2025-03-18 | consumers economy inflation
... arter now expect to be in a worse financial position by next year—a level not seen since late 2023. Expectations around taxes also increased modestly, with households anticipating a 3.4% rise. Meanwhile, concerns about rising government debt have eased slightly, with expectations for its growth falling to a seven-year low of 5.0%. Consumers are also less optimistic about the stock market. The share of respondents expecting stock prices to rise over the next 12 months fell to 37.0%, signaling a more cautious investment outlook. For more information: https://www.newyorkfed.org/new...
... r. Trust in AI for tax filing has declined, with skepticism rising from 50% in 2024 to 65% in 2025. Younger taxpayers (18-34) are the most open to AI, with 35% willing to use it for tax preparation, but trust declines with age—60% of those 35-54 and 80% of those 55+ say they do not trust AI at all....
2024-04-10 | consumers economy
... survey suggests a need for guidance in balancing short-term spending with long-term savings and financial security goals, such as retirement. Despite the availability of more tax-efficient 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 categorie...
2024-04-09 23:15:00 | demographics retirement
... ennials and Gen Xers. Following inflation, 24% of participants are concerned that Social Security won't provide enough financial support, and 22% are worried about the burden of high taxes. Particularly, Gen Xers fear that insufficient retirement savings will be a significant factor in potentially running out of funds.“Running out of money in retirement is a scary thought,” said Kelly LaVigne, VP of Consumer Insights, Allianz Life. “That’s why it is so important to have a thorough financial strategy for retirement. A financial professional can help you figure out what strategies will w...
2024-04-09 15:00:00 | consumers financial education
... their education, in stark contrast to their younger counterparts and to the 57% of women in the same age group who disagree.Key areas where education was found wanting include tax preparation (71%), managing student loans (67%), understanding credit and loans (64%), and household budgeting (59%). Glenn J. Williams, CEO of Primerica, expressed concern over these findings, emphasizing the importance of addressing these educational gaps to ensure individuals are equipped to navigate their financial journeys confidently.Primerica’s concurrent release of the Household Budget Index™ (HBI™) she...
2024-04-09 | consumers economy
... ble spending 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 yo...
2024-03-15 23:59:00 | retirement women
... ing accumulated funds into retirement income.The subjects that single women discuss with their financial 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 engag...
2024-03-12 23:15:00 | consumers economy
... wth in government debt increased to 9.3% from 8.9%.The mean perceived probability that the average interest rate on saving accounts will be higher in 12 months increased by 0.6 percentage point to 26.1%, remaining below its 12-month trailing average of 30%.Perceptions about households’ current financial situations deteriorated somewhat with fewer respondents reporting being better off than a year ago. Year-ahead expectations also deteriorated marginally with a smaller share of respondents expecting to be better off and a slightly larger share of respondents expecting to be worse off a year f...
2024-03-12 08:42:12 | retirement
... guidance from digital sources, such as a robo advisor, social media channels or influencers they follow.However, even among those aware of robo advisors, nearly 4-in-5 across all generations agree having access to a human financial advisor is still important for when they have questions. Over three-quarters also prefer working with a human financial advisor when it comes to creating a plan to accomplish their goals.Living in RetirementNearly all respondents (85%) want to retire while they are still healthy enough to be active, targeting an average retirement age of 61-62. Motivating factors fo...
2024-02-15 | retirement financial wellness
... , RICP®, CLU®, CHFC®, AEP®, Professor of Practice at The American College of Financial Services. "This necessitates understanding basic concepts about investing, taxes, insurance, and finances. To measure how prepared Americans are for retirement, an important consideration is how knowledgeable consumers are about retirement. Call it 'literacy,' 'aptitude,' or 'competence,' do Americans know enough to take on the burdens that come with the freedom of voluntarily saving for retirement?"This is why, for the last nine years, The College has conducted a comprehensive survey of retirement incom...
