2024-05-13 | economy retirement
... p them understand the value of protection solutions, like annuities, which can guarantee income in retirement and guard against market volatility."...
2024-04-26 | retirement
... eople lack access to such plans. Congress is currently deliberating on various legislative proposals aimed at bolstering retirement security, including the bipartisan Retirement Savings for Americans Act of 2023 and the Automatic IRA Act of 2024. Several states have taken proactive steps to address this issue, with eight already operating auto-IRA programs and ten others in various stages of implementation. The recent enactment of auto-IRA legislation in Washington exemplifies this ongoing effort. Source : AARP...
2024-04-10 | consumers economy
... espondents rely on traditional bank accounts for future savings. On average, individuals save $175 monthly for retirement, yet over a quarter (26%) have not started saving for retirement at all. Contrastingly, average monthly discretionary spending amounted to $400 across various categories.The independent survey was conducted by a global consumer and B2B panel provider and included 1,000 U.S. adults, representative of the U.S. demographic landscape. It was carried out from February 23, 2024, to March 6, 2024, ensuring participant anonymity. ...
2024-04-09 23:15:00 | demographics retirement
... , and investing in financial products that guarantee lifetime income (35%). An equal percentage of respondents believe that extending their working years and postponing retirement could be a solution.The study also revealed a strong inclination among Americans to seek advice from financial professionals on optimizing investment returns (88%), maximizing Social Security benefits (88%), and choosing financial products that assure a lifetime income (88%).Conducted online in February and March of 2024, the survey involved a nationally representative group of 1,000 individuals aged 25 and above, wi...
2024-04-09 15:00:00 | consumers financial education
... .The FSM™ survey also delves into concerns over credit card debt, the merging of finances post-marriage, and the alarming trend of decreased savings for retirement among middle-income Americans. With 88% of respondents feeling the pinch of rising food prices, the need for a more comprehensive financial education has never been more apparent.Primerica’s findings offer a crucial insight into the financial uncertainties facing middle-income Americans today, underscoring the need for improved financial literacy and education to navigate the complexities of modern economic life....
2024-04-09 | consumers economy
... rement plans, with fewer opting for 529 plans for their children's college savings.80% of non-retired parents contribute to a retirement plan, with 63% contributing at least the employer-matched minimum.Only 28% of parents are saving for their child’s college expenses through a 529 plan.MOTHERS VS. FATHERS: Mothers managing family finances often sacrifice their own needs and feel less appreciated for their financial management efforts.56% of mothers typically defer personal care to prioritize family finances, as opposed to 31% of fathers.Only 42% of mothers involved in financial management f...
2024-04-05 | debt inflation retirement
... likely than Asian/Asian American (51%), Black/African American (50%) and white (39%) to have withdrawn from their retirement accounts because of inflation.Americans optimistic about inflationThe good news is that more Americans feel optimistic about inflation – 37% say they feel good about the direction inflation is heading, up from 31% last quarter. What’s more, fewer Americans expect inflation to get worse. While 74% said they expect inflation to get worse over the next 12 months in Q4 2023, 68% said the same in Q1 2024. This is the lowest percentage expecting inflation to get worse sinc...
2024-03-21 | advice retirement
... ...
2024-03-21 | banking brokerage retirement technology
... streamlined Accounts Overview experience provides clients with a summary of their accounts across banking, investing, and retirement.Full suite of digital tools in a single app. A consolidated platform home to Bank of America's suite of digital solutions, including Life Plan® and the Net Worth Estimator™ Tool, tailored to each client's financial needs.Payments and Transfer hub. One location in the app for clients to pay bills, transfer money between accounts, split the dinner bill with friends, receive customer payments and receive domestic and international wire transfers.Even more ways to...
2024-03-20 | investing wealth transfer
... receive an inheritance, financial advisors were most likely to rank preparing for retirement as their clients' top priority (21% of financial advisors), followed by clients passing on wealth to children (18%) and maintaining their own lifestyle (17%)."It's extremely important to listen and understand how clients are considering using their inheritance as it can alter their financial strategies and add to their wants, needs and wishes. With a more intimate understanding of a client's life, their values, goals, aspirations and risk, we can provide more comprehensive advice and meet more of thei...
2024-03-19 | financial planning retirement
... ...
2024-03-15 23:59:00 | retirement women
... most frequently are tax planning methods (37%), saving enough money to reach or maintain retirement (34%), and turning savings into retirement income (27%).Regarding their relationship with an advisor, one finding sticks out: women who are married or single (19% and 25%, respectively) state that feeling more confidence about their financial destiny is the primary reason they have an advisor.Although advisors are stepping up to the plate, they can overestimate their capacity to engage with female customers.Advisors are trying to work with more female clients as the market for solid advice beco...
