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☆ The home insurance market is crumbling. These owners are paying the price
▼ + stars: | 2024-03-29 | by ( Nathaniel Meyersohn | Anna Bahney | ) edition.cnn.com time to read: +9 min

Courtesy Victoria ZangaraIn the past, acquiring or keeping homeowners’ insurance didn’t present much of a problem. There was roughly a 10% to 12% increase in homeowners’ insurance costs last year in the United States, said Mark Friedlander, spokesperson for the Insurance Information Institute, a nonprofit industry association. Jim Watson/AFP/Getty ImagesHomeowners who have a mortgage are not able to go without homeowners insurance as their mortgage servicer will require an escrow account for insurance. Some 6 million homeowners chose to forgo homeowners insurance, according to a report from the Consumer Federation of America. They have lived in their home for 19 years and had a policy with Foremost Insurance, paying about $1,910 a year.

Persons: Alfredo Herrera, Herrera, Zangara, “, ”, ” Herrera, policyholders, Mark Friedlander, Neil Fernandes, Fernandes, David Swanson, Matthew Carletti, Jim Watson, Diana Troxell, Diana Wright Troxell, Bruce, ” CNN’s Ella Nilsen Organizations: New, New York CNN, Louisiana Citizens, ”, National Oceanic, Atmospheric Administration, Louisiana State University, Insurance Information Institute, Farmers Insurance, Farmers, AAA, CNN, Firefighters, Reuters, State, Citizens Property Insurance, JMP Securities, Getty, Homeowners, Consumer Federation of America, CFA, Social Security, Foremost Insurance, California FAIR, FAIR Locations: New York, New Orleans, City, Louisiana, New Orleans , Louisiana, America, United States, Santa Clarita , California, California, Florida, Sycamore, Whittier , California, AFP, Cottonwood , California, ‘

☆ Real-estate investors are using a little-known tax strategy the IRS approved in 2004 to exchange properties for a more passive investment while deferring taxes indefinitely: 'Most people don't even kn
▼ + stars: | 2024-03-05 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

Austin Bowlin, a CPA and partner at Real Estate Transition Solutions, is finding this out among his investor clients. "But a 1031 exchange in and of itself isn't the sole answer because now they have to figure out, 'What would I exchange into?'" If they buy another investment property, they're back where they started: actively managing a different property. And, thanks to a 2004 ruling by the IRS, DSTs are 1031 exchange eligible. That said, "most of those risks are what the owners are accustomed to, having owned and managed investment real estate.

Persons: —, It's, Austin Bowlin, they're, He'll Organizations: Service, Business, CPA, Real, Delaware Statutory Trust, IRS, SEC Locations: California, Delaware, Texas, Florida, Washington, Nevada

☆ Australia bushfires: Victoria orders 30,000 people to evacuate due to ‘catastrophic’ fire risk
▼ + stars: | 2024-02-28 | by ( Kathleen Magramo | Morayo Ogunbayo | ) edition.cnn.com time to read: +3 min

Hot, dry and windy conditions have created “extreme to catastrophic fire dangers” in parts of Victoria and South Australia, according to Australia’s Bureau of Meteorology. Around 30,000 people had been ordered to evacuate parts of Victoria before midday Wednesday, when authorities warned it would be too late to leave. Bushfires in Victoria, Australia have been burning since February 22, 2024. AAP Image/David Crosling/ReutersSix homes have already been destroyed and authorities fear windy and dry conditions may fan the flames close to high-density residential areas. More than 100 state forests have been closed, the Forest Fire Management of Victoria said on social platform X.

Persons: Jason Heffernan, we’re, David Crosling, Victoria Organizations: CNN — Firefighters, Meteorology, Fire Authority, CFA, Melbourne, ” Firefighters, Fire Management Locations: Australia, Victoria, South Australia, Casterdon, Hamilton, Kanagulk, ”, Bayindeen, Melbourne, Wimmera

Capital One plans to acquire Discover in an all-stock deal valued at $35.3 billion, pending approval. On Monday, Capital One Financial announced its plans to buy Discover Financial Services. Here's what you need to know about the deal and what it could mean for current Capital One and Discover customers. Capital One credit cards are part of the Visa and Mastercard credit card networks. The Wall Street Journal reports that Capital One is planning to switch some of its credit cards to the Discover network.

