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☆ Nearly half of young adults have 'money dysmorphia,' survey finds. Here are the symptoms
▼ + stars: | 2024-03-13 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Overwhelming evidence suggests social media has a negative impact on self-esteem. That's not only true for how people feel about their appearance and social status but also their financial wellbeing and economic standing. "Money dysmorphia is kind of like today's version of keeping up with the Joneses," said Courtney Alev, consumer financial advocate at Credit Karma. Not surprisingly, money dysmorphia is even more prevalent among younger generations, according to Credit Karma. Many of those who experience money dysmorphia have above-average savings, Credit Karma also found.

Persons: That's, Credit Karma, Courtney Alev, dysmorphia, Carolyn McClanahan, Karma, Alev Organizations: Credit, Finance, Planning Partners Locations: Jacksonville , Florida

—Tax credits, such as child tax credit, retirement savings contributions credit, etc. Earlier this month, Congress announced a bipartisan agreement to enhance the current child tax credit. The bill would incrementally increase the maximum refundable child tax credit to $1,800 for 2023 tax returns, $1,900 for the following year and $2,000 for 2025 tax returns. If you can’t see what your tax preparer is working on, get a copy of the tax return and ask questions about each of the entries. If you are due for a refund, you will not receive a penalty and you will receive your tax return payment.

Persons: Courtney Alev, ” Alev, Tom O’Saben, O'Saben, O’Saben, “, ” O’Saben, —, Alev, You’re, you’ve, It’s, ___, Charles Schwab, ” Organizations: —, Credit Karma, Savings, IRS, National Association of Tax, Elderly, People, Social Security, Social, Center, Budget, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: United States

☆ Why can’t today’s young adults leave the nest? Blame high housing costs
▼ + stars: | 2024-01-11 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

But for young adults just starting out, soaring home prices and sky-high rents have become one of the greatest obstacles to making it on their own. Nearly one-third, or 31%, of Generation Z adults live at home with parents because they can't afford to buy or rent their own space, according to a recent report by Intuit Credit Karma that polled 1,249 people age 18 and older. Gen Z is generally defined as those born between 1996 and 2012, including a cohort of teens and tweens. Now, 25% of young adults live in a multigenerational household, up from just 9% five decades ago. 1 reason families are doubling up, Pew also found, due in part to ballooning student debt and housing costs.

Persons: tweens, Courtney Alev, Pew Organizations: Intuit Credit Karma, Finance, Intuit Credit, Pew Research Center

☆ Shoppers are worried about the economy so they're 'doom spending' to make themselves feel better
▼ + stars: | 2023-11-30 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

'Doom spending' is the idea of spending money to cope with stress about the economy or foreign affairs. More than a quarter of Americans are "doom spending," according to a report from Intuit Credit Karma. Strong consumer spending has helped prop up the economy in the past several months. The rise of mobile shopping has also made doom spending almost as easy as doomscrolling. AdvertisementThe phenomenon is most prevalent among younger generations, with 35% of Gen Zers, and 43% of millennials admitting to doom spending.

Persons: —, Courtney Alev, Gen Zers Organizations: Intuit Credit Karma, Service, Credit Karma

☆ Americans are 'doom spending' — here's why that's a problem
▼ + stars: | 2023-11-29 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Consumer spending has remained remarkably resilient in the face of some stiff economic headwinds. Nearly all Americans, 96%, are concerned about the current state of the economy, according to a recent report by Intuit Credit Karma. Still, more than a quarter are "doom spending," or spending money despite economic and geopolitical concerns, the report found. This season, holiday spending is expected to reach record levels, totaling up to $966.6 billion, the NRF projects. Rather than cut expenses, 73% of Gen Zers say they would rather live in the moment, a recent Prosperity Index study by Intuit found.

Persons: Courtney Alev, Gen Zers Organizations: Nike, Woodbury, Intuit Credit Karma, National Retail Federation, Finance, Intuit, Bank of America Locations: Central Valley , New York, U.S

☆ 1 in 3 Gen Z borrowers can't afford to go home for the holidays because of student loan payments
▼ + stars: | 2023-11-25 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Some members of Gen Z may not make it home for the holidays this year. With federal student loan payments having resumed in October, 32% of Gen Z Americans — those ages 18 to 26 — with student debt say they won't be able to afford to travel home for the holidays on top of their payments, a recent Credit Karma survey found. More than 1 in 4 borrowers say their payments are making the holidays unaffordable altogether, Credit Karma found. Just over a third of Gen Zers overall say they're relying on mom and dad to pay for their travel. The majority of Gen Zers, 66%, plan to take on debt to get through the holiday season, Credit Karma found.