2024-03-12 23:15:00 | retirement
... y.Almost three out of four respondents (72%) say they would feel more confident about having enough money to live comfortably in retirement if they had a source of guaranteed monthly income in addition to Social Security. 92% of people say securing a lifetime income is important, and 65% of them think it takes precedence over other financial goals....
2024-03-12 08:42:12 | retirement
... ...
2024-02-15 | consumers economy
... ls that were less popular include selling a home, establishing a non-retirement investment account and acquiring cryptocurrency.Checking, savings account balances remain lowAccess to traditional checking and savings accounts is high among the Black Americans in Achieve's survey, but many struggle with having an adequate base to meet their financial goals. For example, 79% of respondents report having a checking account, but 58% said they have less than $500 in those accounts, including 13% who said they don't have any money in their checking account. A similar dynamic exists with savings accou...
2024-02-15 | retirement financial wellness
... al professional is in consumers' lives," says Chet Bennetts, CFP®, CHFC®, CLU®, RICP®, CLF®, CFP® Certification Education and Chartered Financial Consultant® (ChFC®) Program Director at The American College of Financial Services. "When we measured financial anxiety and financial stress, those with a financial professional had 20% less financial anxiety and 25% less financial stress."With robust results from surveying more than 3,765 Americans aged 50 to 75, the Retirement Income Literacy Study research team plans to release additional data to provide deeper analysis into topics hi...
2024-02-01 | consumers spending
... f of them plan to continue working part-time after retirement. This could be due to financial need or the decision made by certain couples to follow new interests after retirement.The study's findings indicate that for relationships to achieve financial harmony, there has to be more communication and collaborative decision-making. Among other interesting patterns, almost one-third of couples say they differ about their future big financial objectives. Furthermore, women are much more likely than men to believe that their partners are more knowledgeable about investing-related subjects; 57% of ...
2023-06-01 | demographics finances
... r workplace (48%), one that they purchased on their own (13%), or both (11%)."The sooner young people start saving for retirement, the more their money has time to grow, and the better they'll feel about their financial futures," said Jeanne de Cervens, Director of the AgingWell Hub. "We can't have people this early in their careers resigning themselves to thinking they won't do as well financially as their parents did. We need employers, community groups and others to step up and show young workers how they can plan and get ahead."The report also found that while more Black Americans currentl...
2023-05-30 | demographics retirement
... 2Allianz Life conducted the online survey in February and March 2023 with a nationally representative sample of 1,000 individuals age 25+ in the contiguous U.S. with an annual household income of $50k+ (single) / $75k+ (married/partnered) OR investable assets of $150k....
2022-09-22 | consumers demographics women
... right moves. Only 38% of women reported feeling concerned about market volatility vs 58% of men — which explains why more men than women have paused their retirement contributions and withdrawn money from the stock market. Women expect more from their employers: 44% of women (and 56% of millennial women) would leave their current company if its values on reproductive rights did not align with their own. The Ellevest Financial Wellness Survey 2022 gives further insights into women's money mindsets. Highlights from the findings show: A higher salary does not mean less financial stress: ...
2022-08-09 12:12:12 | demographics retirement
... dren about using their home equity. 76% of adult children said they have never discussed utilizing their home equity to fund their retirement years. Source: AAG...
2022-08-09 12:00:00 | economy inflation
... being able to retire when they want, compared to Millennials and Boomers. Gen X was more concerned about retirement expenses (56% vs. 41% of Millennials and 44% of Boomers). Gen X fights inflation Generation X has cut spending more than Millennials and Boomers in the last year. Gen Xers have cut back on discretionary spending like dining out or entertainment (61%) and essential purchases like groceries or gasoline (41%), or delayed a major purchase like a vehicle or home appliance (39%). "Many Americans are struggling. About half of investors believe navigating the...
2022-08-05 12:00:10 | investing
... ey from UBS optimism among high-net-worth investors dipped to early-pandemic levels. The survey of over 2,800 investors and 1,100 business owners in 14 markets found that investors are saving for retirement and delaying big purchases. Nearly three-quarters of investors are worried about making bad investment decisions and are holding cash. Despite this, they see long-term investment opportunities in energy security, smart mobility, and automation/robotics. Iqbal Khan, President of UBS Europe, Middle East, and Africa and Co-President of UBS Global Wealth Management, said investors ar...
2022-08-05 12:00:00 | retirement women
... t their futures," said Alliance for Lifetime Income CEO Jean Statler. "41% of women say portfolio protection is more important than high returns. As women near retirement and enter their highest-earning years, they should consider adding protected income to their portfolios." Women are risk-averse in their careers (32%), personal lives (30%), but not their investments (12 percent ). 43% say they take more financial risks than with their life or work. Many "future selves" may regret not taking personal risks in 20 years. Saving more money for later (45%) is the only regret in the top five...
