that do not make their financial information ...
2021-03-09 | technology
... y of more than 1,200 investors analyzed the impact of technology on financial advisor selection and in creating a financial strategy. Despite the digital shift brought on by the COVID-19 pandemic, more than four in five respondents (83%) noted they would prefer to work with a human financial advisor, compared to just 17% who say they would prefer consulting a robo-advisor. Of those respondents who consult a financial advisor, 43% consult a human financial advisor vs. only 9% that consult a robo-advisor. "Human-centered relationships are at the core of our business," said Frank LaQuinta, ...
2021-03-08 | employment
... th in economic activity and employment in 2021. The economy is likely to add 5-6 million jobs through the end of the year, and the unemployment rate will drop well below 5 percent. When the pandemic hit, a tight labor market appeared years away, but it may reemerge as soon as 2022." February's increase was driven by positive contributions from six of the eight components. From the largest positive contributor to the smallest, the components were: Percentage of Firms With Positions Not Able to Fill Right Now; Initial Claims for Unemployment Insurance; Number of Employees Hired by the Tempora...
2021-03-04 09:18:26 | savings
... by The Harris Poll. Twenty-six percent of Americans say they are spending more time managing their savings now than they were this time last year (i.e., before the start of the COVID-19 pandemic), with just 9% spending less time. Similarly, Americans report spending more time budgeting everyday expenses (26%) and paying and reconciling their bills (21%), with only 10% and 8%, respectively, saying they spend less time on these activities today versus a year ago. The survey asked Americans to select up to three choices from a short list of options regarding how they would be most likely t...
2021-03-04 | housing real estate
... of suburban areas since the beginning of February, a reversal from the trend since at least the beginning of the pandemic. Closed home sales were up slightly in all three neighborhood types in the four weeks ending February 21: 4.7% in urban areas, and 3.6% each in suburban and rural neighborhoods. Home supply dropped by double digits in urban, suburban and rural neighborhoods The total number of homes for sale in urban areas fell 21% in the four weeks ending February 21, compared with a 42.9% in suburban neighborhoods and a 46.6% drop in rural areas. There's a severe shortage of ho...
2021-02-25 | housing
... f houses for sale that most homes will attract a long line of eager buyers no matter what. As a result, many sellers feel they don't need to compensate the buyer's agent as much for that part of the process." iBuyers Pave the Way for Lower CommissionsHomes are increasingly being sold by thrifty businesses like iBuyers instead of individual sellers' agents. The term "iBuyer" (short for instant buyer) is used to describe a real estate company that purchases houses from homeowners in quick cash transactions, makes any necessary improvements to the homes, and then resells them. When an iBuyer r...
2021-02-25 | investing demographics
... support to family and friends last year. Hobson emphasizes, “The pandemic has further exposed fault lines between the fortunes of middle-class Black and white Americans.” She notes although real problems persist, Black Americans remain eternally optimistic: when asked to forecast their personal financial situation in 2021 compared to 2020, 60 percent of Black Americans say they feel their situations will improve, compared to only 40 percent of white Americans who felt the same way. Source: Charles Schwab/Ariel Investments...
... rage 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 (27% vs. 20%) Source: KeyBank...
2021-02-23 | financial wellness financial resilience
... ere is no reason this should happen, especially when they can make such a significant positive impact on employees' lives." "These unprecedented times are producing vulnerable employees that need help," said Mason Beard, chief strategy officer at Immediate. "It's an opportunity for employers—by answering that call, they will create gratitude which strengthens employee loyalty. Loyal employees help optimize business performance." MethodologyIn November 2020, Immediate commissioned research and strategy firm Sage Growth Partners to conduct two surveys: one of 1,250 employees across the count...
2021-02-22 14:00:00 | investing demographics
... Covid stay at home orders has created a sea change in the investment landscape. We have seen how retail investors transformed the market with the activity in meme stocks. This pandemic period has been history in the making and our data underscores the retail reckoning that has been coming for a long time," said Dan Pipitone, TradeZero America co-founder. The survey was conducted online in January with 1,000 self-directed investors who have minimum investable assets of $30,000. Other data points include: Bullish market outlook: Most investors have a bullish outlook on the market, with 52% ...
