2024-04-09 09:25:00 | cryptocurrency demographics real estate
... ategy such as the "no spend challenge" or extreme couponing, compared to just 36% of Gen X (ages 43-58) and baby boomers (ages 59-77).Interestingly, the survey also found that Gen Zers are more inclined towards cryptocurrency (20%) than traditional investments like stocks (18%), and 14% have experimented with "infinite banking," a strategy involving borrowing against the cash value of a whole life insurance policy. This inclination towards newer, riskier investment forms and financial strategies is more pronounced among younger generations, with 8% of them turning to social media first for fin...
2024-04-09 | consumers economy
... with Gen Z (26%) and Millennials (27%) at the forefront (compared to 16% Gen X, 9% Baby Boomers)....
2024-03-12 08:42:12 | retirement
... ...
2024-02-01 | consumers spending
... in harmony. In addition to their communication breakdown, partners voice worries about retirement, emergency finances, and leading the life they've always wanted. Furthermore, Gen Z expresses worry about feeling financially secure enough to have and support children (54%), as well as about having enough money to buy a home (57%).Couples generally have similar ideas about how they want to spend their retirement: with friends, family, traveling, and engaging in their hobbies. Nevertheless, a majority of married couples (53%) who have not yet reached retirement have divergent opinions about the a...
2024-01-22 | consumers economy
... culture," which defines success based on income, prestige, and achievement (36% and 28%, respectively), as more people prioritize their own well-being. However, 56% of Gen Z respondents claim to most relate with the hustling culture right now, indicating a generational divide in priorities and experiences.Highlights of the survey included:Work-life harmony is becoming more and more crucial. Following a yearly pattern, a greater proportion of Americans (63%) said they place a higher priority on work-life balance (compared to a high wage (27%), up from 57% and 33% in 2022.This year, more Americ...
2023-06-06 | housing
... finance their home, 81 percent say they are waiting until rates drop.Millennials and Gen Z feel the homebuying stress: More than half (56 percent) of those generations say they feel homebuying is more out of reach for them compared to when their parents were the same age.Financial anxiety high overall: Housing costs (68 percent) remain among the leading sources of financial anxiety for Americans. Other top sources of financial anxiety include concerns about their overall financial situation (82 percent) and fears of unknown expenses (83 percent)."Homeownership has traditionally been one of the...
2023-06-01 | demographics finances
... ing to a report from the TIAA Institute and Business for Impact's AgingWell Hub at Georgetown University.The report – the Young Adults Personal and World Outlook Survey – surveyed Gen Z and younger millennials, ages 24 to 35.More than half (56%) feel that they have a role in solving global problems like climate change, social injustice and political division. But when it comes to their finances:42% say they're living paycheck-to-paycheck51% say they don't expect to do as well financially as their parentsOnly 33% say they could handle an unexpected major expense"Many young people are ...
2023-05-24 10:23:10 | investing
... tandard for professional excellence and credentials. The organization is a champion of ethical behavior in investment markets and a respected source of knowledge in the global financial community. Our aim is to create an environment where investors' interests come first, markets function at their best, and economies grow. There are more than 190,000 CFA charterholders worldwide in 160 markets. CFA Institute has nine offices worldwide and 160 local societies. For more information, visit www.cfainstitute.org or follow us on Linkedin and Twitter at @CFAInstituteAbout the FINRA Investor Education ...
2022-08-09 12:10:00 | consumers economy
... , with those earning between $51,000 and $150,000 experiencing the largest rent increases. Due to rising rent inflation, younger customers are feeling the pinch the most. In July, Gen Z's median payment increased 16% year over year, compared to just 3% for Baby Boomers. Average gas spending as a percentage of total card spending per household for lower-income households ($50k per year), which peaked at nearly 10% in June, decreased to 9.3% in June as oil prices fell throughout July. According to internal expenditure and payment data, Anna Zhou, economist with the Bank of America Insti...
2022-07-27 12:00:10 | housing
... cause other professionals might be required to make informed recommendations on how to use home equity. Homeowners should seek out information and resources on how to manage their home equity. If they are interested, they should consult a licensed loan officer. 9 out of 10 respondents believe their financial advisor will discuss a home equity loan with them if it's in their client’s best interests. Only 29% of those surveyed had ever spoken to a financial advisor about a home equity loans. Respondents' desire to reduce and manage their debt and t...