2022-07-27 12:00:10 | housing
... ...
2022-07-27 12:00:00 | financial planning
... ...
2022-07-27 | consumers economy
... ial has a long tradition of monitoring Americans' financial health to better understand their needs. The survey, which surveyed 4,000 adults, explores the unique perspectives and goals of an American population and the challenges and feelings they face as they plan for the future. These are key demographic findings: Women still face unique challenges in advancing their careers and improving their financial security, despite greater wage growth and a more flexible, remote work culture. Nearly 40% of respondents felt not adequately compensated for the work that they do. Millen...
2022-07-14 12:00:00 | consumers economy
... rethinking future financial plans. Forty-two percent say they plan to work longer before retirement, and three-quarters (75%) of employed middle-income Americans say they don’t think they have enough saved to retire comfortably, up 10 percentage points since March. In addition, one in five plan to find a higher paying job (22%). Source: Primerica, Inc. ...
2022-07-13 | demographics investing
... O'Leary added. "Competing responsibilities and goals make a personalized wealth plan especially important for Millennials, with a focus not necessarily on retirement planning, but instead on planning for their specific life goals, including entrepreneurial endeavors." Supporting the greater good As they've built their wealth, Millennials have developed their own priorities when it comes to how they invest. Nearly 85% of survey respondents said it's important to consider environmental, social and governance (ESG) data as part of their investment decisions, and that these investments are a...
2022-06-01 10:39:58 | demographics retirement
... to – a gap that gets smaller with age. Most Americans want and expect to live independently as they age; only in their 80s did more respondents say they would need support to do so. Source: AARP ...
2022-05-23 | consumers
... rn to the office as if their employer instituted a pay freeze. In addition, the report explores families' experiences related to banking and credit, income, housing, retirement, student loans, and retirement alongside several new topics, such as the use of emerging financial products including cryptocurrencies and "Buy Now, Pay Later" services. The survey included 11,000 adult respondents....
2022-05-19 12:02:00 | retirement
... ier, at an average age of 33. Source: New York Life...
2022-05-19 | retirement
... ...
2022-05-11 12:00:01 | retirement
... t plans and goals with family and friends, beginning or expanding volunteering activity and working with a financial advisor, who can be instrumental in interpreting current market conditions and developing a holistic financial plan to better financially prepare for a 100-year lifespan, as well as the expenses that come with it. Source: Edward Jones...
2022-05-04 12:00:05 | workplace
... are still assessing their current job – they are prioritizing increased salary, flexibility at work and financial benefits like retirement savings,” added Lannan. “However, current college students are putting a greater emphasis on their quality of work life when they are thinking about their career moves after graduation. At Fidelity, we understand that money touches all aspects of a person’s life, so while it’s important to feel like a company is the right cultural fit, and there’s access to professional development opportunities, it still remains critical to understand the finan...
2022-05-04 12:00:01 | advice demographics
... value of professional advice. They say the greatest value advisors provided was by helping them better understand their whole financial picture and preventing them from making emotional investment decisions. In retrospect, they say the pandemic served as a reminder of basic financial lessons, including the importance of having an emergency savings account (53%), keeping their spending in check (51%) and having a will and estate plan (38%). Source: Natixis ...
2022-04-27 12:00:00 | consumers economy
... retirement savings from market risks: 65% said given recent market volatility, they wish they had more of their retirement savings protected from market loss 59% said they are looking to add more protection to their portfolio after the recent market correction 66% said they wish they could have locked in their gains during recent market highs Allianz Life conducted an online survey, the 2022 Q1 Quarterly Market Perceptions Study in March 2022 with a nationally representative sample of 1,002 Respondents age 18+. Source: Allianz Life ...
2022-04-26 12:10:00 | crypto retirement
... plan, digital experience and education to help them make informed decisions. Newfront, a provider of retirement consulting services, indicated that DAA could help address a growing need among their client base. “Increasingly, we are seeing interest from leading employers to add digital assets to their 401(k) plan," said Chris Call, EVP Retirement Services, Newfront. “As companies consider alternative investment options in their plan design, we believe digital assets are worthy of consideration.” Employers can expect additional updates in the coming months as Fidelity continues ...
2022-04-25 14:00:00 | demographics financial planning retirement
... ore – it’s a financial state that allows for the flexibility to make work optional. It may be a phase in life you frequent every now and then or push off until you’re really ready to slow down. Either way, crunch the numbers and start saving to ensure you’ll have the nest egg you want, whenever you decide to crack it open. First things first, stash some cash. To feel more prepared for uncertainty or rapid changes—whether in your ambitions or driven by shifting economic and societal landscapes—have a financial cushion to fall back on. Generally, a solid emergency fund means b...
