Tue, 09 April 2024 | banking consumers small business
Despite the rapid rise of digital payment methods, checks remain a significant part of American financial transactions, with a recent survey by Abrigo unveiling the stubborn persistence of both check usage and related fraud. The survey, which sampled over a thousand U.S. adults across various demographics in March 2024, reveals a startling landscape of financial fraud, with check fraud being notably prominent among the challenges faced by consumers and small businesses.
Approximately 45% of respondents reported falling victim to financial fraud, with 17% of those experiencing check ... Read More
Tue, 09 April 2024 | consumers financial education
The latest results from Primerica, Inc.'s Financial Security Monitor™ (FSM™) paint a stark picture of the financial education landscape in America, particularly for the middle class. An overwhelming two-thirds (66%) of middle-income Americans report feeling unprepared by their education to tackle their financial futures, a sentiment that spans across various age groups but is particularly pronounced among the younger population.
The survey highlights a growing concern over the adequacy of financial education, especially in light of recent economic fluctuations. “The slight decre... Read More
Tue, 09 April 2024 | cryptocurrency demographics real estate
A recent survey highlights a stark contrast in asset ownership and financial strategies between younger and older Americans, shedding light on the evolving landscape of personal finance. The 2024 Policygenius Financial Planning Survey reveals that millennials and Gen Z are almost as likely to own cryptocurrency as they are to own real estate, marking a significant shift in how these generations approach wealth accumulation.
Despite owning just 74 cents for every dollar of wealth that baby boomers amassed at the same age, millennials (ages 27-42) and Gen Z (ages 18-26) are diversifying... Read More
Tue, 09 April 2024 | consumers economy
There's a notable uptick in Americans' optimism regarding their financial futures, as highlighted in the latest Consumer Spending & Saving Index from MassMutual. This quarterly index sheds light on consumer financial practices, beliefs, and expectations amid the prevailing circumstances.
"It's encouraging to see the resilience of both the American people and economy as we emerge from a year marked by uncertainty, continued inflation, high interest rates, and shifting geopolitical dynamics," remarked Paul LaPiana, the head of MassMutual's brand, product, and affiliated distribution... Read More
Tue, 09 April 2024 | consumers economy
The Federal Reserve Bank of New York's Center for Microeconomic Data released its March 2024 Survey of Consumer Expectations, offering a nuanced view of the American public's economic outlook. The survey reveals steady short-term inflation expectations but shows variation at medium and long-term horizons, alongside mixed labor market sentiments and concerns over household finances.
Inflation expectations for the coming year remained static at 3.0% for the third month in a row, indicating a stable outlook among consumers. However, expectations for three years ahead saw a slight increas... Read More
Fri, 05 April 2024 | debt inflation retirement
Ongoing inflation has set back Americans’ ability to prepare for their financial future by causing them to reduce savings, take on debt and withdraw from retirement accounts, according to the 2024 Q1 Quarterly Market Perceptions Study from Allianz Life Insurance Company of North America.
Americans are more focused on their present finances than setting themselves up for the future. About two in three (67%) say they are more concerned about paying bills than about their financial future. Millennials (76%) are more likely than Gen Xers (64%) or boomers (50%) to feel this way. More His... 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