In a new survey by GOBankingRates.com, nearly a third of Americans expressed concern that they will not be able to pay off debt in their lifetime. Forty-four percent of Americans said that low income is the top reason for their ongoing struggle with debt. Respondents also reported that high costs of living and the cost of tuition contributed to their debt burden.
Despite numerous stereotypes about millennials, a new survey by Nationwide reveals they could be more prepared and supportive of planning for the future than Gen X or baby boomer business owners.
According to the 2018 Allianz Tuition Insurance College Confidence Index, roughly 40% of families find the Free Application for Federal Student Aid (FAFSA) challenging to complete; a troubling statistic considering the growing number of families saving nothing for college. The index reveals a growing “college savings gap,” as even parents who have saved have only about a third of what they think a four-year degree will cost. Both groups expect to tap outside sources (including those accessible after filing the FAFSA) to cover 40% of the balance, a significant increase from 2017.
A new report, released by the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University School of Business, found there is a financial literacy gap among millennials. The report also found that while most millennials use their smartphones to manage their personal finances, financial technology (fin-tech) does not necessarily improve their personal finance management practices.
The line between childhood and adulthood is blurrier than ever, and as a result, many Americans are delaying financial liberation from their parents. The latest COUNTRY Financial Security Index revealed that more than half of Americans (53%), aged 21 to 37, have received some form of financial assistance from a parent, guardian or family member since turning 21, with one-third (37%) of them receiving money monthly and more than half (59%) receiving money a couple of times a year.
A few studies have come out recently that point to a global slowdown in ad spending by marketers both large and small. Analysts at both Warc and Ad-ology have reported that the initial enthusiasm behind bigger ad budgets in 2012 has been tempered by global economic troubles, especially in the Eurozone and in Syria. A new report from Nielsen goes a step further and informs readers about which sectors are spending the most on advertising.
Much has been written about the financial illiteracy among young adults. Then, there’s the poor economic conditions that make it difficult for many folks to put aside money for an emergency. These two facts are combining to make the perfect opportunity for alternative financial services marketers to tap a new client pool.
Banks are still feeling the pain from new legislation that limits the amount of money they can charge customers for some services. In addition, some banks have withdrawn from the mortgage market. These changes in the industry have left operators looking for new product lines, especially in investments and insurance.
Financial advisors who target the senior market find themselves selling to a very worried group of consumers. A new group of consumers is beginning to move into the senior market – older baby boomers. As a result, financial advisors are evaluating the best way to reach out to prospective clients.