In the News

Half of Non-Homeowners Expect to Buy Homes in Five Years(Gallup)


Highlights:
  • 49% of non-homeowners expect to buy a home in the next five years;
  • An additional 20% expect to buy a home in the next 10 years;
  • One in five homeowners plan to sell in the next five years.


Highlights:
  • April average up $7 from March;
  • Exceeds December 2016 holiday spending average;
  • Highest spending average since May 2008.


Highlights:
  • 63% say they will continue to work, but work part time;
  • 25% say they will stop working altogether;
  • More Americans say they will retire after, rather than before, age 65.

Economic Security for Seniors Facts (National Institute of Senior Centers)


Highlights:

  • Nearly half a million older adults aged 55-64, and 168,000 aged 65+ who wanted to work were unemployed 27 weeks or longer in 2014;
  • 21% of married Social Security recipients and 43% of single recipients aged 65+ depend on Social Security for 90% or more of their income;
  • In 2013, 61.3% of households headed by an adult aged 60+ had some form of debt. Among senior households with debt, the median total debt was $40,900;
  • In 2013, 33.8% of senior households owed money on a mortgage, home equity line of credit, or both;
  • Approximately 3.5 million older homeowners are underwater on their loans and have no home equity.



Employees who are stressed about their finances are both less productive and in worse financial shape than other employees.  They are:
  • Nearly five times more likely to be distracted by their finances at work (48% vs. 10%);
  • Twice as likely to spend three hours or more at work dealing with financial matters (50% vs. 26%) and three times more likely to spend five hours or more (20% vs. 7%);
  • Twice as likely to miss work on account of their personal financial issues (16% vs. 8%);
  • More inclined to cite health issues caused by financial stress (35% vs. 20%).
Those impacted by student loans are more likely to be stressed about their finances, have difficulty meeting household expenses each month, and use credit cards to pay for monthly necessities they can’t otherwise afford.  They are also more likely to be distracted by their finances at work and to withdraw money from their retirement plans.

Only 42% of Millennials feel that they should have primary responsibility for supporting themselves in retirement, down from 60% in 2016.  40% now say that their employers should have that responsibility (up from 24%), and 19% the government (up from 16%).  Click here for the 50-page report.



Financial illiteracy is a disease that has crippled minorities and the lower class in our society for generations and generations, and we should be furious about that.”

“ . . .  I discovered that according to MarketWatch, over 60 percent of the American population has under 1,000 dollars in savings.  Sports Illustrated said that over 60 percent of NBA players and NFL players go broke.  40 percent of marital problems derive from financial issues.”

“How in the world were members of society going to help incarcerated individuals back into society if they couldn’t manage they own stuff?”

“. . . Financial Empowerment Emotional Literacy (FEEL) . . . teaches how do you separate your emotional decisions from your financial decisions, and the four timeless rules to personal finance: the proper way to save, control your cost of living, borrow money effectively, and diversify . . .”

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