2021-02-17 | real estate
... Max...
2021-02-12 12:30:30 | real estate pandemic
... h, Redfin found that asking prices of newly listed homes hit a new all-time high of $334,770, up 10% from the same time a year ago, and pending home sales were up 29% year over year. The pandemic real estate market is further compounded by a severe lack of inventory. New listings of homes for sale were down 11% from a year earlier, and active listings (the number of homes listed for sale at any point during the period) fell 37% from 2020 to a new all-time low. Half (52%) of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 43% ra...
2021-02-12 09:30:30 | pandemic saving retirement
... w. Successful financial planning in today’s environment can only come from working together and communicating often about goals, priorities, and their combined risk tolerance.” Source: E*TRADE...
2021-02-09 14:00:00 | mortgage housing
... their financial house in hard-hit places. 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, li...
2021-02-09 | investing
... he first half of 2020, the share of consumers focused on climate change is now back near the pre-pandemic average of 6%. 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 ...
2021-02-09 | communication
... VID-19 – when asked how their shopping habits have changed, 36% of consumers said they’re buying more from small and local businesses since the pandemic set in. Source: ZipWhip ...
2021-02-05 | investing
... 0. And across all categories of investors, there were stark contrasts surrounding investment goals, risk taking, trading behaviors and investment decision-making. Source: FINRA...
2021-02-03 09:30:30 | housing economy
... have buyers eager to purchase the few listings that do hit the market. So I expect bidding wars, fast sales and double-digit price growth to continue. We are at a point in the pandemic where would-be sellers are expecting to be vaccinated in the next 6 months, so they may be waiting for that before selling. Once many more people are vaccinated for the coronavirus and more homeowners start to feel comfortable listing their homes for sale, the current deadlock of housing supply should start to loosen. Mortgage rates could inch up at the same time, which could bring a slight chill to the scorchin...
2021-02-03 | employment vacation
... e up for lost time in 2020. The study found that the U.S. reported the fewest number of vacation days taken in 2020 out of the 16 countries surveyed. Considering the impact of the pandemic on travel, feelings of vacation deprivation were unsurprisingly higher than in years' past, with 64 percent of U.S. respondents reporting they felt vacation deprived, a three percent increase from 2020 and 11 percent increase compared to five years ago. The study also found: Fewest Days Received, Most Days Left on the Table: Not only did U.S. employees take the fewest vacation days (8) in 2020, along...
2021-02-02 13:00:01 | housing
... elay listing their home until the pandemic fades or they are vaccinated. We can expect more inventory to come available in the second half of the year, leading to slowing in price growth toward year-end.” Source: CoreLogic...
2021-02-02 13:00:00 | pandemic retirement
... ss near- and long-term financial goals. While debt and bills may have been hard to talk about before, the pandemic has made it easier – and necessary – to have an open conversation on these topics." Source: TD Bank...
2021-02-01 12:29:10 | economy
... s winter. The forecast incorporates economic and other information available as of January 12, 2021, as well as estimates of the economic effects of all legislation (including pandemic-related legislation) enacted up to that date. The full report from the Congressional Budget Office can be accessed here. Source: Congressional Budget Office...
2021-02-01 12:00:00 | banking digital
... ual financial assistant now has more than 17 million total users, a year-over-year increase of 67% in 2020, and has helped clients with over 230 million requests. At the onset of the pandemic, Erica was trained to understand over 60,000 coronavirus-related terms and questions. More than half (58%) of all Erica interactions to date took place in 2020 alone, with 135 million client requests completed last year. The bank is also offering financial planning as a digital experience. Life Plan, is one of the most rapidly-adopted offerings in the company’s history. With Life Plan, clients can s...
2021-02-01 12:00:00 | financial advice
... navigate the economic fallout of the pandemic. “It’s no surprise that people feel starved for good financial advice – managing money is hard enough, but doing it alone and during a pandemic is near impossible” said Majd Maksad, cofounder and CEO of Status Money. “The problem isn’t the demand, it’s that most people can’t afford paying $1000 or more to hire an advisor.” Status Money solves that problem by enabling members to anonymously crowdsource financial advice from a community of more than 350,000 people for free. And starting today, it’s giving Premium members the...