2022-04-25 12:00:02 | investing retirement
... s to make a plan and have a goal you're aiming for," Brownstein says. “Most likely, this includes setting an equity goal that will allow you to maintain your lifestyle after retirement.” Source: Personal Capital...
2022-04-20 | inflation retirement
... savings picture when it comes to the benefits we provide our employees.” “While a focus will always remain on driving greater outcomes for retirement, the realities of our world today require a shift in thinking about the opportunities to harmonize one’s entire savings picture. Resources such as health savings accounts to offset the burden of medical costs, student loan debt support and tools for building emergency savings continue to grow in popularity as employer wellness benefits. Going forward, it will be critical for employers to provide support in these areas so these generati...
2022-02-11 12:29:10 | retirement women workplace
... ent 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 interest in in-plan guaranteed lifetime income. ...
2022-01-10 12:00:00 | consumers economy
... ericans are also prioritizing financial goals in 2022. When asked what their top new year’s resolution is, paying off personal debt (37%) and saving for retirement (36%) now surpass traditionally common goals like exercising more (33%) and losing weight (28%). “The fact that paying off debt is a higher priority than exercising shows many people want to improve their financial health, and it’s clear that financial confidence is intrinsically linked to overall health and wellness,” says Personal Capital’s Chief Marketing Officer, James Burton. “Americans are seeking financial advi...
2021-12-06 09:22:18 | advice demographics
... a retirement plan and have no idea when they will be able to retire. Over half of Millennials (57%) considered starting a side gig to boost their contributions to their retirement savings. Source: NAPFA...
2021-11-26 | economy retirement travel
... g they'd be more likely to frequent a small-to-medium size business that offers text messaging. Consumers ranked phone calls and regular mail as the least preferred methods of business communication....
2021-10-29 09:08:19 | demographics retirement
... ...
2021-10-21 12:00:00 | retirement
... glide path to help set an optimized annual spend down amount that changes each year, starting at the point of retirement." The Retirement by the Numbers research draws upon actual saving and withdrawal patterns from approximately 4,500 DC plans with more than 1.4 million participants1. Retiree spending data comes from more than five million de-identified JPMorgan Chase Bank, N.A. (Chase) households. Source: J.P. Morgan Asset Management...
2021-10-14 | retirement
... rectly held pooled investment funds, stocks, bonds, quasi-liquid assets, savings bonds, whole life insurance, other managed assets, and other financial assets. It does not include physical assets such as a home or a car. The data for this research is for households rather than individuals. Source: National Institute for Retirement Security...
2021-10-12 12:00:00 | retirement
... mong those who save for retirement, 30% of respondents use a 401k, and 27% have savings in a non-retirement account. The Regions Next Step omnibus survey questions were part of a national online survey that took place between Aug. 9-11, 2021. The survey reached 1,258 U.S. adults. The results are weighted and are representative of all U.S. adults (18+). Source: Regions Bank...
2021-10-11 12:00:00 | retirement
... p provide that, giving people the confidence that they will not outlive their retirement savings.” Source: Lincoln National...
2021-09-09 | retirement
... ring more financial support to family members Source: Kiplinger/Personal Capital...
2021-08-25 12:00:00 | economy
... layed saving for retirement 14% delayed buying a home 8% delayed having children 7% delayed marriage Having to pay down debt also carries weight in the way people feel about their long-term financial stability – 78% say that debt has impacted their ability to achieve long-term financial security. "The latest numbers show steps in the right direction compared to previous years, but we continue to see debt hindering many Americans from having the financial freedom to make other important decisions in their lives," said Mitchell. "Having a plan of action to manage debt...
2021-06-24 09:08:19 | advice banking
... telligence at J.D. Power. “There is huge opportunity for retail banks to forge deeper relationships by helping customers with things like advice on investment and retirement planning, building savings to cover emergencies and techniques to ensure paying bills on time.” Following are key findings of the 2021 study: Targeted, personalized financial advice drives gains in customer satisfaction: Overall customer satisfaction increases 229 points (on a 1,000-point scale) when customers are offered advice/guidance that completely meets their needs. Banks manage to achieve this 52% of the...
2021-06-22 10:08:19 | healthcare
... co, California, a 50-year-old man can expect to spend an average of $368,421 ($128,755 present value) and his wife $486,520 ($166,309 present value) for long-term care. Source: HealthView Services...
2021-06-02 12:00:03 | retirement saving
... quot; Source: T. Rowe Price Group, Inc....
2021-05-26 12:00:00 | retirement
... t of the American people, since they do not provide open and accountable deliberation. Elected officials should instead focus on meeting the health and retirement income needs of all Americans. The new survey comes in advance of the soon-expected annual Social Security and Medicare Trustees' reports. Additional survey findings: People age 65 and older (89%) are slightly more likely than those age 50 to 64 (81%) to strongly oppose reducing Medicare benefits to reduce the deficit, and People age 65 and older (87%) are slightly more likely than those age 50 to 64 (83%) to strongly oppose r...