Persons: —, Simon Blanchard, Alvin Carlos Organizations: Discover, Service, Financial, Discover Financial Services, Capital, Visa, Mastercard, Georgetown University's McDonough School of Business, Street Journal, CFA, CFP, District Capital Management

☆ Ivory Coast Seizes 100 Tons of Cocoa at the Border With Guinea
▼ + stars: | 2024-02-16 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +2 min

That compares with 1,000 CFA francs a kilogram in Ivory Coast, where the price is fixed and guaranteed throughout the year. Global cocoa prices have hit record highs in recent months amid worries about a bean deficit this season and with concerns growing for the next. Ivory Coast and neighbouring Ghana, the world's second biggest producer, have said smuggling hampers their effort to meet their yearly production target. "This year, despite the high price in both countries compared to Ivory Coast, there is less leakage... People are really finding it hard to get cocoa out of Ivory Coast," said Abel Gbale, a cocoa buyer in Danane, the country's last major town before the borders with Liberia and Guinea. Amadou Konate, a cocoa buyer based in Man, the main city in western Ivory Coast, said cocoa producers earn nothing from smuggling and the middlemen pocket all the money.

Persons: Ivory Coast's, Yves Brahima Kone, Kone, Abel Gbale, Amadou Konate, Ange Aboa, Anait Miridzhanian, Bate Felix, Frances Kerry Organizations: Ivory, Cocoa Council, CFA, Reuters Locations: ABIDJAN, Guinea, West African, Liberia, Ivory Coast's, Ivory Coast, Sipilou, Ghana, Danane

☆ Gen Z Is the Most Unsatisfied With Work; for Them, a Job Is Just a Job
▼ + stars: | 2024-02-13 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +11 min

And it could explain why Gen Z workers are so much more unsatisfied with their jobs than their older colleagues. Age plays a role in explaining the gap, but Gen Z is also entering the workforce at a unique time. In EY's 2023 Gen Z survey, more than 50% of Gen Zers said they were "extremely worried about not having enough money." For much of Gen Z, a job is just a job. In a Deloitte study from March, only 61% of Gen Z participants said their work was important to their identity.

Persons: Kimi Kaneshina isn't, Wyatt Co, Xers, Zers, millennials, Gen Zers, Aki Ito, That's, Kaneshina, Julia Kensbock, Kensbock, haven't, Kensbrock, —, Gen Z, Corey Seemiller, Seemiller, Felizitas, Z Organizations: Pew Research, Research, Business, University of Bremen, Bain, Co, Workers, Employers, Labs, CFA, LaSalle Network, Wright State University, YouTube, LinkedIn, Deloitte Locations: Southern California, Germany, TikTok, Felizitas Lichtenberg

☆ Coup juntas threaten to quit West Africa bloc: Here’s what it means for the region — and Russia
▼ + stars: | 2024-02-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +9 min

ACCRA, Ghana - ECOWAS flag with member flags at the second extraordinary summit on the political situation in Burkina Faso, in Accra, Ghana, on February 3, 2022. OUAGADOUGOU, Burkina Faso - Jan. 20, 2023: A banner of Russian President Vladimir Putin is seen during a protest to support the Burkina Faso President Captain Ibrahim Traore and to demand the departure of France's ambassador and military forces. Mali has ruled out leaving WAEMU, while Burkina Faso is considering it. "Mali, Burkina Faso and Niger will likely draw on the extractive sector to improve their weak economies. A recent UN Development Programme report surveyed 5,000 people who had directly experienced a recent coup or unconstitutional change of government, including citizens of Burkina Faso, Chad, Guinea, Mali and Sudan.