2021-02-01 09:22:18 | banking digital
... aid unexpected dividends for customers during the Covid-19 pandemic. While deposits and core current (checking) accounts generally remain at customers' primary banks, they are losing customers on high-margin products such as loans, credit cards and investments -- those that better suit their needs. "We surveyed more than 56,000 consumers in 11 countries and found that while respondents most frequently cited affordability of a competing offer as their reason for purchasing products from another bank, they also cited better digital tools, a simpler purchasing process and convenience as key re...
2021-01-29 09:30:30 | benefits workplace
... y insurance and critical illness insurance can be confusing — especially for younger workers, who might have enrolled in these coverages for the first time due to the pandemic,” said Andrew Frend, SVP of Product and Strategy, Voya Employee Benefits. “Plus, with COVID-19 shining a spotlight on the need for greater financial security, the challenge for employers moving forward will be connecting health and wealth benefits as their employees continue to have an increasing need for budgeting, planning and guidance resources.” “Fortunately, benefits providers can help employers by: pro...
2021-01-28 14:00:00 | millennial retirement
... rtant that everyone begins saving and planning as early as possible to benefit from the long-term compounding of investments over the course of our lives," said Catherine Collinson, CEO and president of nonprofit Transamerica Institute® and TCRS, and executive director of ACLR. Source: TransAmerica...
2021-01-28 09:30:30 | pandemic women retirement
... ranteed solutions to help women protect their financial futures. In fact, given the impact of the pandemic, nearly six in ten women (59%) said they'd feel more secure if a portion of their portfolio was invested in an annuity to protect against market risk and more than half (55%) said they would feel more secure if a portion of their portfolio was invested in an annuity to protect against outliving their savings. Despite challenging markets, more than two-thirds of (67%) women and men said that they did not feel pressure to revise their investing strategy over the next 12 months. While wo...
2021-01-28 | housing
... ily or permanently closed or cut back. But a housing market boom that began in 2012 continued into its ninth year as a spate of buyers relatively unaffected financially by the pandemic – including a cluster looking to escape virus-prone urban areas - chased a declining 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 A...
2021-01-27 14:00:00 | pandemic retirement saving
... hen it comes to their financial strategies. 33% said they are more likely to work with financial professionals as opposed to 24% at the onset of the pandemic. 41% of survey respondents said they plan to spend less money on non-essential items. 38% percent plan to save more of each paycheck they receive. “This past year has been difficult for so many Americans. Those faced with financial hardships found themselves changing or adjusting their financial plans,” said Stephen Jenks, Empower Retirement Chief Marketing Officer. “But this tough year also has inspired some workers a...
2021-01-26 14:00:00 | insurance
... tomated digital service and just 7% trust a chatbot. "Insurers still have much to do to fully address new customer behavior caused by the pandemic, including permanently raised expectations regarding digital experiences,” said Todd Staehle, who leads the Insurance industry group for Accenture Interactive. "Insurers need to master a delicate balance, offering simple, self-service digital options as well as the human touch for more complex issues that require empathy or nuanced advice. In order to embrace long-term change, it's critical for insurers to empower their people with the right in...
2021-01-25 12:00:30 | pandemic investing
... or family and friends (21%) for help when making financial decisions. "Given the number of financial worries brought about by the pandemic, whether it be job loss, retirement considerations, caregiving, or providing financial support to adult children, it is important to seek advice," Okwuraiwe said. "These dynamics can be difficult to navigate. Investing in your financial education, consulting with a financial advisor, developing a financial strategy, and adjusting that strategy as situations arise are helpful strategies to increase financial resilience and stability." Source: Edward ...
2021-01-25 12:00:00 | workplace demographics employment
... been no change to their personal wellness while working remotely during the pandemic. Conversely, just 15 percent of Gen Z respondents reported the same. Managers and more senior leaders are much more excited about returning to the office than staff. Sixty-three percent of managers and directors, and 62 percent of VPs and C-suite executives are very excited to return to the office as soon as possible. However, only 26 percent of coordinators and specialists share that level of excitement. The Nintex Workplace 2021 Study also evaluates other important remote work topics including insight...