2024-02-09 | high net worth wealth management
... crucial aspect of what major firms offer to their affluent clientele. These encompass estate planning, tax consulting, and strategies for philanthropy, ensuring not only the growth but also the preservation and thoughtful distribution of wealth. For instance, the Private Wealth Management arm of Goldman Sachs provides an all-encompassing suite of services addressing the complex facets of wealth management.Direct Private InvestmentsHigh net worth clients seeking hands-on investment opportunities are catered to with platforms for direct investments in private entities or ventures. Whether it's ...
2024-01-18 | housing
... n payment on a mortgage for the purchase of a home. The three main costs of property ownership are insurance, property taxes, and mortgage payments.The report covers 45 counties with a population of at least one million. The largest disparities are found in Honolulu, Hawaii, where median three-bedroom rents consume 67 percent of average local wages, while typical single-home affordability consumes 134 percent; in Kings County, New York, (72% for renting versus 136%), Alameda County, California, (51% for renting versus 108% for owning); Santa Clara County, California, (29%), Orange County, Cali...
2023-06-01 | housing
... e metro areas, such as Pittsburgh and Cleveland, have the added benefit of lower insurance bills. The analysis also considered Thumbtack's 17 essential home maintenance projects, based on data from millions of home projects completed across the country. These projects average a combined $6,413 annually. The average cost of upkeep is highest in Los Angeles and Chicago, totaling $8,639 and $7,722 respectively. Meanwhile, homeowners in Las Vegas can expect to pay just $3,467 per year to maintain their homes. "Just like you would visit a mechanic for regular tune-ups to help keep your ca...
2022-08-05 12:00:10 | investing
... are more likely to increase their market allocation (38%). (18 percent among Boomers and older). The economy (85%), healthcare (74%), taxes (72%), and Social Security are the top issues for high-net-worth investors ahead of the midterm elections (71 percent ). Brazil 53% of Latin American investors are optimistic about the economy and stock market, compared to 60% in the US. Their optimism stems from a return to normalcy, strong consumer demand, and potential market dips. Europe High-net-worth investors in Europe are less optimistic about the stock market and economy than ...
2022-05-19 | retirement
... ...
2022-05-04 12:00:01 | advice demographics
... l fears now are: taxes, a large, unexpected expense, and healthcare costs. 2. Risk is real when there’s more on the line Nearly half of Millennials (48%) say risk is the most important factor they consider when selecting investments. They assess risk in a variety of ways, but most commonly define it as market volatility. Volatility also ranks highest on their list of investment concerns. Three-quarters (76%) understand that sudden market swings of 10% are a normal occurrence and 67% also see it as an opportunity to grow their wealth. In truth, 60% actually see volatility as something t...
2022-04-25 12:00:02 | investing retirement
... nd have a goal you're aiming for," Brownstein says. “Most likely, this includes setting an equity goal that will allow you to maintain your lifestyle after retirement.” Source: Personal Capital...
2021-06-08 12:00:00 | housing
... ties and toward more affordable ones, which will tend to cause prices to rise in their destinations. It may also spread out some of the consumer spending, tax revenues and job growth that have been increasingly concentrated in "superstar cities" over the last few decades. Home values are rising fastest in places like Austin and Phoenix, and most slowly in San Francisco, which led the U.S. in appreciation as recently as 2016. Nationwide, the average home value in ZIP codes people moved from was about $419,000, compared to an average home value in destination ZIP codes of about $392,000. This...
2021-06-02 12:00:03 | retirement saving
... e 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 the market volatility by making withdrawals from their accounts, contributed to the average account balance increasing by 13% over 2019 when the market rebounded before the end of the year. Roth 401(k)s continue to gain traction in the marketplace. Since 2016, plans ...
2021-05-19 12:00:00 | pandemic demographics
... ...
2021-05-06 | retirement
... emergency fund" and "filing for income tax refund" as their top two solutions to improve finances. However, neither one of these options could be used to create long-term retirement sustainability. Meanwhile seniors own over $8 trillion in housing wealth, which could be used to supplement income for millions of seniors in America. To read the full results of the AAG Post-2020 Retirement Survey, visit the link below:https://www.aag.com/post2020survey/" Source: AAG ...
