2024-05-13 | economy retirement
... ty. More than a quarter (27%) of all non-retired investors would likely be forced to return to the workforce at some point due to inadequate savings if they retired in the next 12 months, and 1 in 5 (19%) non-retired investors are unsure if they will ever retire. Moreover, an additional 19% claim that they will retire later than planned because of inflation. "While it's understandable that the turbulent markets we've seen over the last few years have investors on edge, we no longer expect a recession in 2024 and still predict rate cuts will occur later this year," said Mark Hackett, Chief of ...
2024-04-26 | retirement
... tion is essential to address the broader issue. Access to workplace retirement plans emerged as a critical factor in retirement savings. AARP's survey revealed that Americans are 15 times more likely to save for retirement when such plans are available through their employers. However, an alarming 57 million people 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 ste...
2024-04-11 08:45:00 | housing inflation insurance
... le rate. Investments in disaster resilience and smart home technologies not only enhance safety and convenience but can also lead to substantial insurance savings....
2024-04-10 | consumers economy
... and potentially income-guaranteeing financial solutions like employer-sponsored retirement plans and annuities, 70% of respondents rely on traditional bank accounts for future savings. On average, individuals save $175 monthly for retirement, yet over a quarter (26%) have not started saving for retirement at all. Contrastingly, average monthly discretionary spending amounted to $400 across various categories.The independent survey was 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 F...
2024-04-09 23:15:00 | demographics retirement
... p ease the concerns you have that you will run out of money.”To mitigate these concerns, Americans are considering several strategies, including increasing retirement savings (41%), curtailing current expenditures to save more (38%), 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 Sec...
2024-04-09 15:00:00 | consumers financial education
... h challenges.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
... ing account, which could offer tax-free savings for summer activities.THE SUBSCRIPTION ECONOMY: Younger individuals find it more difficult to keep track of subscription expenses than older age groups.71% of Americans have a rough idea of their monthly subscription costs, but only 40% know exactly what those subscriptions are. Nearly half of Gen Xers and Baby Boomers are fully aware of their subscription expenses, in contrast to 19% of Gen Z and 37% of Millennials.20% of Americans with recurring subscriptions spend on services they seldom use (18%), a trend most pronounced among the younger dem...
2024-04-05 | debt inflation retirement
... hdrawn from retirement accounts. More than two in five Americans (42%) say they have dipped into their retirement savings because of inflation. Hispanic respondents (59%) were more 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. Wh...
2024-03-21 | advice retirement
... ...
2024-03-19 | financial planning retirement
... dents stated that they are willing to engage a financial advisor and are interested in using digital planning tools to help with income, savings, and spendingMeyer continued, "Advances in technology have given investors greater access to effective and convenient solutions for personalized financial planning, and we expect the demand to increase, especially for tools involving retirement income."Plan sponsors can meet this need by providing digital services and financial wellness programs that address the impending needs of pre-retirees and families in retirement. These types of solutions are n...
2024-03-15 23:59:00 | retirement women
... ncial advisor 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 soli...
2024-03-12 08:42:12 | retirement
... ...
2024-02-15 | consumers economy
... savings, including 15% who said their savings accounts are empty....
2024-02-15 | retirement financial wellness
... ir own life expectancy, they risk exhausting their savings in retirement—potentially outliving their assets.One Size Doesn't Fit All Retirement planning knowledge is highly variable across different parts of society. Generally, more assets, higher education, male gender, White or "Other" race, and greater life experience (including age and retirement status) correlate to higher Retirement Income Literacy Scores. The research highlights disparities across different demographic segments, including:Respondents score higher the more investable assets they have.Respondents who have earned ad...
2024-02-01 | consumers spending
... veling, and engaging in their hobbies. Nevertheless, a majority of married couples (53%) who have not yet reached retirement have divergent opinions about the amount of savings required for retirement. Moreover, even though the majority of couples plan to retire at age 63, almost half 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 ...
2024-01-22 | consumers economy
... der to fulfill their desire of becoming homeowners. Among those who are looking to buy a house, opening a special savings account is the most common way that people save money for a down payment (43%). Nevertheless, 29% of Americans do not currently own a home and do not have any plans to do so in the upcoming year. Just one out of ten respondents said that owning a home is highly attainable. ...