Persons: NIPAH DENNIS, Bola Tinubu, Vladimir Putin, Captain Ibrahim Traore, Alex Vines, there'd, Tinubu, Ouattara, —, Vines, Mucahid Durmaz, Verisk Maplecroft, Durmaz, Balima Boureima, insurgencies, Wagner, Niger, specter, Mohamed Bazoum, Rey Byhre Organizations: Getty, Economic, West African States, ECOWAS, Nigerian, Africa, Chatham House, CNBC, Algeria —, West, Cote D'Ivoire, Anadolu Agency, Getty Images, Wagner Group, West African Economic, Monetary Union, CFA, National Council for, UN Locations: ACCRA, Ghana, Burkina Faso, Accra, AFP, Mali, Niger, Sahel, Mauritania, OUAGADOUGOU, Chatham, France, Nigeria, Côte d'Ivoire, Algeria, Malian, Russia, Bamako, Mucahid, West Africa, Togo, Benin, Cote, NIAMEY, NIGER, Niamey, West, U.S, Moscow, WAEMU, Seme, Chad, Guinea, Sudan, The Gambia, Tanzania, Kati

☆ Meet the Man Behind Litquidity, the Anonymous Instagram Account Dominating Wall Street
▼ + stars: | 2024-02-07 | by ( Reed Alexander | Hayley Cuccinello | ) www.businessinsider.com time to read: +26 min

The deck kicked off a game of one-upmanship among Wall Street banks trying to keep their employees happy. Lit capitalized on poking fun at Wall Street culture, selling $35 dad hats that read, "Do You Know Who My Father Is?" There have, of course, been endless rumors about Lit's identity, especially among Wall Street underlings. Wall Street underlings have speculated about Litquidity's identity for years. Basak, one attendee said, wanted to take a "wrecking ball through it all" and hold Wall Street heavy hitters accountable.

Persons: Goldman Sachs, I've, David Solomon, Litquidity, Goldman, Solomon, Evercore, Michael Kovac, Lit, Warburg Pincus, Jamie Dimon, Jamie Dimon's, Banksy, Bennett Jordan, who've, Lit's, — Mark Moran, —, Jefferies, Richard Handler, Spencer Platt, Isaac Laifer, Laifer, Handler, We'd, Henry, Hank, Medina, He's, he's, Jefferies Medina, Bart P, Fuchs, Karl Smith, Mark Moran, Moran, Bloomberg he'd, Zack DeZon, Getty Images Moran, Brian Hanly, Hanly, Sonali Basak, Angela Weiss, cryptocurrency, we'll, Mark, Medina's, weren't, CoinFLEX, Litquidity doesn't, Dave Portnoy, wasn't, Medina Ayden Syal, Kyle Zappitell, Zappitell, he'd, hasn't, Bennett Jordan —, Craig Sjodin, Litney, Paul Argenti, Wall Organizations: Goldman, New York Times, CNBC, Business, Bloomberg, Metropolitan Club of New, Nomura, Citigroup, Financial Times, Litney Partners, Whitney Partners, BI, ESPN, Litquidity, Centerview Partners, New York, Getty, Bain Capital, Litquidity Venture Partners, SEC, Cornell University, Wexford Capital —, Deutsche Bank, Deutsche, CFA, Getty Images, Bullish, Vice, Wall Street, Litquidity's, Manhattan's Rue, Fox Business, Litquidity Ventures, Coatue Management, SAFE, Soho House, Dartmouth University Locations: New York, Tribeca, Metropolitan Club of New York, Instagram, San Francisco, Medina, New York City, Miami, NoHo, Chad, Connecticut, Litquidity, Linktree, Soho

☆ Gen Z is turning to influencers for financial advice. A new report dives into 4 main reasons creators are impacting investment decisions.
▼ + stars: | 2024-02-05 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +5 min

Financial influencers are also benefiting from the rising consumer demand for longer-form online content . Distrust in traditional financial institutions is driving Gen Z to more 'relatable' advisorsMost participants reported being skeptical of traditional banks and personal finance advisors. Preece said the rebound of long-form content suits the needs of financial influencers because they can take 10 minutes to explain a concept instead of 30 seconds. "There's more time for an audience to really digest the information and reflect on it, because most financial topics are complex," he said. Gen Zers also said they loved that the financial tips on YouTube, TikTok, and Instagram were free.

