Monday, April 6, 2026

Retirees Spending Significantly More Than Expected in Early Years of Retirement

Thu, 21 October 2021  |  retirement 

New research from J.P. Morgan Asset Management reveals that 42 percent of participants are leaving balances in their defined contribution (DC) account in the three years following retirement, up significantly from 28 percent in 2018 and double the percentage in 2009 (20 percent).

At the same time, retirees are spending at higher than expected levels in the early years of retirement, and should plan on needing to replace more than 90 percent of their working income at retirement, a significant increase from the widely accepted 70-80 percent standard. This number gradually decreases o... Read More

Gen Z Has The Lowest Financial Literacy

Wed, 20 October 2021  |  demographics 

Financial literacy is low within each of the five generations—the Silent Generation, Baby Boomers, Gen X, Gen Y and Gen Z—but is the lowest among Gen Z, according to a new report by the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University (GW) School of Business.

While financial literacy tends to be greatest among baby boomers and the Silent Generation, the average percentage of questions answered correctly is nonetheless only 55% among each. Among Gen X, Gen Y and Gen Z, the percentage of P-F... Read More

No Place Like Home

Wed, 20 October 2021  |  housing 

New data from Bank of America shows that family support often plays a pivotal role in helping first-generation homebuyers reach the major milestone of purchasing their first home. Families of first-generation homeowners often instilled in them the dream to buy a home and an understanding of the value of owning – whether they were able to provide financial support, or simply motivation.

"For many first-generation homeowners and their families, homeownership has a unique importance, given the collective efforts to overcome financial challenges that can often span generations," said... Read More

Digital Banking Gains Momentum

Thu, 14 October 2021  |  banking 

Galileo Financial Technologies, a leading global fintech-as-a-service platform owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), released new research, the 2021 State of Consumer Banking and Money survey, that demonstrates growing usage of different financial tools by consumers with all generations increasingly turning to digital banking options.

Gaileo surveyed 1,000 U.S. adult consumers (ages 18-64) to understand where they keep their money, and why and how they use their accounts across traditional banks, digital-only banks, prepaid cards and st... Read More

Emerging Trends In Banking And Finance

Thu, 14 October 2021  |  banking demographics 

"As the world of finance continues to evolve, banks, credit unions and fintechs are working to build sustainable solutions that will connect with millenials, Gen Z and baby boomers," said Shayli Lones, VP of Go-to-Market at MX. "The greatest opportunity for banks and credit unions is to capitalize on the level of trust they've already established with their customers. This includes offering competitive and valuable products and services, and keeping the human touch even as interactions move into digital channels."

Key findings include:

Middle Class U.S. Households Have Few Financial Assets

Thu, 14 October 2021  |  retirement 

A new analysis finds that across generations, middle class households in the U.S. own few financial assets and the median amounts held fall far short of the assets needed to fund a secure retirement. In 2019, middle class Millennials owned only 14 percent of their generation's financial assets. The numbers are even worse for middle class Gen Xers and Baby Boomers, which owned eight percent and six percent, respectively, of their generation's financial assets.

"In America, the middle class can no longer afford retirement. Middle class Americans face sharp economic inequalit... Read More