Finance News

A survey by Charles Schwab reveals that many Gen Zers and millennials delay financial planning due to complexity and time constraints. The survey, conducted by Logica Research and based on a sample of 1,000 adults, found that younger respondents had similar attitudes towards wealth compared to boomers. However, they were significantly more deterred from creating …

Gen Z & Millennials Delay Financial Planning Due to Complexity: Survey Read More »

Millennials’ low home-buying rate worsens due to a tough housing market, impacting the economy. Homeownership for those born between 1981 and 1996 is significantly lower than previous generations. All age groups suffer from housing affordability issues, but millennials face the brunt due to limited entry-level homes and new constructions. In 2022, millennial homeownership was at …

Millennial Homeownership: Lagging Behind Past Generations Read More »

The Federal Reserve kept rates steady, but signaled readiness for future hikes this year to combat inflation. The benchmark rate remains at 5%-5.25%, the first no-change decision since January 2022. Interest rate forecasts for this year increased, with potential rates reaching 5.6%, suggesting two more hikes are likely. Inflation concerns persist, and Chair Jerome Powell …

Federal Reserve Holds Rates, Forecasts 2 More Hikes in 2023 Read More »

Two studies reveal that a significant portion of younger Americans feel unprepared to handle their finances. According to MassMutual, 33% of Gen Z and 36% of millennials lack financial readiness. Another survey by Experian shows that about 70% of Gen Z and millennials believe the current economic environment hampers their financial independence. These findings reflect …

Youth’s Economic Anxiety: Gen Z & Millennials Surveyed Read More »

Social Security provides income post-retirement, based on your earnings and the age you start receiving payments. Discover how Social Security works, factors influencing payment amounts, including taxation, and the role of your full retirement age. These benefits are available to American workers who’ve accumulated 40 work credits (about 10 years of work). Commencing payments at …

Understanding Retirement: A Guide to Social Security Read More »

The Consumer Financial Protection Bureau (CFPB) cautions that 1 in 5 student loan borrowers face challenges as loan payments resume this fall. The recent bipartisan agreement to raise the federal debt ceiling, signed by President Joe Biden, officially ends the prolonged pause on federal student loan payments, potentially hindering future extensions. With the next due …

Consumer Watchdog: 1 in 5 Student Loan Borrowers Face Post-Resumption Struggles Read More »

Mastercard prioritizes data security in payment experience, launching a solution for safe financial data sharing. Users gain more choice and better service, while Mastercard supports open banking. Their Account Owner Verification service automates and simplifies customer bank account verification, saving time and money. This innovation empowers consumers to transact securely and seamlessly. Jess Turner, EVP …

Mastercard Expands European Open Banking with New Product & Partnership Read More »

Turkey’s Lira Hits Record Low, Signaling Move towards Free Market as State Controls Eased. The lira dropped 7% in its largest daily decline since the 2021 crash, indicating a shift away from state intervention. President Erdogan’s re-election increased pressure on the currency, now down over 19% this year. The central bank’s forex reserves reached a …

Turkish Lira Plunges 7% Indicating Shift towards Free Market Read More »