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
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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
Thu, 05 May 2022 | consumers payments
Credit and debit cards are the payment method of choice for most consumers according to new researchFiserv, Inc., a leading global provider of payments and financial services technology solutions. Cards are seen as the fastest, easiest and most preferred payment method across generations, while specific payment habits vary by age.
“Credit and debit card usage among consumers remains robust, with each generation displaying unique habits and preferences when it comes to card choice and management,” said Himanshu Patel, Co-Head of Banking at Fiserv. “Aligning card offerings... Read More
Wed, 04 May 2022 | workplace
It’s no secret that the last two years of the pandemic have caused many Americans to reassess their lives – everything from health, family, financial situation and careers. Fidelity Investments®, in its commitment to helping its customers achieve their financial goals at every life stage, today shares results of its 2022 Career Assessment Study. The study examines how working professionals are evaluating their next career move, the employer benefits that are most meaningful, and how they balance monetary benefits versus quality of work life.
The study reveals t... 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