2021-01-25 09:21:00 | transportation automation
... h the shopping process. While interest in digital retailing continues to grow – and grew significantly in 2020 during the pandemic – Cox Automotive still believes that auto dealerships as physical locations play a critical role in the vehicle buying experience. To be sure, research consistently demonstrates that automobile shoppers still have a strong desire to spend quality time at the dealership, test driving the vehicle and setting up their new vehicle after purchase – both hands-on activities that are a lot more fun and informative than filling out paperwork and waiting. Still,...
2021-01-22 12:00:00 | data pandemic
... from gaming consoles in favor of smart TVs in 2020, households continued to consume data in very similar ways to how they did in 2019. Throughout the COVID-19 pandemic, consumers had adapted to a modified way of life. As lockdowns had eased, data consumption growth appears to have begun to slow in comparison to the peak months in early 2020. Comscore will continue to monitor these changing consumption habits on its Coronavirus Insights Hub. To learn more about how Comscore can provide you with custom insights, contact us today. Source: Comscore...
2021-01-22 | housing
... 22.2% from a year ago (5.53 million in December 2019). "Home sales rose in December, and for 2020 as a whole, we saw sales perform at their highest levels since 2006, despite the pandemic," said Lawrence Yun, NAR's chief economist. "What's even better is that this momentum is likely to carry into the new year, with more buyers expected to enter the market." Yun predicts a continuation of the strong activity that's currently taking place in the housing market and in the overall economy. "Although mortgage rates are projected to increase, they will continue to hover near record lows at...
2021-01-21 14:00:00 | transportation spending
... ge could throw a big wrench in production for automakers, which have only just gotten back into a good groove after shutting down during the pandemic," said Caldwell. "And there is the bigger question about what consumer demand for vehicles is going to look like in a post-vaccine world. Lots of additional wealth and resources have been pushed into new car purchases for now, but people have been cooped up for nearly a year. They might choose to shift their spending to experiences rather than goods, which could be a threat to car purchases." Source: Edmunds.com ...
2021-01-18 | healthcare insurance
... who were laid off or furloughed due to the coronavirus pandemic. In fact, 47% of all survey respondents reported losing insurance coverage after being laid off furloughed. Additionally, 39% reported they were able to keep their job but had their hours or salary cut also lost health insurance coverage in 2020. The main reason so many Americans still don't have health insurance coverage is cost. Of those who still don't have coverage, 42% said they don't have enough money to afford premiums or the deductible, while 31% said they have other expenses they need to prioritize. Women (51%) were mor...
2021-01-15 12:00:00 | housing mortgage rates
... gh the end of 2021, according to Freddie Mac’s Quarterly Forecast. “Despite the uncertainties of the pandemic, the housing market performed well in the second half of 2020,” said Sam Khater, Freddie Mac’s Chief Economist. “Low mortgage rates and the ability to work remotely continued to support the demand for housing, which is reflected in home sales reaching levels not seen since 2006.” Khater continued, “Entering 2021, we anticipate a modest rise in rates that will likely affect refinance originations, which are coming off a remarkable year. We therefore forecast total or...
2021-01-15 | financial planning apps advice
... t a time where Americans’ finances have been crowned the biggest stressor of 2020 amid the COVID-19 pandemic, according to a recent survey carried out by eMoney. When asked what caused people the most stress, 40% of U.S. adults said their finances, followed by work (33%) and relationships (16%). The impact of this financial stress was also found to be far-reaching, affecting respondents’ overall mental, physical, and relationship health. In terms of seeking any help, of all those who said their mental, physical or relational health[2] has worsened as a result of their financial situa...
2021-01-15 | economy
... iate risks to the forecast center around the path of the pandemic and progress on vaccination distribution. Impediments to that process could result in meaningful, adverse impacts to the timeline of projected growth. Otherwise, the ESR Group believes that conditions are favorable for a strong recovery, with inflationary pressure and higher interest rates being the most significant longer-term risks to growth. Housing activity is expected to remain strong in 2021, but sector growth will likely decelerate from the torrid pace set in the second half of 2020. While the ESR Group expects home sa...
