Mon, 23 May 2022 | consumers
The Federal Reserve Board on Monday issued its Economic Well-Being of U.S. Households in 2021 report, which examines the financial lives of U.S. adults and their families. The report draws from the Board's ninth annual Survey of Household Economics and Decisionmaking, or SHED, which was conducted in October and November of last year before the increase in COVID-19 cases from the Omicron variant and other changes to the economic landscape in recent months. The report indicates that self-reported financial well-being reached its highest level since the SHED began in 2013. In the fourth quart... Read More
Thu, 19 May 2022 | retirement
The latest New York Life Wealth Watch survey revealed that while inflation is impacting short-term financial decisions, Americans report that their retirement strategies remain largely intact. In fact, 65% of adults report that as a result of inflation, they are cutting back on short-term spending to stay on track with their long-term financial goals. One-in-four respondents report that their long-term financial strategy has not been impacted due to inflation and 72% of respondents still expect to retire at their desired age.
“Inflation risk is one of the ‘big... Read More
Thu, 19 May 2022 | retirement
Fidelity Investments reported that retirement savers at the company are continuing contributions to 401(k) accounts despite volatile market conditions. The quarterly analysis found that while average account balances decreased (driven largely by the stock market's performance), the total 401(k) savings rate reached record levels, the number of IRAs on Fidelity's platform increased and the percentage of employees with a 401(k) loan dropped for the fourth consecutive quarter.
“During periods of economic uncertainty, it's important for retirement savers to stay focused ... Read More
#Text about Walletshare ... Read More
Wed, 11 May 2022 | retirement
Edward Jones' and Age Wave's latest representative study of more than 11,000 North American adults, "Longevity and the New Journey of Retirement," examines the changing definition of retirement, the patterns of people's experience in retirement and the keys to thriving along the way. Despite Americans' worries about health care and long-term care costs in retirement, they still desire to live longer, and nearly seven in 10 Americans (69%) want to live to age 100.
Americans who want to live to 100 indicated that they hope to live longer because they want to spend more years with fam... Read More
Tue, 10 May 2022 | consumers debt
The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The Report shows a solid increase in total household debt in the first quarter of 2022, increasing by $266 billion (1.7%) to $15.84 trillion. Balances now stand $1.7 trillion higher than at the end of 2019, before the COVID-19 pandemic. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel.
Mortgage balances rose by $250 billion in the first quarter of 2022 and stood at $11.18 trillion a... Read More
News and insights about consumer and demographic financial trends
The Hidden Cost of Idle Cash: What the Vanguard Survey Reveals About America’s Savings Habits
Consumers Growing Cautious Amid Rising Inflation and Economic Uncertainty
US Taxpayers Say Tax Refunds are a Financial Necessity
Consumer Pessimism Grows Despite Stable Long-Term Inflation Expectations
Economic Uncertainty and Inflation Impact Retirement Prospects for Americans
AARP Survey Reveals Alarming Retirement Savings Trends
Hispanic Consumers More Optimistic About Finances
Homeowners Facing Increasing Insurance Rates
U.S. Foreclosures Increase In First Quarter
Consumers Perceive Less Buying Power Despite Lower Inflation