2021-05-18 | consumers spending
... ir journey to retirement and then another 30-35 years after that." Source: COUNTRY Financial...
2021-05-12 12:19:00 | demographics
... g moves that promise a more lasting impact. Over two in five (43%) plan to start saving for retirement within the next year, and 44% also plan to build up an emergency fund of 3 to 6 months of living expenses. Students are also more confident in their plans for repaying student loans. Over three in four college students (77%) plan to pay their loans on time (up from 68% last year), and 75% plan to pay off their student loans in full (up from 66%). Additionally, nearly half (44%) will try to qualify for a student loan forgiveness program. “Student loan debt is typically a major source o...
2021-05-07 | retirement healthcare
... prepared in years to come.” Broader awareness is much needed, as 58% of current employees say they have spent little or no time thinking about what they need to cover in retirement. Even among those who have, 50% believe they’ll need just $50,000 or less to meet health care expenses4. Fidelity’s estimate assumes both members of the couple are enrolled in traditional Medicare, which between Medicare Part A and Part B covers expenses such as hospital stays, doctor visits and services, physical therapy, lab tests and more, and in Medicare Part D, which covers prescription drugs. S...
2021-05-06 | retirement
... these options could be used to create long-term retirement sustainability. Meanwhile seniors own over $8 trillion in housing wealth, which could be used to supplement income for millions of seniors in America. To read the full results of the AAG Post-2020 Retirement Survey, visit the link below:https://www.aag.com/post2020survey/" Source: AAG ...
2021-05-04 | financial planning
... a lower tax area as part of your retirement planning. High medical deductions may mean it’s time for a check-up on your health insurance. For charitable contributions, you can magnify your giving power by grouping them into years when you have enough deductions to itemize, rather than giving about the same amount every year. Source: AICPA...
2021-04-29 12:00:00 | consumers
... al tools when looking to improve financial health 34% of the general population prefer a digital tool that helps them budget or automatically save, consistent with a third who prefer expert advice or interaction with a banker. Source: Chase...
2021-04-26 12:00:10 | employment pandemic
... ). Remote workers were not significantly more satisfied with their jobs. A mixed bag: While some respondents may have appreciated the increased flexibility and the elimination of a daily commute, others may have suffered from the lack of in-person interaction and perhaps a less-than-ideal working environment at home. Age impacted job satisfaction: Older workers actually grew happier during the pandemic—but not younger workers. Age matters: Those under 35 experienced a drop in satisfaction, while those 55+ experienced an increase. Better benefits: Older workers are likely to...
2021-04-26 12:00:01 | demographics housing
... zoning could make buying more accessible and bring significant strides toward closing the wealth gap. In the most optimistic scenario, Black millennials could see housing equality in their retirement, and finally pass on some real wealth to the next generation." About 42% of Black households own their home, compared to 72% of white households, and Black-owned homes are typically worth about 18% less than white-owned homes. Zillow estimates that if Black homeownership rates and home values rose to match those of their white counterparts, Black wealth would more than double (from $931 billio...
2021-04-20 12:00:09 | pandemic
... debt. MONEY CONFIDENT KIDS is a registered trademark of T. Rowe Price Group, Inc. SOURCE T. Rowe Price Group, Inc....
2021-04-20 12:00:06 | investing payments
... eporting interest about investing in the asset class. Looking deeper, only a quarter of these crypto-curious women are under the age of 35, and 25% are near retirement at 55 or older. Education is crucial in converting crypto-curious consumers to actual holders, with 39% of those who don't hold cryptocurrency considering themselves "somewhat or very" knowledgeable about cryptocurrency, but 60% identifying as "not very" or "not at all" knowledgeable. A strong majority of U.S. adults (77%) indicate they are open to learning more about digital assets, whether they ...
2021-04-19 12:00:10 | millennials retirement
... actors for Attracting MillennialsThe opportunity to work with Millennials is substantial. Advisors and financial professionals can tap into Advisor Authority insights to better understand these younger investors, meet their needs, earn their trust and win their business. Millennial investors, like other generations, said that years of experience was the number one-factor for choosing an advisor or financial professional—but Millennials (41%) cited this slightly less than Gen-Xers (47%) and far less than Boomers (57%). And while all generations said personalized advice for a holistic plan w...
2021-04-19 12:00:10 | retirement
... th more than $10 billion in DC assets under management. “The survey’s findings reflect the ongoing changes in defined contribution – a pivot to solutions for retirement income, best practices for default fund/target date funds, evaluation of ESG products, etc. – and provide invaluable insights for sponsors and consultants who want to best serve end investors,” says Julie Meggers, PIMCO’s Global Head of Consultant Relations. Other survey findings: Target-date funds remain the most recommended Qualified Default Investment Alternative (QDIA), with all consultants and advisors s...