2021-01-14 20:00:00 | spending entertainment
... n’t keep viewers tethered to traditional TV as more U.S. households turn from cable to streaming platforms to watch their favorite teams. After a pause in live sports caused by the pandemic, almost 39 percent of sports viewers are now watching live sports events via connected TV (CTV) such as ad-supported streaming and social media platforms, according to the survey. Only 30 percent of U.S. consumers cite live sports as a reason for maintaining a cable TV subscription – significantly down from the 60 percent that cited live programming, including sports, just nine months previously. “...
2021-01-14 14:00:00 | life insurance
... an strong with February experiencing record YOY growth of +5.6%, but with the onset of the pandemic, activity in March and April declined (-2.2% and -3.0% respectively). Activity returned to growth in May and we went on to have record YOY growth months in July (+14.1%), August (+9.1%), September (+4.4%) and October (+7.6%) and then again in December (+3.7%). Based on information provided to MIB, growth was seen across all face amounts up to and including $2.5M, with double digit growth in face amounts above $5M. However, activity by face amount varied greatly among age groups. Activity for ...
2021-01-14 10:00:00 | retirement spending
... d its impact on the market and economy was a learning moment for investors, who reported these top five takeaways: My portfolio strategy was able to weather the bad times. I need to have more cash reserves. I need to diversify more. I took on more risk than necessary. I need to rebalance my portfolio more often. The survey also asked respondents to weigh in on working from home, the impact of remote work on their spending, and plans for relocation. Respondents indicated that two-thirds (66%) of workers LOVE working from home, with only 6% expressing dislike of the hom...
2021-01-14 | housing foreclosures
... nt); Nevada (down 71 percent); and Massachusetts (down 70 percent). Counter to the national trend, Idaho saw a slight uptick (up 4 percent) from last year. Those metropolitan statistical areas with a population greater than 1 million that had at least 500 foreclosure starts in 2020 and saw the greatest decline in foreclosure starts from last year, included Jacksonville, Florida (down 74 percent); Las Vegas, Nevada (down 74 percent); Washington, DC (down 72 percent); Memphis, Tennessee (down 72 percent); and Orlando, Florida (down 71 percent). Delaware, New Jersey, Illinois post top state fo...
2021-01-13 15:00:00 | pandemic spending
... s 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 of any kind right now." To view the full report, visit: https://www.lendingtree.com/credit-cards/st...
2021-01-13 | global confidence
... idence that occurred in Q2—the same as North America and significantly more than other regions. Greater optimism about personal finances drove the recovery. As a percentage of GDP, the fiscal policy response of key emerging markets in the region is on par with that of some advanced economies, providing much needed income support to Latin American workers and households. Yet with broad vaccination unlikely to happen until late 2021 or even early 2022, a second wave of infections and heightened restrictions in the near term will weigh on confidence. Africa & The Middle East (A&ME): Co...
2021-01-12 11:01:00 | payments
... ile the universal focus is on mask use in stores, consumers are also eager to have payment alternatives to handling cash, pens and keypads. 47% of consumers say they will not shop at a store that does not offer a contactless way to pay. At the Card Wash: Card cleanliness remains key for consumers in the fight against the spread of Covid-19. More than three in five (62%) are taking steps to keep their credit cards clean; using disinfectant on their card is the top approach, at 31%. Regional Insights: Making Moves to Meet Consumers Pivoting to meet the new digital-first era: Nearl...
2021-01-12 | debt credit cards
... 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...
2021-01-11 18:00:00 | pandemic spending
... hey felt they had become significantly more financially aware in 2020, compared to just 22% of all respondents. With consumer spending habits changing because of the pandemic, financial "faux pas"—in other words, money missteps—are in decline, compared to last year. Overall, 50% of respondents admitted to committing some kind of financial "faux pas," a 4% decline from the previous year. One of the only rises in "faux pas" is a 3% year-over-year uptick in those who say they're paying for subscription services they don't use—from 22% last year to 25% this year—likely a result of peopl...