Persons: —, Gen Zers, Rhodri Preece, Zers, there's, Preece, Reece Organizations: Service, CFA Institute's Research, Policy, CFA Institute, YouTube, Business Locations: France, Germany, Netherlands

☆ Analysis-West Africa's 'Brexit' Moment Spells Trouble for the Region
▼ + stars: | 2024-01-30 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +6 min

Ivory Coast alone is home to more than 5 million people from Burkina Faso, Mali and Niger. Earlier this month, Russia and Niger, ruled by a junta since a coup last year, agreed to develop military ties. Russian military personnel flew into Burkina Faso's capital Ouagadougou last week to ensure the safety of the country's military leader. EMPTY THREATECOWAS has responded to a wave of coups in the region since 2020 with sanctions that the juntas have called "illegal and inhumane." "The departure from ECOWAS will have catastrophic consequences for the ability to respond to the many security challenges facing this region," said Abba.

Persons: Bate Felix, David Lewis, Giulia Paravicini, Seidik Abba, Russia's Wagner, Mucahid Durmaz, Verisk Maplecroft, Charlie Robertson, Kwesi Aning, Gilles Yabi, Adama Coulibaly, Nagnouma Keita, Abba, Tiemoko Diallo, Boureima, Silvia Aloisi, Andrew Cawthorne Organizations: Giulia Paravicini DAKAR, West, West African States, Reuters, Islamic, FIM Partners, European Union, ECOWAS, CFA Locations: Mali, Burkina Faso, Niger, Russia, Ivory Coast, Niger . Niger, Nigeria, Paris, Ghana, Togo, Benin, France, United States, Burkina Faso's, Ouagadougou, West Africa, United, London, Bamako, Guinea, China

☆ From loud budgeting to girl math, here’s what you should know before taking financial advice from TikTok
▼ + stars: | 2024-01-30 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Between girl math, loud budgeting and cash stuffing, the trendiest financial advice is increasingly born on TikTok. That's helped financial TikTok, also known as FinTok, take off. Now it's one of the most popular sources for financial information, tips and advice, particularly among Generation Z. The hashtag #FinTok, representing just the financial TikTok community, has more than 4.7 billion views on the platform. Finfluencers appeal to Gen Z investors because they produce educational and engaging content that is instantly accessible and, even better, free, the report found.

Persons: That's, Gen Z, Gen Zers, Young, Zers, Gen, Finfluencers, Rhodri Preece Organizations: Finance, YouTube, CFA Institute Locations: TikTok

☆ CSU faculty end strike after reaching tentative agreement with management
▼ + stars: | 2024-01-23 | by ( Melissa Alonzo | ) edition.cnn.com time to read: +2 min

CNN —Faculty members at California State University (CSU), the largest public university system in America, have ended their one-day strike after reaching a tentative agreement with management. The union represents 29,000 members including professors, lecturers, librarians, counselors and coaches, across the 23 campuses of Cal State. Our members have won a Tentative Agreement … that includes raising the floor for our most vulnerable faculty, safer workplaces & expanded parental leave,” it said. “The agreement enables the CSU to fairly compensate its valued, world-class faculty while protecting the university system’s long-term financial sustainability,” she added. Thousands of Cal State faculty began striking on Monday, the first day of spring semester classes for much for the university system’s 450,000 student.

Persons: …, “, Mildred García Organizations: CNN —, California State University, CSU, California Faculty Association, CFA, Cal State, United Auto Workers, Hollywood, Starbucks, Cornell University, Industrial and Labor Relations Locations: America, California, Southern California

☆ CSU faculty strike: Thousands of Cal State faculty walk off the job, beginning a massive five-day strike
▼ + stars: | 2024-01-22 | by ( Samantha Delouya | ) edition.cnn.com time to read: +4 min

Faculty and supporters picket during a strike at the California State University, Northridge campus in Los Angeles, California, US, on Monday, Jan. 22, 2024. Jill Connelly/Bloomberg/Getty ImagesVillanueva Bernal said one of her children attends a Cal State school, one of two public university systems in California. In a statement, Cal State said the CFA’s demand for a 12% raise, along with other economic demands, are “financially unrealistic.”“Their request far surpasses the state funding increase that the CSU received in last year’s state budget ($227 million) and is more than the entire budget of Cal Poly Pomona ($369 million),” Cal State said. The union has been bargaining with Cal State since May, and the university system has offered a 5% raise each year over three years. However, CFA has argued that Cal State can afford their proposals.