Persons: Gen, Karma, Zers, Gen Zers, Courtney Alev Organizations: Credit, CNBC

☆ Auto loans are super expensive. Here’s how to shrink your monthly bill
▼ + stars: | 2023-10-10 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

In fact, auto loan interest rates are the highest they’ve been since 2007, when the world was heading into a massive financial crisis. More than 70% of buyers of new large SUVs now have monthly payments over $1,000. Keep it shortPeople often try to reduce their monthly payments by taking out longer loans. Spreading the payments over more years can keep the monthly amount lower, but it means you’re paying more in interest. Leasing is another way to keep monthly payments down.

Persons: It’s, ”, Kevin Roberts, you’re, Roberts, that’s, Ivan Drury, Edmunds, Matt Jones, Courtney Alev, Joseph Yoon, TrueCar’s Jones, Jones, “, CarGurus ’ Roberts, Tyson Jominy Organizations: New, New York CNN, Credit Karma, Leasing, “ Leasing, Edmunds, Toyota, Power, Associates Locations: New York, Edmunds, TrueCar.com, Cross, Boston, New York City

Americans held over $1 trillion in credit card debt in the second quarter of 2023, a new record. The rise in credit card debt helped push total household debt to a record-high $17.06 trillion. For the last seven quarters, credit card balances have grown year over year amid strong consumer spending despite high prices. Despite these record-high credit card balances, there are some silver linings. Are you dealing with an untenable amount of credit card debt, or worried about student loan payments restarting?

Persons: Bankrate, Courtney Alev, Alev, Donald Trump, Joe Biden, Biden, Ted Rossman, Rossman Organizations: Federal Reserve Bank of New, Service, Privacy, New York Fed, Credit Karma, Fed, Consumer Financial, Bureau, Education Department, New, jkaplan Locations: Federal Reserve Bank of New York, Wall, Silicon, It's, York

☆ Gen Zers and millennials are ditching 'spendy friends' who are tempting them to overspend and go into debt
▼ + stars: | 2023-07-12 | by ( Grace Mayer | ) www.businessinsider.com time to read: +5 min

Financial differences are driving some Gen Zers and millennials to break up with their "spendy friends." Eighty-eight percent of millennials and 80 percent of Gen Zers said spending time with these friends resulted in them taking on debt. Forty-three percent of millennials said they overspent on dining out, as did 37% of Gen Zers. In addition, 37% of millennials and 32% of Gen Zers report overspending on drinks and nights out. More than a third of Gen Z consumers, 36%, also said they overspent on clothing.

Persons: Zers, Gen Z, Qualtrics, it's, Courtney Alev, Z, Gen Zers, Alev, overspending, millennials, Gen Organizations: Service, Credit Locations: Wall, Silicon, millennials

☆ Millions of boomers are approaching retirement with no savings, survey finds
▼ + stars: | 2023-04-19 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

A recent study found that 21% of those aged 59 and above have a net worth of $0 or less. The study found that 21% of those aged 59 and above said their personal net worth was $0 or in the negative. A 2022 Gallup survey found that the average retirement age in the US was 61, leaving these workers with little time to save. Across all generations, the survey of 1,006 US adults found that 31% said their net worth was $0 or in the negative. The survey found that nearly one-in-five respondents aged 59 or above said they didn't have a retirement account, the highest number of any of the generations surveyed.

☆ Despite falling inflation, nearly one-third of Americans will rely on tax refunds, survey finds. Here's how to get your refund faster
▼ + stars: | 2023-01-13 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Despite falling inflation, many Americans are still struggling financially and will need their annual tax refund to help cover the basics. Some 30% of Americans overall say they will rely on their tax refund to make ends meet, according to a survey released Wednesday by Credit Karma, which polled roughly 1,000 U.S. adults in early December. "Nearly three-quarters of Americans are expecting a tax refund this year and for many it will be the most significant financial windfall of their year," said Courtney Alev, consumer financial advocate at Credit Karma. Annual inflation fell to 6.5% in December, the U.S. Bureau of Labor Statistics announced on Thursday. In 2022, the average refund was $3,176 as of Oct. 28, according to the IRS, up nearly 14% from $2,791 in 2021.

☆ As the cost of living skyrockets, nearly 1 in 3 adults rely on their parents for financial support
▼ + stars: | 2022-12-21 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

In this article GEN Follow your favorite stocks CREATE FREE ACCOUNTwatch nowAs the cost of living skyrockets, many adults are turning to a familiar safety net: mom and dad. Nearly a third of millennials and Gen Zers, over the age of 18, get financial support from their parents, according to a new survey by personal finance site Credit Karma. More than half of parents with adult children said their kids are living with them. In most cases, 25- to 34-year-olds are living in the home of one or both of their parents. The typical 25- to 34-year-old in a multigenerational household contributes 22% of the total household income, Pew found.

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