2021-01-11 14:59:00 | transportation
... timelines for a new vehicle. The COVID-19 pandemic has given rise to more virtual transactions, but certain aspects of the buying process remain difficult to digitize, reinforcing the consumers' desire for an in-person experience. U.S. consumers remain largely in favor of in-person sales experiences (71%). Having the ability to see the car in-person remains a major deterrent for fully virtual sales noted by 75% of U.S. consumers. Authorized dealers will remain a part of the virtual buying process with more than half (59%) of U.S. consumers preferring to interact with a franchised seller...
2021-01-10 10:00:00 | transportation
... ng increases, manufacturer websites are becoming more sophisticated to meet shoppers’ expectations. “The digital retail space continuously evolves but the pandemic forced many manufacturers to speed up the process,” said Jon Sundberg, senior manager of digital solutions at J.D. Power. “Websites are moving beyond the traditional research tools such as images and videos into a new world of allowing customers to go through the full purchase process online. Continuous updating beyond the basic research capabilities to accommodating interconnected systems which allow shoppers to purchase...
2021-01-10 08:24:41 | housing
... up 32% from pre-pandemic levels in January and February of 2020. For the week ending January 7, 30-year mortgage rates fell to another new record low of 2.65%. "The economy faces new challenges in the next few weeks, which are likely to see continued political instability and rising coronavirus cases," said Redfin chief economist Daryl Fairweather. "Still, it's unlikely that either will have a meaningful or long-term impact on homebuying demand, which, already extremely strong, is now bolstered by even lower mortgage rates. Migration and progressive economic policies will shape the housin...
2021-01-08 12:00:00 | stock market investing
... this quarter. Recession fears linger. Investors say their top portfolio risk is a recession (32%), followed by the pandemic (30%). Concern regarding the new presidential administration took a backseat (25%), ticking down 19 percentage points. The survey explored investor views on sector opportunities for the first 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 th...
2021-01-08 | housing
... 7% to 61%. As a result, the net share of those who say their household income is significantly higher than it was 12 months ago decreased 4 percentage points month over month. SOURCE Fannie Mae ...
2021-01-07 | housing
... summer high of $350,000. "The shortage of homes for sale has been an ongoing issue for the last couple of years, but in December the combination of the holiday inventory slowdown and the pandemic buying trend caused it to dip to its lowest level in history," said realtor.com® Chief Economist, Danielle Hale. "Looking forward, we could see new lows in the next couple of months as buyers remain relatively active, but a surge of new COVID cases may slow the number of sellers entering the market. Newly listed properties have shown mixed trends. While December's data points to possible relief on...
2021-01-05 | housing demographics
... th Black and brown communities and jobs hit disproportionately hard in the pandemic, there has been reason to worry another dip may be on the horizon that could slow or stop the progress. However, this is not the case, as the same factors that widened the gap in the Great Recession are not surfacing this time. Thanks to rock bottom rates on the most secure mortgages, extended forbearance programs, and rising home prices, there are no signs of another widening of the gap coming this year. However, through these turbulent times, continued vigilance and targeted intervention by policymakers is cr...
2021-01-05 | spending automotive
... m at odds with unemployment levels and the harsh financial conditions that so many Americans are finding themselves in right now, but the consumers who are buying new cars during the pandemic are clearly on the other side of the economic divide. They're likely qualifying for the lowest promotional rates and feeling secure enough to put down more money to get the bigger vehicles and features that they want." Edmunds analysts note that some of the trends in the new car market continue to trickle down to financed used vehicle purchases as well. Although Edmunds data shows that the average down...
2021-01-05 | bankruptcy
... ployment fueled by investors chasing yield as companies attempt to ride out this storm.” “New bankruptcy filings continue to slide into record territory as the global pandemic spurs regulatory intervention to keep U.S. consumers and businesses afloat,” said Chris Kruse, senior vice president of Epiq AACER. “The second stimulus package totaling over $900 billion is getting capital into the market and delaying bankruptcy filings across the country.” Chapter 13 non-commercial filings in December decreased 46% in 2020 with 147,144 filings, down from 272,420 filings for all of 201...