2022-07-27 12:00:00 | financial planning
... but have now started to do so or plan on doing so. All US Adults Age 18+ Gen Z Millennials Improvements are needed in financial planning 62 % 74 % 74 % Talk to an advisor 35 % 30 % 40 % Pre-pandemic, I didn't have an advisor but now do / will 18 ...
2022-05-19 | retirement
... ...
2022-05-05 12:00:00 | consumers payments
... pulation. Age groups referenced in the survey are Gen Z (18–24), millennials (25–40), Gen X (41–56), boomers (57–75) and seniors (76+). About Fiserv...
2022-04-25 12:00:00 | sustainabillity
... ge, and race. Other divisions, such as income and gender, are much less clear cut. Climate change is a prime example of a demographic divide. More than 70% of urban and Gen Z respondents say a brand's climate action will influence their shopping choices "a lot" or "a lot." The percentage drops to less than 45% among rural and boomer respondents. Conversely, the gap between men and women and high and low incomes is relatively smaller. As in 2019, consumers continue to view government, technology and food companies as leaders in sustainability. What follows is a more eclectic list of homebu...
2021-12-08 09:08:19 | advice consumers finances
... make a financial decision based on their horoscope. 30.1% of millennials have made a financial decision based on their horoscope, as have 24.1% of Gen Zers. The most common horoscope-influenced financial choices were saving more money (42.1%), splurging (33.5%), buying or selling stocks (23.1%) and changing jobs (23.1%). Americans think Capricorns are the best with money and believe Geminis are the worst. Cancers worry about money the most, while Sagittariuses report the least amount of money anxiety. That said, Sagittariuses have the lowest average credit scores of all the signs. To...
2021-12-06 09:22:18 | advice demographics
... ondents claim they have investments in an IRA, while 35% of Baby Boomers and 23% of Gen X claim to have one for their investments. Alternatively, nearly 1 in 8 Millennials and Gen Z Americans are turning to micro-investing apps, such as Stash and Acorns to prepare for retirement. For various reasons, nearly 1 in 6 of survey respondents said they feel they have "screwed up" their retirement; over 16% of those respondents believe they have screwed up their retirement by listening to unqualified financial advice. One in 5 do not have a retirement plan and have no idea when they will be able to...
2021-10-21 12:00:10 | credit demographics
... d choice-driven Gen Z consumer – but one whose needs are not fully being met by traditional credit and other payment options," said Val Greer, EVP and chief commercial officer, Alliance Data. "With $143 billion in buying power, retailers can open the door to this group which in 10 years is projected to have more buying power than millennials and baby boomers combined, by diversifying payment choice that includes tech-driven, clear-termed financing like buy now, pay later, that eases debt fears and gives control over cash flow." Source: Alliance Data Systems Corporation...
2021-10-20 12:10:10 | demographics
... w motivated to focus on their financial literacy. This feeling is more common among younger generations, with Gen Z, Gen Y and Gen X respondents reporting feeling the most focused (52%, 48%, and 44%, respectively). "The number of Americans who lack financial literacy, particularly in our younger generations, is deeply concerning," said Annamaria Lusardi, Founder and Academic Director of GFLEC and University Professor at GW. "Until financial education is offered in schools, institutions of higher education, and workplaces, we will continue to see generations of adults struggling ...
2021-10-14 12:00:44 | banking
... also are drawn more to digital-only banks as their primary providers: The highest usage (29%) for any age group is among consumers ages 35-44, which spans both the Millennial and Gen X generations 26% of 25- to 34-year-olds use digital-only banks as their primary provider, followed by 24% of 18- to 24-year-olds Consumers Use Traditional and Non-Traditional Financial Services for Similar Activities Although cash access is a popular use case for primary accounts (60%), when you look at usage across primary and secondary accounts, consumers consistently use traditional and...
2021-10-14 12:00:00 | banking demographics
... y trust their FIs. "Millennials and Gen Zs are set to become the most important customer group for most banks and credit unions over the next decade, as nearly $70 trillion in wealth transfers to them from their parents. But, as our research shows, what worked for mom and dad will not be enough to win and keep this younger demographic as a customer," said Jake Tyler, CEO at Finn AI. "Traditional FIs need to bring the trust and personal touch they delivered in branch and phone to boomers into their mobile experience, which is where most younger consumers bank. Tools like live-chat combined ...
2021-09-08 | consumers
... hit a plateau. The most significant drop occurred among Gen Z (ages 18-24,) with those setting financial goals declining from 80% to 74% from January to now. Excessive Spending: Additionally, the survey revealed increases in excessive spending and activities that can worsen one's financial situation up five points nationally to 50% since April, with the largest jump being from those in the 35-44 age group, which is up from 59% to 69%. Impulse Spending: Since April 2021, there has been an uptick in many Americans saying they do things that "worsen their financial situation" (e.g. ...