Persons: ”, “, Elaine Villanueva Bernal, Jill Connelly, Villanueva Bernal Organizations: Los Angeles CNN, California State University, California Faculty Association, ”, CFA, Cal State, CSU, Cal State University, Cal State University Long Beach, Faculty, Northridge, Los Angeles Times, Bloomberg, Getty, Cal Poly Pomona, Cal, management’s Locations: Cal State University Long, Los Angeles County, ”, Los Angeles , California, California

☆ Bitcoin ETFs could open floodgates to $30 trillion wealth management market
▼ + stars: | 2024-01-13 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

SEC Chair Gary Gensler continues to issue stern warnings when it comes to crypto investments, but that's not holding back activity. For the $30 trillion advised wealth management industry, the floodgates could be about to open. "For the vast majority of people, a low-cost bitcoin ETF is going to be the easiest way to do that," Hougan said. According to data from Robinhood , 81% of bitcoin ETF trading volume in the first week was in individual accounts, with the rest in retirement accounts. In a report on its website in October, Galaxy Digital said the "strongest marginal improvement" occurred when portfolios moved from a 0% to 1% bitcoin allocation.

Persons: Gary Gensler, that's, Jan van Eck, Anthony Pompliano, Pompliano, Matt Hougan, wirehouses, they've, Hougan, WisdomTree, bitcoin, Matt Walsh, Walsh Organizations: Securities and Exchange Commission, SEC, Investments, Chartered, Fund, Management, VettaFi, CFA, Investor Trust, Galaxy Digital, Fidelity, Island Ventures, Fidelity Investments Locations: U.S, Robinhood

☆ A proposed Chick-fil-A 'mega' restaurant in Tennessee is sparking backlash and fears of drive-thru traffic
▼ + stars: | 2024-01-05 | by ( Nancy Luna | ) www.businessinsider.com time to read: +4 min

A plan for a "mega" Chick-fil-A store in Tennessee is the latest project to encounter backlash from locals concerned about the fast-food chain's frequently crowded drive-thrus lines. In Collierville, Tennessee, Chick-fil-A has proposed replacing a 23-year-old 3,950-square-foot restaurant with a larger one to accommodate the growing consumer demand. Chain reps are billing the proposed 6,110-square-foot restaurant as the "latest greatest prototype Chick-fil-A has" in its system. Chick-fil-A said the bigger restaurant, proposed for an empty lot about a half-mile down the road, is expected to contain cars within two double drive-thru lanes that wrap the restaurant. It also has plans to build an elevated restaurant that has four drive-thru lanes that flow below the store.

Persons: —, Brent Edmiston, Woody Reid, Edmiston, Raymond Descheneaux, Chick, Jennifer Casey Organizations: Service, Business Locations: Tennessee, Collierville , Tennessee, Collierville, City, Poplar, Colliersville, North Carolina

☆ The S&P 500 could close at record on final trading day - that is a very rare market event
▼ + stars: | 2023-12-29 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

What little suspense is left in the year revolves around whether the S & P 500 can close at a historic high. Closing the year at a historic high is a fairly rare event — it's only happened eight times since 1926, and only four times since 1963, according to S & P Global: 2020, 2013, 1999, 1991, 1963, 1958, 1954, 1928. So far, the S & P is up 0.9% in these first four of the seven days. The S & P internals are almost the opposite of where they were a year ago. S & P 500: overbought and expensive: Relative Strength Indicator (RSI): 72 (overbought) % stocks over 50-day- moving average: 89% (high, overbought) Forward earnings P/E: 19.6 (expensive) Earnings growth: 11% (high) Markets are positioned very bullish.