2021-05-04 | financial planning
... ay to consider moving to a lower tax area as part of your retirement planning. High medical deductions may mean it’s time for a check-up on your health insurance. For charitable contributions, you can magnify your giving power by grouping them into years when you have enough deductions to itemize, rather than giving about the same amount every year. Source: AICPA...
2021-04-28 12:25:14 | affluent economy
... those with over $25 million in Net Worth, not including the value of their primary residence (NIPR). “In the current environment with public sentiment in favor of massive tax increases to finance a progressive agenda, wealthy households will be relying more than ever on their advisors to help them maintain their financial position,” said George Walper, CEO of Spectrem Group. “As a growing number of wealthy Baby Boomers are beginning to retire, advisors will need to ensure they are playing a critical role in creating a pathway for smooth wealth transfer to younger generations.” O...
2021-04-09 12:00:00 | workplace employment
... isting geographic or legal entities, the biggest challenges for these organizations are legal, regulatory and tax implications, followed by cost. 50% of employees say that a pay adjustment would be very or extremely influential in their decision to voluntarily relocate. "Work is no longer a place. With remote working requests continuing to emerge and surprise leaders, companies are reevaluating how to create cohesive, consistent, and fair geographic pay policies as employees push to straddle multiple geographies," says Scott Cawood, CEO, WorldatWork. "What used to only be a...
2021-04-08 12:00:59 | investing
... ...
2021-04-01 16:00:00 | demographics investing
... correctly identify the difference between a credit and debit card, and 41% don't know if they have to pay taxes. 73% of teens want more personal finance education. Teens want to invest, but don't know where to start GameStop and social media ignited interest in investing for people of all ages, but Gen Z doesn't know where to start or who to trust. Investing is top of mind with 86% of teens interested in investing, but nearly half (45%) haven't invested because they don't feel confident or their parents don't know how to get started. Nearly half (49%) of teens said GameStop made t...
2021-04-01 12:00:01 | housing real estate
... ...
2021-03-31 15:00:00 | pandemic retirement
... ed taxes on combined income resources. By taking a holistic approach to financial planning, professionals can help more Americans save and achieve the retirement they want." Source: Nationwide...
2021-03-26 | consumers economy
... Respondents age 25-34 are the most likely to invest their tax refunds or spend it on something fun Nearly 35% of respondents do not expect a refund Source: MyBankTracker...
2021-03-25 12:00:00 | millennials housing
... s, such as gym memberships and eating out for lunch. Twenty-nine percent put away lump sums from annual bonuses, tax returns and gifts. With a majority of respondents having been in the market since last spring, they are fully aware of the competition they are facing. Fifty-three percent expect a lot or some competition with one in five first-time homebuyers expecting a lot of competition. Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers. The total sample size was 830 adults. The survey was carried out online. The figures are representative of all...
2021-03-24 12:00:00 | pandemic retirement
... g for your future, regardless of age or income. The study findings clearly show that creating a plan for retirement can lead to a greater sense of confidence and control and ultimately give people a better feeling about where they stand at any age.” Extra Credit: Consider These Important Retirement Guidelines To create a strong and achievable plan, it can be helpful to understand where you need to go, and when it comes to retirement, the study uncovers several areas of opportunity when it comes to understanding important retirement rules of thumb. Among them: How much to save for...
2021-03-18 14:00:00 | real estate
... re accounting for mortgage interest, property taxes, renovation expenses and other holding costs) was down from 41.5 percent in 2019 and from 46.4 percent in 2018. The 2020 ROI was off more than 10 percentage points from peaks over the past decade in 2016 and 2017. The 2020 figure also stood at the lowest point since 2011.Historical U.S. Flipping Gross Profit & Returns ChartInvestors saw their profit margins dip again during a year when the median value of the homes they flipped rose more slowly than the median price they paid to purchase properties – 8.4 percent versus 9.1 percent. The decl...
2021-03-16 14:00:00 | housing
... ...