2023-06-06 | housing
... as a down payment.Support from family or friends: 23 percent of Americans are expecting help including financial gifts and/or loans from family or friends."Most Americans understand how critical it is to establish a financial plan and our survey found three in four have set personal goals around money," said Paul Dilda, Head of U.S. Consumer Strategy at BMO. "Unfortunately, only 32 percent of Americans said they were meeting with their banker or financial advisor to help reach those goals. Regularly doing so will help ensure a secure plan and is imperative to reaching bigger financial aspirat...
2023-06-01 15:00:00 | asset management
... e on a single vendor.Download the publication here: https://www.bcg.com/publications/2023/technology-and-operations-in-wealth-and-asset-management...
... e homes continued to decline to the low single digits. In addition, the median listing price on a square foot basis declined compared to last year for the first time in Realtor.com® data history. At this rate of slowing, asking prices are likely to decline relative to the previous year by next month. Despite this trend, home sellers continue to have high expectations of the housing market and buyers, in some cases, too high. The number of homes with price reductions – a sign that a seller needed to adjust pricing to attract a buyer – was higher than year ago levels but in line with pre-pa...
2023-05-30 | demographics retirement
... ounger adults to balance savings and spending compared to when they were young.Generation X Feeling the SqueezePlanning for the new retirement reality is particularly challenging to Generation X -- those born between 1964 and 1978. Unlike Millennials, who still have ample time to save before retirement, and Boomers, many of whom are already in retirement, Generation X is realizing that retirement is getting closer and they may not be ready, nor do they have a clear picture of how to get there.Gen Xers’ confidence in their ability to financially support all the things they want to do going fo...
2023-05-24 10:23:10 | investing
... ledge around investing is a barrier to investing.For further information, please contact [email protected].About the reportThe total sample size is 2,872, comprising Gen Z (ages 18–25) investors and non-investors as well as millennial and Gen X investors in the U.S., Canada, UK, and China.Data was collected in November and December 2022, and respondents were obtained using a combination of Schlesinger's proprietary online panel and social media advertising on TikTok and Instagram.While Gen Z are often defined as those born between 1997 and 2012, for the purposes of this study, the resea...
2023-02-28 | consumers
... finances." "Massive credit card debt is carried by customers of all income levels, and if debt interest rates rise, they may soon equal the savings balances of all consumers living paycheck to paycheck1. Now is an excellent moment for consumers who want to reduce their overall debt load to think about consolidating and/or refinancing their debt into an installment loan." ...
2022-09-22 | consumers demographics women
... itizing their financial goals differently than men: There are stark differences between men and women's top financial priorities. The top priority for men? Growing retirement savings (supporting family was #4). The top financial priority for women? Supporting their family (retirement was #4). Women are worried about climate change: 62% of respondents cited climate change as one of their top financial concerns, more than retirement planning (51%), credit card debt (46%), the stock market (38%), and child care costs (30%). Women are less likely to invest, but when they do they keep their c...
2022-09-08 09:09:36 | consumers
... e. The NFEC, on the other hand, advises being far better prepared, advising people to lay aside a year's worth of necessities and make sure they have adequate emergency savings to get through any unforeseen disasters. ...
2022-08-09 12:10:00 | consumers economy
... reduced gas prices in July gave consumers some relief, while merchant promotions increased spending on items. Consumers have not yet showed signals of increasing borrowing, and household deposit and savings balances are still high. Approximately in line with June's figures, Bank of America's total payments climbed 7% year over year in July. This figure provides a comprehensive picture of cash flow and includes credit card, debit card, Automated Clearing House, wires, bill pay, person-to-person, cash, and cheques. The average household's card expenditure climbed by 5.3% annually, down ...
2022-08-09 12:00:00 | economy inflation
... spending rather than long-term savings. “Notably, less than one-quarter of Americans were willing to curtail contributions to their retirement savings or their child’s education savings, which demonstrates a firm commitment to their long-term financial goals.” Have prices peaked? 58% of investors agree that the US economy will enter a recession in the next six to 12 months, and 47% agree that inflation is causing them stress/anxiety. The worst isn't over, either. 17% of investors think inflation has peaked. 49% don't believe inflation has peaked. Millennials ...
2022-07-28 12:00:00 | consumers debt
... eve they will ever afford a house. While the average millennial has $49,463 in savings, one in seven report that they have no savings. According to 37% of respondents, their biggest financial regret was not saving enough. The financial situation for millennials today is dire. One in four doubt they could afford $500 to cover an emergency, one fifth say they cannot afford children and one fourth don't know their credit score. It is not surprising that 41% of millennials are pessimistic about their financial future. ...
