Finance News

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

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

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 …

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Millennial Homeownership: Lagging Behind Past Generations

Millennial Homeownership: Lagging Behind Past Generations

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 …

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Federal Reserve Holds Rates, Forecasts 2 More Hikes in 2023

Federal Reserve Holds Rates, Forecasts 2 More Hikes in 2023

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 …

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Youth's Economic Anxiety: Gen Z & Millennials Surveyed

Youth’s Economic Anxiety: Gen Z & Millennials Surveyed

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 …

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Inflation Cooling: Reasons and Limited Decline

Inflation Cooling: Reasons and Limited Decline

Economists expect smaller price increases in May, with a predicted 4.1% rise compared to last year. If accurate, this reflects a significant decline from April’s 4.9% inflation, bringing it to about half of last year’s level. Despite the Federal Reserve’s rate hikes, inflationary pressures continue. Inflation has been a give-and-take process over the past year, …

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Understanding Retirement: A Guide to Social Security

Understanding Retirement: A Guide to Social Security

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 …

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

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

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 …

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US Jobless Claims Surge, Dollar Eases; Fed in Focus

US Jobless Claims Surge, Dollar Eases; Fed in Focus

The dollar fell as lower U.S. Treasury yields, fueled by a spike in jobless claims, hinted at a potential peak in interest rates. Despite the surge in unemployment claims, actual layoffs may not be accelerating due to the Memorial Day holiday. Nevertheless, the data prompted a more than two-week low for the dollar against major …

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Mastercard Expands European Open Banking with New Product & Partnership

Mastercard Expands European Open Banking with New Product & Partnership

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 …

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Turkish Lira Plunges 7% Indicating Shift towards Free Market

Turkish Lira Plunges 7% Indicating Shift towards Free Market

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 …

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