2021-02-05 | investing
... enced Entrants (17 percent) groups. New Investors held smaller balances in their taxable accounts when compared to other investors. Also, 23 percent of female investors reported balances under $500, compared to 15 percent of male investors. Across all categories, a large number of investors reported not knowing whether their investment account charged commissions on trades or whether their account allowed purchasing on margin. While all investors reported relying on a variety of information sources when making financial decisions, Holdover Account Owners more frequently relied upon finan...
2021-02-03 09:30:30 | housing economy
... than three years, mostly by setting aside a portion of their paycheck each month (50%), cutting out discretionary spending (33%), and saving lump sum money like tax refunds (32%). Plus, help from family could get you there: 52% of Americans who bought their first home in 2020 said they got help with their down payment from friends or family. The number one lender? Their parents. For more details, see the full report at https://www.realtor.com/research/first-time-home-buyers-housing-2021. Source: Realtor.com...
2021-01-22 | housing
... s, N.J., and the CEO of Prominent Properties Sotheby's International Realty. "We were pleased with the homebuyer tax credit President Biden proposed as a candidate and we look forward to continuing our work with Congress and the White House. We will aim to find common ground, especially related to ways of boosting home supply and working toward solutions that will protect and support homeownership and America's broader real estate industry." According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 2.68% in December, down from 2.77% ...
2021-01-21 14:00:00 | transportation spending
... e and we're going to see even more electrified SUVs enter the market. And under the new presidential administration, there could be the possibility of new tax credits or incentives for individuals that could finally help move the needle for electric vehicles, which for years have been slow to grow in popularity in the U.S." Although 2021 is looking to be an exceptional year for the industry from a product standpoint, Edmunds experts note that there are a number of uncertainties that could negatively affect sales. "The chip supply shortage could throw a big wrench in production for automa...
2021-01-13 14:00:00 | consumer expectations housing inflation
... November 2013. The mean perceived probability that the average interest rate on saving accounts will be higher 12 months from now rose from 24.8% in November to 26.2% in December, the second consecutive increase since reaching a series low in October 2020. While perceptions about households' current financial situations compared to a year ago were largely unchanged, one-year ahead expectations about households' financial situations improved slightly with more respondents expecting their financial situation to improve over the next year. The mean perceived probability that U.S...
2021-01-13 | global confidence
... orted household balance sheets by keeping people employed and cancelling or deferring certain loans and tax payments. However, as fiscal taps run dry in certain markets, continued gains in consumer confidence may stall in the near term. Widespread availability of COVID-19 treatments and vaccines: As advanced economies begin vaccination campaigns, many emerging markets may struggle to secure enough doses and to distribute them effectively. Looking ahead, an uneven recovery in consumer confidence is likely to emerge depending on each markets’ access to and deployment of vaccines. Globally,...
2021-01-07 12:00:00 | financial literacy
... otal number of respondents selecting each category, using the lowest number in each range. "Given the complexity of today's financial landscape, with all the changes to the tax code and the rise of digital currencies, it's become critical to make sure people gain the financial knowledge they need," comments Vince Shorb, CEO of the NFEC. "These survey results demonstrate that financial education is more important now than ever before. Improving financial knowledge can empower individuals and the Country." Deficits in personal finance capability increase people's risk of incurring bank fee...
2020-12-31 | housing
... the 28 percent barrier — meaning households would not be spending more than 28 percent of their income on mortgage payments, property taxes and insurance. That required income is more than the $64,447 average wage nationwide based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide unaffordable for an average household with two wage earners. Source: ATTOM Data Solutions press release ...
2020-12-14 | income spending credit
... in November from 2.9% to 4.1%, the highest reading since May 2014. The increase was more pronounced for respondents between the age of 40 and 60. The mean perceived probability that the average interest rate on saving accounts will be higher 12 months from now increased 0.5 percentage point to 24.8% in November, remaining below its 2019 average of 30.0%. Perceptions about households’ current financial situations compared to a year ago remained essentially unchanged in November. In contrast, respondents were more pessimistic about their households’ financial situati...
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