2022-07-27 12:00:10 | housing
... Silent Generation (34%), Boomers (27%), and one-in-five Gen X (20%) are top priorities, compared to roughly one-in-10 Gen Z/Millennials (13%). Home Equity Education Could be a Benefit to Both Homeowners And Financial Advisors Although financial advisors are trusted resources for information about finances and retirement planning, only a small number of them include home equity in their planning conversations with clients. Financial advisors and clients may have misaligned expectations or little knowledge about home equity products. This can complicate these convers...
2022-07-27 12:00:00 | financial planning
... ...
2022-05-19 12:02:00 | retirement
... ns, the workplace is their first exposure to retirement savings education. While it’s heartening to see a significant percentage making 401(k) contributions and taking advantage of an employer match if it is offered, this is just the first step toward building a financial strategy that can sustain living 30 years or more in retirement. The partnership of a trusted financial professional can help put these resources into the context of a broader financial strategy,” said Huang. Additional findings from New York Life’s Wealth Watch survey include: When it comes to retirement, startin...
2022-05-19 | retirement
... ...
2022-05-11 12:00:01 | retirement
... vings – has become even more wobbly, and unexpected expenses can arise in retirement. Working Americans must double down on the third leg of the stool: saving. According to the study, retirees say they started saving for retirement at age 38 on average, but in retrospect, they should have started saving nearly a decade earlier, at age 29. In addition to saving, other key pre-retirement actions to take include tending to ongoing health and preventive care, discussing retirement plans and goals with family and friends, beginning or expanding volunteering activity and working with a financial a...
2022-05-04 12:00:05 | workplace
... ssessing 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 financial implic...
2022-05-04 12:00:01 | advice demographics
... ...
2022-04-27 12:00:00 | consumers economy
... 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 13:00:00 | investing pandemic
... ng 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, the study also explores those investors who—while not working with a traditional dedicated financial advisor—do ...
2022-04-26 12:10:00 | crypto retirement
... rs, today announced the launch of Fidelity’s workplace Digital Assets Account (DAA), the industry’s first offering that will enable individuals to have a portion of their retirement savings allocated to bitcoin through the core 401(k) plan investment lineup. The innovative new offering, which MicroStrategy plans to add to its 401(k) plan later this year, will be available broadly to employers mid-year. Enabling interested employers to offer their employees access to bitcoin through an investment option in their core 401(k) retirement plans on Fidelity’s secure platforms is a signi...
2022-04-25 14:00:00 | demographics financial planning retirement
... ifetimes, and if we’re lucky, to pass on to our loved ones and causes we care about. But as we near the phases in life where we need our money, protecting it becomes just as important as growing it. While you look for high growth investments, remember to also think about how much risk you can afford. It may be age-old advice, but it’s still true: a “sure thing” doesn’t exist and it’s important to diversify and balance your investments to help achieve growth and stability. FOMO is not an investment strategy. Investing is about growing your money over time so it can help you l...
2022-04-20 | inflation retirement
... icture. Resources such as health savings accounts to offset the burden of medical costs, student loan debt support and tools for building emergency savings continue to grow in popularity as employer wellness benefits. Going forward, it will be critical for employers to provide support in these areas so these generations, and all individuals, can find greater opportunity to build a secure financial future,” concluded Lavallee. Source: Voya ...
2021-12-06 09:22:18 | advice demographics
... t 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...
2021-10-29 09:08:19 | demographics retirement
... 65 or do not plan to retire – and 53 percent plan to continue working at least part-time in retirement. Eighty-three percent of these women workers cite financial reasons for planning to do so, while almost as many (77 percent) cite healthy aging-related reasons. Less than one in five are "very" confident that they will be able to fully retire with a comfortable lifestyle (18 percent). Moreover, 18 percent of women workers indicate their retirement confidence has declined as a result of the pandemic. How Women Can Improve Their Long-Term Financial Security "Preparing for retirement inv...
2021-10-21 12:00:00 | retirement
... broad diversification and de-risking in the critical years leading up to retirement. "In light of our insights into the spending and savings patterns of plan participants, we have adjusted the SmartRetirement glide path to meet a higher accumulation target and enable more participants to reach a minimum level of adequate replacement income," said Dan Oldroyd, Head of Target Date Strategies, J.P. Morgan Asset Management. "Additionally, with data telling us that more participants are staying in their plan after retiring, we have introduced a dynamic retirement income strategy i...