2021-04-15 12:00:10 | employment retirement
... ...
2021-04-15 12:00:01 | pandemic retirement
... comparison, in a previous TIAA Financial Resiliency Survey conducted in July 2020, only 44% of Americans making between $40,000 and $74,000 per year said that having a source of guaranteed lifetime income contributes most to financial resiliency.1 To see the full survey results, click here. Source: TIAA...
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 | pandemic investing
... avings (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...
2021-04-09 14:00:00 | entrepreneurship
... horizon to rebuild those accounts. “AARP has launched the Small Business Resource Center, which offers information and resources about funding sources to consider for entrepreneurs at every stage of their business journey – from starting, to managing, to growing that business. We’ve had about 10,000 users in the two months since the debut of the resource, demonstrating that older entrepreneurs want real tools to help them along their journey.” The report was released today as part of an event, The State of the 50+ Entrepreneur, co-hosted by AARP and the New York Fed. More in...
2021-04-06 12:00:00 | pandemic affluent
... sts, and their approach to saving for retirement. However, they have become increasingly comfortable talking about changes to life plans due to financial concerns (72% today vs. 66% 20 years ago) and how market volatility impacts their personal investments (71% today vs. 63% 20 years ago). Compared to other generations today, millennials are even more comfortable talking with friends about all types of financial topics. The Modern Investor: Getting Educated and Socially Conscious Respondents are turning to a range of resources to learn about the market and manage their investments in lig...
2021-04-05 12:00:05 | consumers
... t have non-retirement savings sufficient to cover one month of living expenses, compared to 35 percent of white Americans. Blacks and Hispanics correctly answered 37 percent and 41 percent, respectively, of the P-Fin Index questions, compared to white Americans, who correctly answered 55 percent. "Our data shows a direct link between financial literacy and financial well-being, and demonstrates how knowledge can help better position Americans against adverse economic conditions," said Annamaria Lusardi, University Professor and Academic Director of GFLEC. "Just as we need t...
2021-04-01 15:00:00 | retirement investing
... investors (46%) reported receiving materials or tools from their employer. 37% of women and 42% of millennials said more personalized advice would be most helpful. While millennials are interested in simplified plan menus and better fund descriptions to help them make better investment decisions, more than a third of Gen Xers (34%) want clearer explanations of the plan’s investment options, and regular updates about plan changes (33%), in addition to personalized advice on what investment(s) to choose (33%). For additional information and the full report, click here. Source: ...
2021-03-31 16:00:00 | pandemic investing
... ne in five (18%) have accelerated their plans to retire, and of these respondents, 83% said the decision was voluntary. Only 13% of those who had a retirement date in mind said the pandemic delayed this target. As respondents prepare for the future, growing savings (58%) and investments (46%) are more important to them now than they were before the pandemic. More than a quarter (26%) intend to increase the amount they invest for the long term in 2021. Similarly, nearly half (45%) of respondents reduced their spending during the pandemic – and 30% of them expect to remain frugal with th...
2021-03-31 15:00:00 | pandemic retirement
... he retirement they want." Source: Nationwide...
2021-03-30 14:00:02 | retirement
... ...
2021-03-30 12:09:00 | housing
... ...
2021-03-30 12:00:02 | economy demographics
... of the nonretired investor is 47 and the retiree is 68. The Wells Fargo/Gallup Investor and Retirement Index is an enhanced version of Gallup’s Index of Investor Optimism, which provides the historical trend data. The Investor and Retirement Optimism Index has an adjusted baseline score of 100 from when it was established in October 1996. It peaked at +152 in January 2000, at the height of the dot-com boom, and hit a low of -81 in February 2009. Source: Wells Fargo...
2021-03-25 09:08:19 | pandemic saving
... arly as possible for retirement. Other key findings: Two-thirds of Boomers pay their bills on time (vs. only 52% Gen X and 49% Gen Z/Millennials). Half (50%) have eliminated spending on non-essential things (vs. 43% Gen X and 39% Gen Z/Millennials). More than a quarter (27%) have built a larger emergency fund in case of severe downturns and nearly half (46%) are currently saving for an emergency fund. Pocketbooks reopening? The majority (68%) of respondents reported that they did not make any unanticipated big purchases and 37% reported spending less during the pande...
2021-03-24 12:00:00 | pandemic retirement
... s had at least one investment account and those over age 34 had at least $100,000 investable assets. The generations are defined as: Baby Boomers (born 1946-64), Gen X (born 1965-80), Millennials (born 1981-96) and Gen Z (born 1997-2012). Interviewing for this CARAVAN® Survey was conducted February 5-12, 2021 by Engine Insights, which is not affiliated with Fidelity Investments. The results of this survey may not be representative of all adults meeting the same criteria as those surveyed for this study. Source: Fidelity Investments...