2021-01-04 | pandemic retirement consumer confidence
... ve their financial health Nearly 75% of workers anticipate the pandemic is impacting their path to retirement, and the same percent of retirees anticipate an impact on their accumulated retirement savings. As a result, both workers and retirees plan to make changes to help improve their financial health, such as: spending less (35%) saving more (29%) paying down debt (25%) Looking to 2021, consumers identify what’s most important and where they need help Poised with caution and maintaining a positive outlook toward the coming months, workers and retirees call attentio...
2021-01-01 | pandemic millennials
... ring from “financial losses due to the COVID-19 pandemic” as among their top financial resolutions for 2021. When asked what motivates them to make financial resolutions, 56% indicated “greater peace of mind,” demonstrating the critical link between financial and emotional wellness. The study also provided additional proof regarding the impact COVID-19 has had on families’ financial stability, as nearly one-third (29%) of Americans indicate they are in a “worse” financial situation compared to last year, versus only 19% who said the same in 2019 about the year prior. When face...
2020-12-31 | housing
... me prices have continued rising throughout 2020 and the housing market has remained remarkably resilient in the face of the brutal economic fallout from the Coronavirus pandemic. The future remains wholly uncertain and affordability could swing back into positive territory. But for now, things are going in the wrong direction for buyers." Among the 499 counties in the report, fewer than half (203) had major home-ownership expenses on typical homes in the fourth quarter that were affordable for average local wage earners. The largest of those counties, based on the 28-percent guideline, were...
2020-12-30 | retirement workplace pandemic
... ...
2020-12-29 | housing real estate
... have been below 3% since late July. "Going into the new year, it will truly be out with the old, because there will be very few homes from 2020 left on the market," said Redfin chief economist Daryl Fairweather. "So those who resolve to buy a home in 2021 may need to wait with bated breath for sellers to list their homes. Redfin's forecasts suggest the new year will bring many more new listings, but they will likely be snatched up quickly. So if you are a homebuyer, now is a good time to get pre-approved for a mortgage, and come up with your wishlist, so you can act quickly when your dream ...
2020-12-29 | housing real estate
... onal Composite matched this month's 8.4% growth rate was more than six and a half years ago, in March 2014. Although the full history of the pandemic's impact on housing prices is yet to be written, the data from the last several months are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes. We'll continue to monitor what the data can tell us about this question. "Phoenix's 12.7% increase led all cities for the 17th consecutive month. Seattle (11.7%) and San Diego (11.6%) repeated in second and third place. Prices were stronge...
2020-12-28 09:17:32 | pandemic financial planning
... s in the new survey (45%) report they have neither a will nor an estate plan. About a third say they do have a written will (34%), 4% have written estate plans, and 17% have both. “The pandemic has put in sharp relief the need to plan for the future, including having good end-of-life plans in place,” said Michael Liersch, head of Advice and Planning for Wells Fargo’s Wealth & Investment Management division. “The availability of the vaccine is great news, but it should not stop people from preparing estate plans.” Higher-income investors are no more prepared than investors as a ...
2020-12-28 | interest rates mortgage
... activity,” said Sam Khater, Freddie Mac’s Chief Economist. “Moving into 2021, we expect rates to hold steady but the key driver in the near term will be the trajectory of the COVID-19 pandemic and the execution of the vaccine.” 30-year fixed-rate mortgage averaged 2.66 percent with an average 0.7 point for the week ending December 24, 2020, down from last week when it averaged 2.67 percent. A year ago at this time, the 30-year FRM averaged 3.74 percent. 15-year fixed-rate mortgage averaged 2.19 percent with an average 0.5 point, down from last week when it averaged 2.21 perce...
2020-12-28 | housing
... al position after they were hit hard by pandemic-related income loss. The rental market softened in 2020, with rents about flat nationally. In large metropolitan areas like New York, Boston and San Francisco, rents dropped for the first time in recent memory. Still, given the impact of shutdowns and layoffs on renter households, government assistance proved vital in keeping many afloat financially. Moody's Analytics estimates nearly 12 million renters will owe an average of $5,850 in back rent by January 2021, shining a spotlight on the need for eviction protections or increased cash flow ...