2021-10-14 12:00:44 | banking
... ce ranks slightly lower than security of accounts and funds (96%) and privacy of personal information (93%) Opportunities for Embedded Finance Nearly half of consumers say they would be likely to use a banking service offered through non-financial companies such as streaming providers (48%), internet or wireless providers (48%), employer (47%) and national retailers or warehouse stores (46%) Source: Galileo...
2021-10-14 | retirement
... 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
... ss income. Among those who save for retirement, 30% of respondents use a 401k, and 27% have savings in a non-retirement account. The Regions Next Step omnibus survey questions were part of a national online survey that took place between Aug. 9-11, 2021. The survey reached 1,258 U.S. adults. The results are weighted and are representative of all U.S. adults (18+). Source: Regions Bank...
2021-10-11 12:00:00 | retirement
... hat, giving people the confidence that they will not outlive their retirement savings.” Source: Lincoln National...
2021-09-09 | retirement
... o create a more secure retirement," said Solheim. "It is extraordinary, though not surprising, to see worries about inflation eclipse the cost of healthcare as the leading financial concern of retirees," said Jay Shah, President of Personal Capital. "However, retirees and near-retirees who are worried about looming inflationary pressures can stay focused on their overall investment strategy." "It's wise to avoid letting current events drive long-term decision making," Shah continued. "Having a plan that's designed to endure varying conditions leading up to and during retirement is the key t...
2021-09-08 | consumers
... hey know what they need to do to improve their finances (82%) and feel they have enough savings to get through an unexpected emergency (72%). However, this increase in confidence and optimism is also correlated to a general decline in good financial decision making and negative spending behaviors. The survey revealed slippage on a number of important financial dimensions: Financial Planning: While nearly three in four Americans (72%) still set financial goals, financial planning has hit a plateau. The most significant drop occurred among Gen Z (ages 18-24,) with those setting financial ...
2021-06-24 09:08:19 | advice banking
... here 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 time, while 69% of customers ...
2021-06-02 12:00:03 | retirement saving
... ontinue 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 rate for participants increased from 7.6% in 2019 to 7.8% in 2020—the largest annual increase since 2016. The deferral rate increase, combined with the fact that the majority of participants did not react to th...
2021-05-28 | consumers investing
... e: The Conference Board...
2021-05-18 | consumers spending
... ased 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, long-term financial plan so they are able to weather a lot of different storms on their journ...
2021-05-13 12:00:00 | economy demographics
... gh an unexpected emergency, compared to 55% and 62% respectively in January. Taking Steps to Improve Their Financial Situation: 80% of Gen Z and 84% of millennials say they actively take steps to improve their financial situation, compared to 72% and 76% respectively in January. "After the tumultuous year many have had financially, it's encouraging to see things trending in the right direction. It's an important economic indicator that consumers feel more secure and that they are taking the necessary actions to help them make more financial progress," said Paul Dilda, head of consumer str...
2021-05-12 12:00:01 | advice financial planning
... ...
2021-05-06 | pandemic workplace
... reason mothers were more likely to dip into savings (26% vs.15% of fathers). Almost twice as many fathers reported being promoted and/or receiving a salary increase in the last three months (18% vs. 10% of 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...
2021-05-04 | consumers
... % 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 improve, people will once again feel assured of their financial footing and long-term prospects.” Economic Optimism Index Breakdown This month, 17 of 21 demographic groups — such as age, income, race and party preference — that IBD/TIPP tracks were above 50.0, in positive territory, on the Economic Optimism Index. That’s unchanged vs. April and up from 16 in March, 11 in February, eight in January, nine in December and eigh...
2021-05-04 | financial planning
... y be able to increase the contributions going forward, boosting tax savings and your retirement nest egg. It’s a good time to consider increasing your contribution, especially if you’re not taking advantage of the maximum employer match. For those nearing retirement, it’s a good time to start thinking about how you’ll transition from health insurance at work to post-retirement insurance, including Medicare and its related options when you qualify. It’s also worthwhile to start exploring various strategies for commencing Social Security benefits. The good news is that Medicare and ...
2021-04-29 12:00:00 | consumers
... biggest driver in the availability of emergency funds. Black (34%) and Latinx (36%) respondents indicate they don’t have enough money to support them if they become unable to work. While many Baby Boomers are at or near retirement age, fewer than half (48%) have enough financial resources to support them if suddenly unable to work for more than four months. Consumers equally value in-person advice, digital 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 ...