2021-03-18 15:00:01 | pandemic seniors
... five seniors (21%) said that the events of 2020 caused them to withdraw additional funds from one or more of their retirement accounts. The COVID-19 pandemic forced all of America's seniors to remain home for the majority of the year, causing many to feel increasingly safer at home. More than one out of every four seniors (28%) said they felt safer at home in 2020 than years prior. With the increased time spent at home, 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 th...
2021-03-18 | retirement
... ...
2021-03-16 | retirement
... tand the motivations behind retiree spending in order to provide optimal retirement income solutions." ABOUT THE RESEARCH T. Rowe Price used data from the Health and Retirement Study (HRS) and its supplement Consumption and Activities Mail Survey (CAMS), produced and distributed by the University of Michigan. T. Rowe Price specifically used data from the original CAMS cohort first interviewed in 2001, following the same group of retirees from 2001-2015. T. Rowe Price's final analysis sample consisted of 1,470 households. All spending and income numbers were inflation adjusted using the ...
2021-03-12 15:00:00 | demographics retirement
... Ozgenc, Executive Director of Financial Product Management at E*TRADE Financial. “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...
2021-03-09 | technology
... ce track portfolio performance and risk profile 89% of those who seek financial advice do so to set financial goals for retirement, put a loved one through college, estate considerations, etc. "Clients are looking for a financial advisor to be a guide, someone who can understand them and help them achieve their financial goals," LaQuinta said. "As clients' and investors' expectations change, technology will play an important role in supporting the evolving health, family, purpose and financial needs – helping them feel informed, understood, secure and in control about their future." ...
2021-02-25 | investing demographics
... as many Black 401(k) plan participants (12% vs. 5%) borrowed money from their retirement accounts. Almost twice as many Black Americans (18% vs. 10%) dipped into an emergency fund. And nine percent of Black Americans (vs. 4% of white Americans) say they asked their family or friends for financial support in 2020, while 18 percent of Black Americans and 13 percent of white Americans acknowledged giving financial 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 not...
2021-02-22 | investing demographics
... ents to begin investing, which backs the earlier start. Only 36% of young investors plan to use that money for retirement. Instead, 35% will primarily use those returns to make additional investments, while 19% will use the money to pay for a major purchase like a home or a car. Nearly two-thirds (64%) of investors 40 and younger have withdrawn money from their investment accounts to spend. Of that group, the top three reasons were paying off debt (35%), buying a car (30%) and making a down payment on a home (25%). 22% of young investors trade stocks at least once a week. Even those who ...
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...
2021-02-05 | investing
... rchers surveyed nearly 1,300 households in 2020. Respondents were grouped into one of three categories: New Investors who opened one or more non-retirement investment account(s) during 2020, and did not own a taxable investment account at any time before 2020 (38 percent); Experienced Entrants who opened a taxable investment account during 2020, and also owned an existing taxable investment account opened before 2020 (19 percent); and Holdover Account Owners who maintained a taxable investment account that was opened before 2020 but did not open a new account during 2020 (43 percent). Acros...
2021-02-02 13:00:00 | pandemic retirement
... 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...
2021-02-02 | retirement
... ans ages 18+ between January 8-10, 2021 to explore sentiment about savings and retirement, particularly given the recent political instability and ongoing COVID-19 crisis. It is part of SimplyWise's ongoing efforts to help Americans maximize savings and benefits, particularly given COVID-closures of Social Security offices. Source: SimplyWise.com...
2021-01-29 09:30:30 | benefits workplace
... fits throughout 2021. Additionally, more than 7-in-10 of employees (73%) are interested in support and guidance tools that help them understand how much money to put aside for retirement, emergency savings and health-care expenses. “Supplemental health benefits like accident insurance, hospital indemnity 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 spot...
2021-01-28 14:00:00 | millennial retirement
... ing that comes to mind for young Americans, especially amid the pandemic. However, it is important 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
... or retirement as a top financial concern (16% vs 17%). Notably, the number of women who cited saving enough for retirement among their top financial concerns dropped eight percentage points this year compared to last year, after a slight decline over the prior four years (2020: 16%, 2019: 24%, 2018: 26%, 2017: 28%, 2016: 28%). The news isn't all bad. For the first time since launching Advisor Authority, more than two-thirds of women reported that they worked with an advisor or financial professional—a nearly 10-point increase in 2020 over 2019 (67% vs 58%). Women with an advisor said t...
