Inflation and interest rate hikes are negatively impacting Americans' financial well-being: Survey
Inflation and interest rate hikes have negatively impacted Americans' financial well-being and many have made no progress in saving for retirement or building emergency funds, according to a survey by Morning Consult. Here’s what you need to know.
Retire SMART president provides tips on saving for retirement
Retire SMART, LLC President and founder David Brooks shares tips on saving for retirement and discusses the impact of raising the retirement age.
What is ‘cash stuffing’ and how does it work?
Cash stuffing is one way to effectively budget and avoid costly credit card debt. This new spin on a classic budgeting technique helps to track spending.
Many Americans still optimistic about homebuying despite tough economic backdrop: TD Bank
Despite economic headwinds, many Americans say now is a good time to buy and home and have already begun saving for their down payment, according to a recent TD Bank survey.
Bank deposits fell by more than $76 billion
Bank deposits fell by $76.2 billion in April, following the highly publicized closures of Silicon Valley Bank (SVB) and other tech-focused financial institutions. Moreover, high interest rates continue to put pressure on both banks and consumers.
Biden asks student loan companies to prepare for end to payment pause
The Education Department has notified student loan servicers to prepare for an end to the COVID-19 student loan payment pause.
Mortgage rates rise again, but tide may soon change: Freddie Mac
The average 30-year fixed-rate mortgage rate increased to 6.43%, according to Freddie Mac data. An ongoing cooling of inflation could also mean lower mortgage rates throughout the year, Freddie Mac said.
The Fed is expected to raise interest rates again in May: Economists
The Fed is expected to raise interest rates by 25 basis points again in May, according to a poll of economists. This is what you need to know.
Financial stress has biggest impact on Americans’ mental health: survey
Financial struggles are the biggest drivers of stress among Americans, according to a survey by Clever Real Estate. More than half of respondents said they’re stressed about inflation and not having enough money to save for retirement.
What electric vehicle models qualify for full tax credit?
Defiance ETFs CEO and CIO Sylvia Jablonski shares her EV picks and discusses Tesla price cuts ahead of the earnings report on 'Making Money.'
America's retirement preparedness score drops: Fidelity
The average American has a 78% chance of covering estimated retirement expenses in a down market, according to Fidelity's 2023 Retirement Savings Assessment. Here’s what you need to know.
Inflation and rising costs pushes Americans to make risky financial choices: Survey
High inflation and interest rates pushed 35% of Americans to drain cash from emergency savings and 26% have skipped or are considering becoming delinquent on their credit cards, a recent survey from Achieve said.
Many Americans plan to use their tax refunds to build savings in 2023, survey says
Americans challenged by inflation and rising costs plan to save less than $5,000 in 2023 and many are relying on tax refunds to make ends meet, a recent TaxAct survey said.
Saving for retirement in America makes 'dramatic' shift, new report reveals
A new Vanguard report showed an increasing number of American workers participating in retirement plans and saving more money, but Gen Z is "better prepared" than the rest.
Texas woman pays off $70K in debt in just two years by ‘cash stuffing’
A Texas woman saved money by using the "cash stuffing" method — allowing her to pay off $70,000 in debt in just two years. Here's how she did it successfully.
Self-directed retirement plan balances increased in Q4: report
Self-directed retirement plan balances as well as balances for 401(k)s, 403(b)s and individual retirement accounts (IRA)s increased at the end of 2022, despite year-over-year losses.
Household bills cost Americans 42% of their salary: survey
U.S. households spend $3.87 trillion annually on household bills, according to doxo’s 2023 U.S Bill Pay Market Size & Category Breakout Report.
Americans may deplete more than half their pandemic era savings by end of 2023: Goldman Sachs
Americans amassed major savings during the height of the pandemic, but they may deplete more than half of it by the end of 2023, a Goldman Sachs estimate forecasted.
Most seniors say the US is suffering a retirement crisis and many are struggling to save: Survey
Eighty-nine percent of seniors said they are worried that the U.S. is in the grip of a retirement crisis and nearly half are struggling to build their savings, according to American Advisors Group's (AAG) recent survey.
Inflation, recession fears dampen financial health outlook for many: survey
One in three Americans said they were struggling to make ends meet or were in trouble financially, according to Lincoln Financial Group's most recent Consumer Sentiment Tracker.