2021-08-10 09:08:19 | workplace
... y a third of Gen Z-ers (32%) and 21% Millennials – 15% asked their network about job opportunities – including 22% Millennials – and 14% spoke with a recruiter about a potential job opportunity. Government or non-profit employees are the least interested in switching jobs out of all industries, as only 46% are interested in finding a new opportunity, compared to 66% total. Source: Personal Capital, an Empower Company...
2021-06-04 | demographics investing
... (58%) and derivatives (55%) more frequently, compared to 40% and 36% of the total population, respectively. Mobile trading activity also saw a jump, with more than three quarters of Gen Z and Millennial investors (76%) trading at least once a week on their smart phone, up 14 percentage points from a year ago and 27 percentage points higher than the total. Nearly three in five (59%) said they are more likely to rely on their mobile device to trade during the last three months of the pandemic, compared to 39% of the total. “Over a year into the pandemic, trading activity remains robust, es...
2021-06-01 12:01:00 | retail spending
... customers averages 842 (on a 1,000-point scale) while overall satisfaction among Gen X and Boomers averages 824. These younger generations have increased their home improvement activity during the past year with 42% planning for, or in the process of, doing a project in the next three months compared with 27% among older generations. Study Ranking Ace Hardware ranks highest in customer satisfaction among home improvement retailers for the 14th time in 15 years, with a score of 863. Menards (836) ranks second. The 2021 U.S. Home Improvement Retailer Satisfaction Study measures custo...
2021-05-18 | consumers spending
... forms 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 journey to retirement and then another 30-35 years after that." Source: COUNTRY Financial...
2021-05-13 12:00:00 | economy demographics
... y 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 strategy for BMO Harris Bank. "It's all about achieving a balance between indulging today and saving for tomorrow, and it's encouraging to see younger adults – especially in ...
2021-05-10 12:00:01 | pandemic
... h friends becoming less connected, compared to 15 percent who became closer with friends. In addition, more than half of Americans (52 percent) reported making no new friends over the past year. More than 70 percent of Americans say their relationships with family changed, with 22 percent feeling less connected from their family. However, 30 percent believe the pandemic brought their family closer together. Americans Adapt to New Normal, But Are Excited to Get Out Again People quickly embraced technology without missing the old work rituals of commuting or being professionally dressed, bu...
2021-05-10 12:00:00 | demographics travel spending
... ...
2021-04-15 12:00:05 | banking
... r service. When asked how their digital apps can be improved, access to 24/7 customer service was the number one response. 44% percent of Gen Z respondents rank debit card as their number one preferred payment choice, followed by cash at 28%. Mobile Payments ranked last among all generations. 75% percent of Millennials note they would switch financial services organizations for a better mobile experience, marking a 28% increase year-over-year and the highest of any generational group. Gen X trusts their primary financial services provider more than any other generation. And, whi...
2021-04-12 14:00:00 | workplace employment
... al well-being has improved since pre-COVID. Additionally, Millennials and Gen Z are over 3 times as likely as Baby Boomers to have felt more connected to their coworkers since the pandemic began. Remote work is now a make or break recruitment decision: Over half of respondents (53%) said a long term remote work policy would make them consider staying at their company longer. In fact, 10% said they would probably quit their job if they were forced back into the office full time. When looking for a new role, 80% said it was important their employment afforded them the opportunity to live anywh...
2021-04-08 14:00:00 | retail travel
... d, as Gen Z surveyed also reported visiting venues less frequently than those in other age groups during the COVID-19 pandemic. IBV Study MethodologyThe IBM Institute for Business Value polled more than 15,000 adults in the Unites States, India, U.K., Canada, Germany, Mexico, Spain, Brazil and China in February 2021 to better understand consumers' perspectives on the COVID-19 vaccine, what they plan to do once they are vaccinated, and how it may affect their perspectives on a number of issues, including retail spending, transportation, future attendance at events in large venues, and returni...
2021-04-08 12:00:59 | investing
... cent). Many also say they have important life milestones on the horizon—moving to a new state or home (21 percent), starting a new career or job (24 percent) and preparing to have a baby (14 percent). “Now that they’ve dipped their toes into investing, Gen I is eager to keep learning and evolving its strategies to successfully build wealth for the long-term,” said Andrew D’Anna, senior vice president for Schwab’s retail client experience. “What we found in our survey is that this group is not all short-term risk takers – they want to make informed decisions backed by educati...