2021-01-27 14:00:00 | pandemic retirement saving
... retirees to reexamine their financial goals and seek expert advice on the best strategies to help them achieve a secure retirement.” The survey shows people are determined to save more and be prepared for the future, no matter what happens, and they are looking for advice on how to move forward financially in the new year. “COVID-19 impacted every person in different and often exhaustive ways,” said Craig Birk, CFP, Chief Investment Officer at Personal Capital. “So many families suffered loss, hundreds of thousands of small businesses closed and millions of jobs vanished. For ot...
2021-01-25 12:00:30 | pandemic investing
... elp 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 Jones...
2021-01-25 12:00:00 | workplace demographics employment
... ciate more work schedule flexibility to care for dependents Baby Boomers: 42 percent prioritize further compensation increases for more work and retirement planning Additionally, the experience of working remotely is closely correlated with current job level. Longer-tenured, senior employees report adapting more easily to remote work and higher productivity from home. The study found entry-level employees have struggled more to adapt with work task confusion, living situation challenges (59 percent), and feeling over-worked more than their more experienced colleagues (63 percent). S...
2021-01-15 | financial planning apps advice
... ellness application. Following a successful beta program with six participating firms, Incentive is available now for use through retirement plan advisors. The self-led planning and budgeting tool – and eMoney’s first mobile app – is aimed at educating a broad audience about basic planning concepts and encouraging behavioral changes to help users achieve their goals in engaging and actionable ways. Based on the notion that everyone has a motivation or incentive to become financially healthy, Incentive offers a tool for advisors to differentiate themselves and connect with a large and ...
2021-01-14 10:00:00 | retirement spending
... rement accounts remained conservative, with investors typically holding just 36% in stocks and a remarkable percentage in cash (24%). Indeed, the global pandemic and 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 ...
2021-01-12 12:05:00 | women retirement
... y about paying for long-term care expenses. Only 12% of women feel highly knowledgeable about long-term care, and the research reveals a sizable gap exists between believing long-term care is likely and having a funding plan to support it: 50% of women expect to require long-term care in the future, yet fewer than three in 10 (27%) have a plan to fund a long-term care need. Only one in four (27%) women claim they own any type of insurance that would cover long-term care needs. Black and Hispanic women are less likely to believe they will develop a care need, even though nationa...
2021-01-12 | debt credit cards
... can adults have nothing saved for retirement, according to the U.S. Federal Reserve, but only around 15 percent of survey respondents reported, "I'm not ignoring retirement savings like I once did." Other survey findings: Over 34 percent of respondents lost at least a quarter of their household income Of those who lost income, 94.6 percent cut their spending by at least 25 percent, while only 5 percent say they are still spending just as much as they did pre-pandemic. Almost 30 percent admit to finally sticking to a budget, even though they had made a budget in the past and did...
2021-01-04 09:32:54 | pensions retirement
... will want to consider the effects the pensions may have on corporate earnings and free cash flow while also considering the outlook for future investment performance.” Source: Globalnewswire ...
2021-01-04 | pandemic retirement consumer confidence
... arket volatility, and COVID-19. Nearly 1,200 U.S. residents (35% retirees and 65% workers) who have at least one financial product or service with Principal participated in the study during November 2020. Source: Principal Financial...
2020-12-30 | retirement workplace pandemic
... ...
2020-12-28 09:17:32 | pandemic financial planning
... hat sentiment now is important to give their heirs peace of mind — and the financial tools and knowledge — in making these decisions when the time comes.” Source: Wells Fargo/Businessswire ...
2020-12-26 | retirement pandemic
... rement that suits their unique circumstances." Source: news.northwesternmutual.com...
2020-12-17 09:26:29 | financial wellness retirement
... e on their future nest egg. As a result, a more significant amount (87%) believe having a guaranteed source of income in retirement is important or extremely important....
2020-08-28 09:17:32 | financial planning
... y topic that clients most want to broach for the first time (53%). More information: https://www.businesswire.com/news/home/20200826005418/en/Millennials-Gen-Xers-Shaping-Future-Financial-Planning...
2020-08-25 09:26:29 | women retirement
... eir portfolio and those with defined benefit plan income were more likely to report high retirement confidence. For more information: https://www.gao.gov/assets/710/708121.pdf...
2020-08-24 | social security retirement
... t it is not doing enough to help Americans gain true financial independence in retirement. While a majority of Americans will or do rely on Social Security for retirement income, they are not confident in its future. For more information: Perron, Rebecca. Social Security Opinions and Attitudes on Its 85th Anniversary. Washington, DC: AARP Research, August 2020. https://doi.org/10.26419/res.00400.001...
2020-08-20 09:26:29 | retirement
... given the severity of the COVID-19 economic downturn. These assets represent a pot of money that savers have earmarked for retirement and they have consistently demonstrated that they generally stay the course to reach that financial goal, even during challenging economic situations.”...
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