2021-04-28 12:00:20 | financial wellness pandemic
... loyers can offer workplace financial wellness programs that address money management topics and options to automatically save for the future. Employers can also offer resources to help individuals cope with the anxiety and stress stemming from their financial situation. Personal finance experts—such as advisors, counselors and planners—should take heed of the harmful effects of financial anxiety and stress on their clients. Source: FINRA, GFLEC ...
2021-04-23 12:00:04 | housing
... ve 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 Riverside (12.2%), Phoenix (10.5%), and Providence (9.9%). Rents remain the lowest year-over-year in New Y...
2021-04-20 12:00:09 | pandemic
... ONEY CONFIDENT KIDS is a registered trademark of T. Rowe Price Group, Inc. SOURCE T. Rowe Price Group, Inc....
2021-04-19 12:00:10 | millennials retirement
... 36% said 20 years, while 18% said they already had enough saved for 30 years or more. Considering that more than one-third of Americans are forced into retirement sooner than they'd planned, it's increasingly important for all investors to be prepared for the possibility of funding retirement for longer than expected. Top Factors for Attracting MillennialsThe 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. ...
2021-04-19 12:00:10 | retirement
... ly increase as more Americans enter retirement and it is clear from the survey that plan sponsors are changing how they view 401(k)s from what historically had been a vehicle for savings to one that will generate income for participants,” says Rene Martel, PIMCO’s Head of Retirement. PIMCO surveyed 47 consultants and advisory firms who serve over 33,000 clients with $6.7 trillion in total assets in defined contribution plans as part of the firm’s effort to capture the breadth of views in the industry as well as services available amid rapidly changing demographics of plan participants...
2021-04-15 12:00:10 | employment retirement
... ...
2021-04-15 12:00:01 | pandemic retirement
... irement. As a point of 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
... ...
... 4 percent) said that their market was still in recession during the first quarter of 2021. While that figure dropped sharply from the end of 2020 (down 17 percentage points, from 81 percent) recession concerns remained elevated. Globally, only 41 percent of consumers expected that their economy would be out of recession in 12 months, virtually unchanged from the previous quarter. Consumers' worries about their own health (22 percent) and economic performance (20 percent) dominated their top concerns. This trend will likely hold through mid-2021 given the continued crisis, and the time it w...
2021-04-13 | pandemic investing
... illennials 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...
2021-04-09 14:00:00 | entrepreneurship
... own small businesses were more likely to borrow from personal networks or against their home or retirement accounts. They were also more worried about their personal credit score or depletion of personal assets and picked up second jobs. “This report demonstrates the need to build an emergency toolkit for these small businesses, which are a vital part of the infrastructure of America’s neighborhoods, to ensure they have ready access to credit and the resources they need to rebuild and thrive,” Ms. Kramer Mills said. “We know that entrepreneurs 50 and older are different fr...
2021-04-08 12:00:59 | investing
... ...
2021-04-06 12:00:00 | pandemic affluent
... nment, travel and dining and set it aside – namely toward savings accounts (52%) and emergency funds (25%). 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...
2021-04-05 12:00:20 | consumers
... o be financially diligent Half of consumers surveyed will use the recent stimulus payment to pay down current monthly bills, while 44 percent will put the money into savings. Nearly 2 out of 3 survey respondents say they will find new ways to save money in the coming months, and 36 percent will work to improve or maintain their credit score. Source: Experian...
2021-04-05 12:00:05 | consumers
... 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 to address i...
2021-04-05 12:00:00 | economy
... pread of the virus in the next couple of months. Labor intensive in-person services will continue to reopen, and consumers flush with cash due to a year of elevated savings and strong government stimulus will be willing and able to spend. All this will lead to historically fast employment growth in the coming quarters. We expect the unemployment rate to reach about four percent a year from now, and further decline for the rest of 2022. Tight labor markets and labor shortages will resurface in the coming year, leading to faster wage growth." March's increase was driven by positive contributi...
2021-04-01 18:00:00 | financial planning demographics
... will still increase their savings to prepare for the next emergency. 38% of consumers have at least $5,000 in savings, a primary revenue source during the COVID-19 pandemic emergency. The youngest consumers (Gen Z) are the most vulnerable when it comes to emergencies. This age group is least likely to have an emergency plan, most likely to open a credit card or secure a new loan as a response to emergencies, and most likely to start a new side hustle as a response. "It was encouraging to find that over 6 in 10 consumers were happy with their financial preparations," said a sp...