Persons: Santa Claus, Ingersoll Rand, Parker, Eaton, General Mills, Hendrik Bessembinder, It's Organizations: Mastercard, Capital, American Express, Union Pacific, General, Nike, FedEx, Global, CFA, U.S Locations: Santa, Eaton, Hannifin, Wayfair, United States

Summary Heavy gunfire reported overnight in Guinea-Bissau's capitalArmed national guard soldiers free opposition ministerHead of national guard arrestedCalm appears to have been restored by late morningBISSAU, Dec 1 (Reuters) - Fighting broke out overnight between two factions of Guinea-Bissau's army in the capital and continued early on Friday after armed soldiers from the national guard freed a minister who had been detained for suspected misuse of public funds. The head of the national guard has since been arrested, a military source said. Gunshots started at around 2300 GMT on Thursday about two kilometres away from the presidential palace in the capital Bissau. A police source said the shooting on Thursday started after heavily armed members of the national guard stormed a police station to free Finance Minister Suleimane Seidi, arrested earlier that night. The national guard reports to parliament, while the military reports to the president.

Persons: Umaro Sissoco Embalo, Embalo, Suleimane Seidi, Antonio Monteiro, Sierra Leone's, Alberto Dabo, Samba, Sofia Christensen, Christina Fincher Organizations: United Nations, Change, PAIGC, Freetown, CFA, Thomson Locations: Guinea, BISSAU, Bissau, Antula, Dubai, Guinea Bissau, West African, Senegal, Portugal, West, Central Africa

Charley GrantCharley Grant is a banking reporter at The Wall Street Journal based in New York. Previously, he was a Heard on the Street columnist. He is a CFA charter holder.

Persons: Charley Grant Charley Grant Organizations: Wall, Journal, CFA Locations: New York

☆ Chick-fil-A sells wings through a spinoff restaurant called Little Blue Menu. I tried them and liked them a lot better than CFA's signature chicken sandwich.
▼ + stars: | 2023-11-18 | by ( Alex Bitter | ) www.businessinsider.com time to read: +1 min

Chick-fil-A opened the first physical location of Little Blue Menu, a new restaurant, in Maryland. Little Blue Menu serves many Chick-fil-A items, as well as chicken wings and burgers. Little Blue Menu serves up two things you won't find at standard Chick-fil-A restaurants: Chicken wings and burgers. Little Blue Menu started serving food in Nashville and Atlanta through ghost kitchens, which prepare food for delivery or pick-up but don't have dining rooms. To find out if Chick-fil-A's wings are any good, I went to Little Blue Menu in College Park.

Persons: —, Chick Organizations: Service, University of Maryland Locations: Maryland, College Park , Maryland, Nashville, Atlanta, College Park

☆ Niger debt default reaches $304 million due to sanctions- agency
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

DAKAR, Nov 14 (Reuters) - Niger has missed payments on interest and capital totalling 187.136 billion ($304 million) CFA francs since a July coup and its suspension from regional financial markets, data from the West African regional debt management agency showed on Tuesday. The West African monetary union debt management agency UMOA Titres said in a statement on Tuesday that the country had missed another interest payment of around 2.464 billion CFA francs ($4 million) on its debt. "This payment incident occurs in a context where the State of Niger is subject to sanctions taken against it by the conference of heads of state and government of the West African Economic and Monetary Union," the agency said. Niger has been suspended from the regional financial market, and the regional central bank by the Economic Community of West African States (ECOWAS) and the West African monetary union following a military coup in July that ousted President Mohamed Bazoum. ($1 = 615.5300 CFA francs)Reporting by Bate Felix; Editing by Andrew Heavens and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: UMOA Titres, Mohamed Bazoum, Bate Felix, Andrew Heavens, Bernadette Baum Organizations: CFA, West, West African Economic, Monetary Union, Economic, West African States, ECOWAS, Thomson Locations: DAKAR, Niger, State

☆ Gen Z doesn't want financial advice from banks or celebrities. They're going to mom and dad instead.
▼ + stars: | 2023-11-06 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

They beat out banks, friends, and celebrities as the most frequent source of financial advice. Another survey found that over 6 in 10 Gen Z said they were still financially dependent on their parents. AdvertisementAdvertisementYounger people in need of financial advice are not turning to banks or successful entrepreneurs — they're going to mom and dad instead. To be sure, family isn't the only source of financial information for Gen Z. AdvertisementAdvertisementThat made it the most frequent source among the 948 US Gen Z respondents surveyed, slightly edging out web searches and family.