... f respondents say a lack of space in their home became a big frustration during the COVID-19 experience. Younger homeowners in particular say they wish they had more room (63% of Gen Z vs. 71% of Millennials vs. 64% of Gen X vs. 47% of Boomers). As a result, 12% of those with home improvement plans for 2021 are including a home addition while 14% are planning a basement or attic remodel. As spaces are being reimagined, the most popular projects homeowners plan to spend money on in 2021 include kitchen remodels (38%), outdoor improvements (35%), bathrooms remodels (32%) and home repair...
2021-04-01 18:00:00 | financial planning demographics
... ings, 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 spokesperson for ScoreSense. "But those consumers who were not prepared and were affected by layoffs and business...
2021-04-01 16:00:00 | demographics investing
... o social media for personal finance and investing information although they don't trust these platforms. Nearly half of teens (48%) are learning about investing from social media despite ranking it as one of the least trustworthy sources for investing advice. Specifically, teens are turning to YouTube (38%), TikTok (33%) and Instagram (25%) for personal finance and investing information. Gender gap emerges as young as 13Financial confidence and experience are not equal for all teens with distinct gaps between male and female respondents. 33% of boys say they are confident in thei...
2021-03-31 15:00:01 | pandemic workplace
... work, the youngest and oldest generations are divided on its impact. MetLife’s 19th annual U.S. Employee Benefit Trends Study finds more than half of workers in their 20s (51 percent), including Gen Z and young millennials, say their work-life balance is better now than before the pandemic, while only one-quarter of baby boomers say the same. While employees across generations feel their holistic well-being – which includes physical, mental, social and financial health – has declined, boomers are experiencing the negative impacts of remote work more strongly. According to MetLife...
2021-03-25 12:00:00 | millennials housing
... op feature potential homebuyers are looking for, followed by a quiet location at 33%, a large backyard at 32% and a garage at 29%. Gen Z ranked location as their No. 1 choice at 37%, followed by garage at 35% and updated kitchen at 26%. Quiet location and large backyard tied for fourth with the youngest cohort of buyers at 25%. For millennials, location tops the list at 40%, followed by a large backyard at 37% and quiet location at 32%. Potential buyers aged 40 and over are looking for a quiet location (43%), location (35%) and a good community/neighbors (33%). Despite the popularity of ...
2021-03-25 09:08:19 | pandemic saving
... pared 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 both navigating current challenges and building financial security for a lifetime.” Source: MassMutual...
2021-03-24 12:00:00 | pandemic retirement
... ...
2021-03-24 09:43:31 | pandemic housing
... ects,” said Rick McCathron, President of Hippo. “Our homes are no longer places where we spend minimal time —with our households becoming the primary haven where we work, socialize and rest, we’ve discovered that more people are becoming proactive in taking care of their homes. This increase in time at home is leading to a larger amount of home improvements, and at Hippo, we’re always underscoring the importance of maintaining your home while ensuring that homeowners are getting the best possible protection when home upgrades are made.” Hippo is playing an active role in helping...
2021-03-22 09:08:19 | workplace
... Shrinking networks are endangering innovation. Authenticity will spur productivity and well-being. Talent is everywhere in a hybrid work world. In addition to uncovering what's at stake with the future of work, the Work Trend Index identifies five strategies for business leaders as they begin to make the necessary shift: Create a plan to empower people for extreme flexibility. Invest in space and technology to bridge the physical and digital worlds. Combat digital exhaustion from the top. Prioritize rebuilding social capital and culture. Rethink the employee experience to ...
2021-03-12 14:00:04 | demographics health
... st break down old stigmas and provide employees with easily accessible support to improve physical and mental health.” According to the study, younger workers, especially Gen Z, were found to be the least knowledgeable about work resources and benefits they can turn to for help. Offering comprehensive employee benefits options that directly address mental health and substance abuse issues, and regularly communicating those benefits are ways employers can create supportive workplaces that promote behavioral health. Source: The Standard...
... nternational merchants, versus 24% of those in the Gen Z and millennial group. Source: eShopWorld...
... e shift towards digital, as our lives become increasingly virtual during the pandemic. Generational preferences in digital banking could be a result of younger Millennials and Gen Zers experiencing financial firsts—such as budgeting and bill pay—during a tumultuous year. "The pandemic has accelerated the adoption of online and mobile banking, and consumers are increasingly comfortable with using digital tools to manage their money," said Jamie Warder, Executive Vice President and Head of Digital Banking at KeyBank. "The advantage of digital banking tools is that they are n...