2021-04-01 15:00:00 | retirement investing
... etirement savings account will help them build a nest egg. However, only a third of all investors (32%) report knowing exactly what investments their retirement plans contain, with women significantly less likely to know (23%) compared to men (39%). One-third of women (33%) also say they feel unprepared when it comes to selecting the investment options in their workplace retirement plan, with 1 in 10 (13%) saying they feel totally unprepared for making decisions about their plan, compared to only 4% of men who say they feel unprepared. Education toolbox Plan sponsors who take a one-siz...
2021-03-31 16:00:00 | pandemic investing
... 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 their money in the future. On the other end of the spectrum, a quarter made big ticket purchases or large expenses, includ...
2021-03-30 14:00:02 | retirement
... tually 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 out on greater income, which is creating a perfect storm of retirement insecurity in America. With the greatest surge of workplace retirements in history upon us, and our private and public sector retirement systems basically obsolete, there are solutions to solving this crisis, but we must start acting now to avoid that cliff." Source: Alliance for Lifetime Income...
2021-03-30 12:09:00 | housing
... ...
2021-03-30 12:00:02 | economy demographics
... 38% of Black and African American investors said they are willing to take on “a lot” or “fair amount” of risk as compared to 47% of all investors. Instead, the majority of Black and African American investors (54%) said they are willing to take “only a little” risk. This gap in risk tolerance is mainly explained by lower risk tolerance among Black and African American men. Black and African American male investors (44%) are less willing to take a lot or fair amount of risk with their investments than all male investors (55%). There is little difference by race in risk tolerance...
2021-03-26 | consumers economy
... ainty after an uncertain year. A new survey from MyBankTracker.com asked more than 3,500 Americans how they plan to use their tax refund. Building savings is the most popular intended use (19%) for the 2021 tax season refund About 14% plan to pay off existing debt Around 8% want to use it on a household expense Only 4.3% say they will invest it Men are more likely to invest the tax refund (5.8%) or spend it (3.1%) on something fun Women are more likely to save the tax refund (19.3%), use it pay off debt (15.4%), or use it for a household expense (8.7%) The middle age grou...
2021-03-25 09:08:19 | pandemic saving
... e 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 financial plans and preparedness against changing circumstances, are key to bot...
2021-03-24 12:00:00 | pandemic retirement
... health care for a couple in retirement, with 37% guessing between $50,000-100,000. In fact, for a couple retiring at 65, the actual average cost throughout their retirement is three times higher, at $295,000. Full retirement age for Social Security: Although you can start receiving Social Security retirement benefits as early as age 62, you have to wait a few more years before you reach Full Retirement Age (FRA). Claiming Social Security benefits any time before you reach FRA can lock in a permanent reduction in monthly income. Doing some research on this may be helpful, as only 17% corre...
... hey were before the pandemic and 26% are much more worried about achieving financial milestones. Women (37%) are more likely than men (29%) to be concerned about increasing emergency savings. “Our survey highlights the challenges women are facing due to the pandemic,” 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 fro...
2021-03-18 | retirement
... ...
2021-03-16 14:00:00 | housing
... additional hurdles to enter homeownership. Therefore, even though a tax credit for first-time homebuyers would likely stimulate minority homeownership, it could still disproportionately benefit white and Asian Americans who are better positioned to buy because of better access to credit and higher incomes. Also, recipients could only benefit from the credit if enough homes at affordable price tiers are available on the market. Competition for homes remains fierce with homes selling at a historically fast pace. This strong demand, coupled with tight inventory, is contributing to rapidly risi...
2021-03-12 15:00:00 | demographics retirement
... e burden when times get tough.” Source: E*TRADE...
2021-03-08 | employment
... ing months," said Gad Levanon, Head of The Conference Board Labor Markets Institute. "The combination of declining new infections, lower pandemic-related restrictions, households flush with savings, and large government stimulus will all contribute to robust growth 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 contrib...
2021-03-04 09:18:26 | savings
... s over the past year, Americans have prioritized bolstering their savings strategies. If they had extra money, 69% of Americans say they would put it in a savings account to earn interest or use it to build an emergency fund, compared to just 11% who would purchase a material item. When asked if having more money or more time right now would provide the most benefit to their daily life, more than half of Americans (55%) cite more money and 19% cite more time. Source: CIT...
2021-02-25 | investing demographics
... – and significantly more than white Americans – were forced to tap their savings to make ends meet. More than twice 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, ...