Persons: Gen Z, —, Insider's, Bill Gates, Experian, Z Organizations: Service, Morning, Microsoft, Experian, CFA Institute, Financial Industry, Authority Investor Education Foundation

☆ Gen Z is the most financially savvy generation
▼ + stars: | 2023-11-06 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +12 min

AdvertisementAdvertisementIn a May survey from the CFA Institute, a global trade association for investment advisors, more than half of Gen Z respondents said they were already investing, and 82% of American Gen Z investors said they began investing before they turned 21. And while there are plenty of pitfalls and missteps that could plague young people along the way, Gen Z is shaping up to be the most financially savvy generation yet. The estimated $60 billion wipeout caused many Gen Z investors to lose big. AdvertisementAdvertisementWhile Gen Z may not always be drawn to the safest investment choices, it's certainly getting some hands-on learning. In many respects, Gen Z is coming of age at a good time, graduating into a booming job market with strong wage growth.

Persons: Gen, Gen Zers, Gen Xers, Zers, It's, —, they'd, stashing, Gen Z, Erin Lowry, Z, there's Venmo, Lowry, Charlie Pastor, finfluencers, Pastor, Taylor Price, Price, it's, I'm, Eve Upton, Clark Organizations: CFA Institute, Federal Reserve's Survey, Consumer Finances, Transamerica Center, Retirement Studies, PayPal, YouTube, CFA, IRA, Interactive, UK Royal Mint, Barclays Smart Investor Locations: Canada, Chipotle, BlackRock

☆ Wall Street can breathe easy. ChatGPT isn't smart enough to be a financial analyst yet.
▼ + stars: | 2023-11-02 | by ( Aruni Soni | ) www.businessinsider.com time to read: +4 min

ChatGPT wouldn't be able to pass all levels of the exam required to get become a CFA. GPT-4 did better than ChatGPT and could pass the first two levels of the exam with enough prompting. According to a study, ChatGPT couldn't pass the chartered financial analyst exam—a benchmark qualification for many finance professionals across Wall Street. According to the CFA institute, only 38% of test-takers who took the level one exam in February 2023 passed. "GPT-4 would have a decent chance of passing the CFA Level I and Level II if prompted with [few shot] and/or [chain of thought scenarios]," the researchers wrote.

Persons: wouldn't, ChatGPT, —, couldn't, OpenAI —, it's Organizations: CFA, JPMorgan, Service, Wall

☆ The Netherlands named the best place to retire — here's how other countries compare
▼ + stars: | 2023-10-23 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Retirement income systems vary in different countries, and the U.S. does not come out on top. The additional concerns make one thing even more important: retirement income systems. They have some of the strongest retirement systems, according to the Mercer CFA Institute Global Pension Index for 2023, which was published Tuesday. A total of 47 different retirement systems were assessed in the report. Retirement systems in the latter have "major weaknesses," the report said.

Organizations: Mercer CFA, Global, U.S Locations: U.S, Netherlands, Iceland, Denmark, Israel, Kazakhstan, Colombia, France, Spain, Canada , New Zealand, Germany, Mexico, Indonesia, South Africa, Thailand, Turkey, India, Philippines, Argentina

☆ These countries have the most generous retirement plans in the world
▼ + stars: | 2023-10-18 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

Portugal ranked at the top for the most financially adequate retirement system according to a new study. The US, however, ranked 24th in adequacy among the 47 countries studied for its retirement system. AdvertisementAdvertisementPortugal, the Netherlands, and Iceland ranked at the top for the most financially adequate retirement systems — while the US ranked 24th. AdvertisementAdvertisementMany Americans have been skeptical of the US's retirement system, funded primarily through savings in 401(k)s and individual retirement accounts, as well as Social Security. Portugal, which ranked at the top of Mercer's list, also ranked second for comfortable retirement on U.S. News & World Report's Best Countries ranking.

Persons: — Organizations: Service, US, Mercer CFA, Global, Security, U.S . News Locations: Portugal, Netherlands, Iceland, Denmark

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