... July through December 2020: The Cybercrime Landscape Across Industries –The Digital Identity Network found a 29% growth in global transaction volume in the second half of 2020 compared to the second half of 2019. This growth came in the financial services (29%), e-commerce (38%) and media (9%) sectors. Financial services saw low overall attack rates, driven by a high volume of repeat login transactions from trusted customers, with the exception of payment transactions, which saw attacks at a higher rate than any other industry. This presents a key opportunity for fraudsters to cash out. E-co...
2021-02-22 | investing demographics
... ooking for investment information. The survey found that 33% of Gen Z (ages 18 to 24) and millennial (ages 25 to 40) investors belong to one online investment community or forum where people discuss investing, and another 23% belong to more than one. That's nearly 60% of investors 40 and younger. So, is this a good thing? That depends, said Tendayi Kapfidze, LendingTree chief economist. "It's great that these communities are introducing a lot of people to investing, which is one of the best ways to build wealth over a lifetime," he said. "A concern is that some are leading to relatively shor...
2021-01-25 12:00:00 | workplace demographics employment
... s while working remotely during the pandemic. Conversely, just 15 percent of Gen Z respondents reported the same. Managers and more senior leaders are much more excited about returning to the office than staff. Sixty-three percent of managers and directors, and 62 percent of VPs and C-suite executives are very excited to return to the office as soon as possible. However, only 26 percent of coordinators and specialists share that level of excitement. The Nintex Workplace 2021 Study also evaluates other important remote work topics including insight on employee mental health and sentiment ...
2021-01-18 | healthcare insurance
... e was exceptionally high among Gen Z and Millennial Americans - 51% of Gen Zers and 36% of Millennials lost health insurance coverage in 2020. Losing health insurance coverage was exceptionally high for those who were laid off or furloughed due to the coronavirus pandemic. In fact, 47% of all survey respondents reported losing insurance coverage after being laid off furloughed. Additionally, 39% reported they were able to keep their job but had their hours or salary cut also lost health insurance coverage in 2020. The main reason so many Americans still don't have health insurance coverage...
2021-01-11 18:00:00 | pandemic spending
... confidence. Meanwhile, among those age 50 and over, 51% did not feel greater confidence. Part of this could be attributed to growing financial awareness among Millennials and Gen Z as a result of the pandemic, with 31% saying they felt they had become significantly more financially aware in 2020, compared to just 22% of all respondents. With consumer spending habits changing because of the pandemic, financial "faux pas"—in other words, money missteps—are in decline, compared to last year. Overall, 50% of respondents admitted to committing some kind of financial "faux pas," a 4% decline...
2021-01-01 | pandemic millennials
... ), but still quite strong given the headwinds experienced by so many families. Younger generations appear to be more committed to actively improving their finances in the new year, with 78% of all Gen Z and Millennial respondents considering a financial resolution compared to 59% of all Gen X and Boomers. According to Fidelity Investments’® 2021 New Year Financial Resolutions Study, more than two-thirds of Americans experienced financial setbacks in 2020, often from the loss of a job or household income or another emergency expense. Even those lucky enough to maintain their income still ...
2020-12-26 | retirement pandemic
... ers (14%). When asked what age people expect to retire, Millennials indicated the earliest target date, nearly seven and a half years younger than Baby Boomers: Gen Z - 62.5 Millennials - 61.3 Gen X - 63.2 Boomers - 68.8 "These numbers illustrate what may be a distinct difference in the way generations view retirement," says Christian Mitchell, executive vice president & chief customer officer at Northwestern Mutual. "Millennials appear to prioritize retirement earlier on, whereas other generations may be quicker to extend their retirement timelines outward. Much of thi...
2020-09-02 09:26:29 | consumers
... ite facing unprecedented economic challenges, over half of U.S. consumers report saving more according to a 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 fr...
2020-08-19 09:17:32 | stocks millennials Gen Z
... y’re trading derivatives more frequently since the pandemic, compared to 30% and 22% of the total population, respectively. Despite higher trading levels, Millennials and Gen Z investors are still waiting for their portfolios to recover, with on 9% of younger investors stating their investment portfolios have recovered since the pandemic. However, optimism remains high, with 50% thinking it will happen in the next six months, compared to 33% of the total population....
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