2021-02-23 15:00:00 | advice banking
... rvice Data breach Unattractive savings and loan interest rates Competitive offers 2) Trust is most important to customers. 66% of customers tell banks “be honest with me” — if you make a mistake, be honest with me about it, and correct it. 59% say “deliver on your promises” — if you promise to deliver a payment in two days, make sure I can access the funds in two days. If you promise to protect my data, don’t fail. 3) Gen X and Millennials are willing to pay more to receive personalized recommendations to improve their financial well-being. ...
2021-02-09 | investing
... nts and cuts, temporary rent and mortgage non-payments, and historically low mortgage rates all drove this decline. With these housing savings, total spending on essential goods and services (including food/beverage at home, routine transportation, education, and medical) fell −4.1 ppts in Q4 2020 compared to Q2. Consumers shifted their spending, in large part, to discretionary products (+3.8 ppts)—including electronics and, especially, apparel. Political stability and climate change climbed on the list of US consumers' top concerns over the next 6 months: In the aftermath of...
2021-02-03 09:30:30 | housing economy
... s scarcity of homes for sale. There's nothing there, so people want it even more," said Seattle Redfin real estate agent Scott Petrich. "Potential homebuyers who don't have a good amount of savings are having a very hard time getting a house right now because the lack of supply is driving up prices, while low mortgage rates increase demand." Both the number of homes for sale—down 36% from a year ago during the week ending January 24—and the rate that new homes are being listed for sale—down 13%—are falling from last year's already-low levels. The average home spent just 34 days on t...
2021-02-02 | retirement
... 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
... is working to enhance the capabilities of this powerful tool to help Americans make informed benefits decisions and manage their income across competing health, savings and spending demands.” Source: Voya Financial...
2021-01-28 14:00:00 | millennial retirement
... estments (36 percent global, 35 percent U.S.) and the government (36 percent global, 34 percent U.S.), than from employers (28 percent global, 32 percent U.S.). The life journeys of young adults require an increasing do-it-yourself approach to retirement preparations, especially given their job-hopping tendencies and expectations. More than half of young adult workers say the longest period of time they have worked for, or expect to work for, any single employer is one to five years (52 percent global, 59 percent U.S.). "Saving for retirement may be the last thing that comes to mind fo...
2021-01-28 09:30:30 | pandemic women retirement
... kely than men to use other guaranteed income solutions to protect against outliving savings, such as deferred income annuities (DIAs; 10% vs 12%), single premium immediate annuities (9% vs 16%) and qualified longevity annuity contracts (QLACs; 8% vs 11%). Source: Nationwide...
2021-01-27 14:00:00 | pandemic retirement saving
... sparked more interest in expert financial advice. Survey results show 83% of respondents said they want to minimize worrying about their finances this year, mainly through increased savings. Setting goals 52% of respondents said they will seek more guidance when 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 ...
2021-01-26 | credit
... Americans, 37 percent of White Americans and 18 percent of Asian Americans fall into this category. Black Americans are also at a disadvantage when it comes to financial products, savings and debt. Over half (53 percent) of Black Americans say they are living paycheck to paycheck, significantly higher than 44 percent of Americans overall, and many more Black Americans (21 percent) say they have student loans compared to the rate among all Americans (13 percent). Just 53 percent of Black Americans report having a credit card—a critical component for helping to build a strong credit foundat...
2021-01-15 | economy
... iven by demand growth outpacing a recovery in supply," Duncan continued. "We believe the Fed's policy of tolerating a modest overshoot of its long-term inflation target is likely to be tested." "Our latest forecast projects that the continued waning of pent-up demand from last year's delayed spring homebuying season, coupled with a modest rise in interest rates, will likely slow the pace of housing, measured both by the volume of mortgages refinanced and by the pace of home sales. However, in our view, a modest slowdown in the sales pace is unlikely to prevent year-end 2021 home sales from be...
2021-01-14 10:00:00 | retirement spending
... experience. Source: Kiplingers/Personal Capital...
2021-01-13 15:00:00 | pandemic spending
... e as much as possible. 55% said they'll keep saving as much as possible in case the pandemic returns, while 37% will ease up on savings a bit but continue to sock money away. Just 8% will stop saving once vaccinated. 72% of respondents have splurged to feel safer amid the coronavirus pandemic. The most common splurges include grocery delivery (30%) and high-quality face masks (25%). Most consumers who splurged to feel safe said they'll continue spending extra on at least one thing even after the pandemic, primarily grocery delivery and first-class travel. However, there are some things con...