2020-12-26 | retirement pandemic
... cles The study finds that the greatest obstacles to financial security in retirement have flip-flopped during the pandemic. Before COVID-19 began to spread widely, lack of savings (42%) was the top obstacle followed by healthcare costs (38%) and the economy (34%). Now it is the economy (49%) followed by lack of savings (33%) and healthcare costs (32%). Findings also reveal that people are relying heavily on Social Security as a funding source during retirement but don't have great faith it will actually be there when they need it. Social Security ranked as the top source of retirement fu...
2020-12-21 | credit cards mortgages borrowing
... ease summarizing trends from the past year is issued annually. The latest Credit Access Survey reveals the stark imprint of the pandemic on consumer credit markets, with most credit application and acceptance rates falling sharply after February 2020. Application and acceptance rates for credit card and credit limit increase requests showed the largest declines, followed by auto loans. Meanwhile, application and acceptance rates for mortgage refinances continued to surge through 2020, with primarily high credit score borrowers taking advantage of lower mortgage rates. Looking ahead, h...
2020-12-20 | housing mortgages
... sed by buyers' uncertainty about purchasing a home at the onset of a pandemic. Prices rose 4.9% year over year to $304,000 in April, a slowdown from 7% growth the month before. The average mortgage rate was 3.31%, a dip from 3.62% at the beginning of the year. ...
2020-12-17 09:26:29 | financial wellness retirement
... etirement is important or extremely important....
2020-11-17 09:26:29 | debt mortgages
... ce 1999). The decline in card balances reflects continued weak consumer spending amidst the COVID-19 pandemic, as well as households paying down existing credit card debt. Auto and student loan balances both increased slightly in the third quarter, by $17 billion and $9 billion, respectively. Auto loan originations, which includes both loans and leases, reached a series high in Q3. In total, non-housing balances (including credit card, auto loan, student loan, and other debts) saw a $15 billion increase. Source: New York Federal Reserve...
2020-10-06 | consumers pandemic
... ironment for nearly half a year has increased individual stress levels. Even in troubling times, there are some encouraging findings. A large majority (80%) of respondents feel the pandemic has taught them they can handle more than they realized. In addition, 77% say the experience has put life’s challenges into a different perspective; two-thirds indicate the experience has renewed and strengthened connections with friends and family. And, when thinking about challenging events, many discovered something unexpectedly good came out of the experience....
2020-09-16 | workplace
... ws the majority of working Americans will be looking to their workplace benefits for health and wealth support due to COVID-19, especially as they prepare for open enrollment in the midst of a global pandemic. While most working individuals (84%) believe that their core benefits (e.g. medical, vision and dental) are sufficient in helping cover unplanned medical expenses, Voya’s new survey also found that roughly 7-in-10 employees (71%) plan to spend more time reviewing voluntary benefit options offered by their employers as a result of COVID-19 than they did during the last enrollment per...
2020-08-20 09:26:29 | retirement
... the study also tracks coronavirus-related distributions among plan participants to provide insight into financial activity related to the pandemic. The latest recordkeeper data indicate that plan participants remained committed to saving and investing: preliminary estimates indicate that only 2.0 percent of DC plan participants stopped contributing to their plans in the first half of 2020, a typical rate across the majority of the 12 years ICI has tracked these data. That compares with 1.3 percent in the first half of 2019, and 4.6 percent in the first half of 2009 (another time of financi...
2020-08-19 09:17:32 | stocks millennials Gen Z
... Millennials and Gen Z investors are still waiting for their portfolios to recover, with on 9% of younger investors stating their investment portfolios have recovered since the pandemic. However, optimism remains high, with 50% thinking it will happen in the next six months, compared to 33% of the total population....
... he first decline since the second quarter of 2014 and is the largest decline since the second quarter of 2013. Reflecting the sharp decline in overall consumer spending due to the COVID-19 pandemic and related social distancing orders, credit card balances fell sharply by $76 billion in the second quarter. This was the steepest decline in card balances seen in the history of the data. Auto and student loan balances were roughly flat in the second quarter. In total, non-housing balances (including credit card, auto loan, student loan, and other debts) saw the largest drop in the history of t...
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