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Posts Tagged ‘family’

Debt-to-Income Levels Could be Under Stress

Posted on November 28, 2017 by Laura Lam

Defaults for second lien mortgages and other types of consumer credit in October were up compared to the previous month, according to Standard & Poor’s and Experian’s indices. “For the first time since January 2017, the default rate for autos, bank cards and mortgages all rose together,” said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices. “The data does not suggest any unusual financial stress facing consumers which would explain the small, but across the board increases in default rates,” he said. However, “the one concerning item, which might explain the default numbers, is recent…

Millennials are saving more for retirement

Posted on November 10, 2017 by Laura Lam

In the race to save for retirement, one group is doing surprisingly well: millennial parents. That’s according to a new NerdWallet survey, which found that 38% of millennial parents (ages 18-34) save more than 15% of their income for retirement. All told, millennial parents reported a median retirement savings rate of 10% of income, compared with 8% for Generation X parents (ages 35-54) and just 5% for baby boomer parents (ages 55+). Given the picture typically painted of this age group, you might be shouting “fake news” right now. There’s one caveat: The results include only those currently saving for…

Best States for Halloween Candy

Posted on October 27, 2017 by Laura Lam

A recent analysis of Halloween candy purchases found that Oregon tops the list of best states to go trick-or-treating in based on how much money residents spend on candy, with 3 Musketeers as the favorite there. Trailing in second place is neighboring Washington – choosing 100 Grand bars as the top treat – but Oregonians spend on average $11.64 more per person on Halloween sweets. The top states and amounts spent per person on candy: Oregon ($40.29) Washington ($28.65) New Jersey ($24.36) Utah ($23.73) California ($19.72) New York ($19.08) Pennsylvania ($18.78) Illinois ($18.19) Virginia ($17.76) Wisconsin ($16.74). What state ranks…

Never Forget: Remembering 9/11

Posted on September 11, 2017 by Laura Lam

Most of us still remember it like it was yesterday. September 9, 2001, a black day that shook the whole world. A massive attack was launched by the Islamist terrorist in US. It is regarded as the worst terror attacks that shook the world. The attacks resulted into massive destruction and death, it triggered major initiatives by US to combat terrorism a global menace. Today, September 11, 2017, the world will remember the day that changed the life of millions. Here are some facts about the 9/11 attacks that we know. It was September 9, 2001 when 19 hijackers took…

American Households Spend 53% of Its Income On These Expenses

Posted on May 19, 2017 by Laura Lam

If there’s one fairly steady theme over the past couple of decades, it’s that consumers are saving less of their income and their household budgets are being pushed to the limit. According to the St. Louis Federal Reserve Bank’s February data, the personal saving rating in America was a paltry 5.6%. Comparatively, U.S. workers were socking away more than 12% of their paycheck 50 years ago. At the same time, a number of household expenses have largely outpaced the inflation rate and wage growth. These include healthcare costs, college expenses, and in recent years housing costs, since home prices have…

Subprime Student Loans Resemble Pre-Crisis Mortgage Loans

Posted on April 28, 2017 by Laura Lam

Millions of U.S. parents have taken out loans from the government to help their children pay for college … now a crushing bill is coming due. Hundreds of thousands have tumbled into delinquency and default. In the process, many have delayed retirement, put off health expenses and lost portions of Social Security checks and tax refunds to their lender, the federal government. Student loans made through parents come from an Education Department program called Parent Plus, which has loans outstanding to more than 3 million Americans. These loan applications ask almost nothing about its borrowers’ incomes, existing debts, savings, credit…

Average Retirement Savings is Inadequate

Posted on April 14, 2017 by Laura Lam

Most American families, even those close to retirement, have little or no retirement savings. Not surprisingly, younger families have less stashed away. According to a report from the Economic Policy Institute (EPI), the mean retirement savings of a family between 32 and 37 years old is $31,644. But that number doesn’t tell the whole story. Since so many families have zero savings and since super-savers can pull up the average, the median savings, or those at the 50th percentile, may be a better gauge. The median for families between 32 and 37 is a scant $480. How big should your nest egg be in your 30s?…

Cautious Cupid: Consumers More Frugal this Valentine’s Day

Posted on February 14, 2017 by Laura Lam

After a decade-long increase, Valentine’s Day spending is expected to decline this year, according to the annual survey released today by the National Retail Federation (NRF) and Prosper Insights & Analytics. U.S. consumers are expected to spend an average $136.57, down from last year’s record-high $146.84. Total spending is expected to reach $18.2 billion, down from $19.7 billion last year, which was also a record. “This is one day of the year when millions find a way to show their loved ones they care regardless of their budget,” said NRF President and CEO Matthew Shay. “Retailers recognize that their customers…

Budgeting for a Stress-Free Holiday

Posted on November 21, 2016 by Laura Lam

As the holiday season approaches, life can get downright crazy. Shopping, parties, school programs, buying groceries. With everything on your mind and on your calendar, it’s easy to get the new year with a spending hangover. Fortunately, it’s easy to keep up with your money and avoid overspending. It just takes a little time and intentionality. Here’s how: Start thinking of gift ideas now.During the holidays, stores are competing for your business. So if a specific item isn’t on sale at one place, chances are it will be on sale somewhere at some point this season. The sooner you know what…

A Treat for Economy: Higher Halloween Sales

Posted on October 31, 2016 by Laura Lam

Halloween spending is expected to top $8.4 billion this year, according to the National Retail Federation (NRF), the most since tracking began 11 years ago. Its survey found more than 171 million Americans plan to celebrate Halloween, spending an average of $82.93, up from last year’s $74.34. Handing out candy is the most popular Halloween activity, with 70% planning to greet trick-or-treaters at the door. Consumers planning to dole out sweet treats are predicted to spend 5.5% more on Halloween candy compared to last year, bringing the anticipated total spend to $3.8 billion – or $30.60 per household. If realized,…

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