Wednesday, August 20, 2025

Over Half of Americans Used Retirement Savings During Pandemic

Thu, 14 January 2021  |  retirement spending 

Nearly 60% of Americans withdrew or borrowed money from an IRA or 401(k) during the pandemic, and nearly two-thirds (63%) used those retirement savings to cover basic living expenses, according to a new survey from Kiplinger's Personal Finance magazine and digital wealth management company, Personal Capital.

The national poll, which was conducted from November 4-10, 2020, also found that the amounts people withdrew or borrowed were significant. Thirty-two percent (32%) of respondents said they withdrew $75,000 or more from a retirement account, while 58% of those who took loans ... Read More

Foreclosures Drop to 16 Year Low

Thu, 14 January 2021  |  housing foreclosures 

U.S. foreclosure filings— default notices, scheduled auctions and bank repossessions — were reported on 214,323 U.S. properties in 2020, down 57 percent from 2019 and down 93 percent from a peak of nearly 2.9 million in 2010, to the lowest level since tracking began in 2005. Those 214,323 properties with foreclosure filings in 2020 represented 0.16 percent of all U.S. housing units, down from 0.36 percent in 2019 and down from a peak of 2.23 percent in 2010, , according to a ... Read More

Upgrade Launches Rewards Checking Account

Thu, 14 January 2021  |  payments banking credit fintech 

Upgrade, Inc., a neobank targeting mainstream consumers, introduced a new mobile checking account. The account comes with no fees and lets customers earn 2% cash back on common everyday expenses and recurring payments, and 1% cash back on all other debit charges. Qualifying customers also enjoy up to 20% lower rates on Upgrade loans.

The unveiling of Upgrade's no-fee Rewards Checking account comes just over a year after the launch of Upgrade Card, the company's flagship product that offers broad access to installment lending at millions of points of sale in store and online t... Read More

Winter Labor Market Getting Colder

Thu, 14 January 2021  |  unemployment 

Layoffs in the US labor market are rapidly trending upwards as the virus continues to spread. Initial unemployment claims rose by 181,000 to 965,000 in the week ended January 9th. In November, the average weekly number of claims was 740,000. Layoff rates from the Job Openings and Labor Turnover survey are also trending upwards, mostly due to restaurant layoffs. Layoff rates in the Accommodation and food services industries rose from 1.1 percent in October to 3.4 percent in November. And December's jobs report showed a decline for the first time since April.

The jump in initial u... Read More

Most Americans Plan Post-Vaccination Splurge

Wed, 13 January 2021  |  pandemic spending 

As COVID-19 vaccinations continue across the nation, bringing hope to millions that an end to the pandemic is on the horizon, more than 8 in 10 Americans who plan to get vaccinated say they're planning a celebratory splurge for 2021.

That's according to a new report from LendingTree. However, not everyone is quite so ready to spend — 15% of people say that in the wake of the pandemic, they'll never feel financially secure again.

Key findings

• 82% of those planning to get vaccinated will splurge on something to celebrate afterward, such as a fancy dinne... Read More

  Consumers Expect Higher Medium Term Inflation and Home Price Growth

  Wed, 13 January 2021  |  consumer expectations housing inflation 

  NEW YORK—The Federal Reserve Bank of New York's Center for Microeconomic Data released the December 2020 Survey of Consumer Expectations, which shows that median inflation expectations increased at the medium-term horizon, and remained unchanged at the short-term horizon. Uncertainty about future inflation increased slightly, remaining at an elevated level. Median home price change expectations increased sharply to its highest level since July 2018.

  The main findings from the December 2020... Read More

  
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