2021-01-13 | global confidence
... put discretionary money into savings or to invest it in financial assets decreased. “Fiscal relief packages have helped keep consumers afloat worldwide,” said Denise Dahlhoff, Senior Researcher, Consumer Research, at The Conference Board. “However, pandemic conditions have reordered spending priorities, as housebound consumers limit expenses on vacations and out-of-home entertainment. Increasingly, they are also economizing on utilities, groceries, and other basics that support life at home.” Confidence improved across all regions as fiscal support measures shored up personal finan...
2021-01-12 12:05:00 | women retirement
... income fits into a retirement income strategy.” Long-Term Care Fraught with Concerns, Misconceptions: Gap Exists Between Care Need, Funding Plan Women outscored men on the understanding of who pays for long-term care, though only three in ten women (30%) correctly stated that most expenses are paid for by Medicaid, compared to just one in five men. Still, half of women express a high level of concern about the cost of healthcare in retirement, with one-third (34%) saying they worry about paying for long-term care expenses. Only 12% of women feel highly knowledgeable about long-...
2021-01-12 | debt credit cards
... 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 not stick ...
2021-01-11 18:00:00 | pandemic spending
... 25% this year—likely a result of people looking for more at-home activities and entertainment. Source: KeyBank...
2021-01-06 | housing mortgages millennials
... terest rates reaching historic lows, millennials have refinanced to take advantage of a significant savings opportunity they will see play out over the long-term,” said Joe Tyrrell, president, ICE Mortgage Technology. “Lenders are continuing to manage the refinance pipeline by investing in virtual solutions such as eClosing, online borrower portals, and virtual verifications, and turning this boom in loan volume into business growth.” The Ellie Mae Millennial Tracker divides millennials into two groups: older millennials – borrowers between 30 and 40 years old, and younger millennia...
2021-01-04 | pandemic retirement consumer confidence
... 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 attention to what they feel is most important in life, notably: health (56%) financial security (49%) having a close-knit family (3...
2021-01-01 | pandemic millennials
... her expenses” (45%), “use my emergency savings” (37%), or “take on debt using credit cards or personal loans” (23%). One-in-five “borrowed from friends or family,” with Gen-Z and Millennials most likely to either borrow from or move in with family members. Looking ahead to the New Year, nearly four-in-ten (38%) say they’ll spend 2021 in “Survival Mode,” meaning they’ll focus on the day-to-day to try to get themselves and their families through the next year. This outlook is more common among older generations (42% and 43% of Gen-X and Boomers, vs. 25% of Gen-Z and 34% ...
2020-12-30 | retirement workplace pandemic
... ...
2020-12-26 | retirement pandemic
... ted situation arise that has cut into my retirement savings - 20% For those who plan to work past the age of 65 by choice, the top reason cited by nearly half (49%) is that they enjoy their job/career and would like to continue. Other reasons include: I want additional disposable income - 43% It is a social outlet that will help me stay active/prevent boredom - 34% I want to do something that will let me give back to the community - 21% "While the nature of retirement continues to change, it's encouraging to see more people working past the age of 65 out of choice and not ...
2020-12-17 09:26:29 | financial wellness retirement
... D-19 causing unprecedented economic disruption, recent industry data shows that up to 46 million Americans have depleted their emergency savings.1 The good news is Voya’s data found that more individuals are seeking to get back on track with more than six in 10 agreeing that they are better prepared for a future emergency (66%) and are saving more money to cover possible unexpected expenses (62%). Retirement Still Remains a Priority: In a year of financial uncertainly, still more than half of individuals (55%) are more focused on planning for retirement. At the same time, individuals are ...
2020-09-16 | workplace
... e survey reveals that more than half (53%) plan to make changes to their benefits coverages. When asked which employee benefits would help better manage their current needs, health savings accounts (HSAs) or flexible spending accounts (FSAs) were mentioned by nearly 4-in-10 surveyed employees (38%) — followed by 35% of employees selecting supplemental health benefits like hospital indemnity insurance, critical illness insurance, or short-term and long-term disability income insurance....
2020-09-02 09:26:29 | consumers
... new survey conducted by The Harris Poll. The survey reveals that, in particular, Gen Z and Millennial consumers are leading the way with over 60% of both generations reporting an uptick in savings. When thinking about the future, another 76% of consumers are somewhat likely or very likely to save more than they usually do each month. With many consumers staying close to home, around 4 in 10 consumers reported spending more on groceries. A quarter are getting food delivered more frequently, and 22% have increased spending on books, games, apps and subscriptions during the same time frame...
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