Mon, 10 August 2020 | inflation household finances
The Federal Reserve Bank of New York' reported household expectations regarding their employment prospects and their year-ahead financial situation slightly deteriorated in July after two months of gradual improvement. Other indicators, such as the expected growth in home price and in household income, remained steady at a considerably higher level than in March and April, but below their pre-COVID-19 levels. Median inflation expectations increased 0.2 points at the one-year and three-year horizons, respectively, while disagreement about future inflation also increased.
The Fed repo... Read More
Thu, 06 August 2020 | debt mortgages
The Federal Reserve Bank of New York reported that total household debt decreased by $34 billion (0.2%) to $14.27 trillion in second quarter of 2020. This marks the first decline since the second quarter of 2014 and is the largest decline since the second quarter of 2013.
Reflecting the sharp decline in overall consumer spending due to the COVID-19 pandemic and related social distancing orders, credit card balances fell sharply by $76 billion in the second quarter. This was the steepest decline in card balances seen in the history of the data. Auto and student loan balances were rou... Read More
Thu, 25 June 2020 | advice
A new survey from Northern Trust Asset Management’s FlexShares® Exchange Traded Funds finds that consumers increasingly prefer having a financial advisor of the same racial, gender and age profile as their own. This trend reinforces the need for financial advisory firms to address the disconnect between what the industry currently looks like and changing U.S. demographics. The survey was conducted earlier this year, just less than two years after the initial one in 2019.
The joint survey of financial advisors and consumers found that among individuals who work wi... Read More
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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