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☆ 54% of young Americans say food costs are the biggest strain on their finances
▼ + stars: | 2024-05-08 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Younger Americans are feeling the pinch from inflation, with 54% saying that rising food costs have hit them the hardest. The findings are part of a recent CNBC/Generation Lab survey that polled 1,033 people between the ages of 18 and 34. When asked where in their budget inflation affected them the most, respondents choose food by a significant margin:Food: 54%54% Rent: 22%22% Discretionary spending: 10%10% Health care: 6%6% Utilities: 5%Overall inflation has cooled off since its 9.1% year-over-year peak in June 2022, but it continues to rise at a 3.5% year-over-year pace as of March, according to the most recent data available from the consumer price index, which tracks the price of goods and services over time. Higher borrowing costs are another factor leading to younger people feeling strained, as the average credit card balance for Gen Z and millennials increased 62% and 50%, respectively, between March 2022 and February 2024, according to a recent Intuit Credit Karma survey.

Organizations: CNBC, Intuit, Karma

At stake is the role of a wide spectrum of players, from fintech firms to card companies and established banks. Walmart's Fintech startup One is now offering BNPL loans in Secaucus, New Jersey. Buy now, pay later has gained popularity with consumers for everyday items as well as larger purchases. A Capital One Walmart credit card sign is seen at a store in Mountain View, California, United States on Tuesday, November 19, 2019. Meanwhile, Walmart said last year when its lawsuit became public that it would soon announce a new credit card option with "meaningful benefits and rewards."

Persons: Joe Raedle, Goldman Sachs, Omer Ismail, Hugh Son, BNPL, Jason Mikula, Amazon's, Karma, John Furner, John David Rainey, Dot, " Rainey, Rainey, Morgan Stanley, Walmart's, Yichuan Cao Organizations: Walmart, Getty, CNBC, New Jersey Walmart, Apple, Electronics, Adobe Analytics, Bank of Walmart, Robinhood, Walmart U.S, Coastal Community Bank, Capital, PayPal Locations: Hallandale Beach , Florida, Bentonville , Arkansas, Manhattan, Secaucus , New Jersey, New Jersey, U.S, Mountain View , California, United States

Connect all your bank accounts, investments accounts, and credit cardsCheck mark icon A check mark. HoneydueHoneydue App Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.75 /5 Fees Free Pros Check mark icon A check mark. Budgeting app for couplesCheck mark icon A check mark. Rocket MoneyRocket Money Get started On Rocket Money's website Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.25 /5 Fees Free to create a budget. Pros Check mark icon A check mark.

Persons: Credit Karma, you've, It's, Couples, There's, YNAB, Zeta Zeta, Zeta, you'll Organizations: Intuit, Credit, Quicken, Apple, Google, PocketGuard, Quicken Simplifi, Zeta Locations: Zeta

☆ 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

☆ The credit card crisis is worse for millennials and Gen Zers
▼ + stars: | 2024-03-09 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

The credit card debt for young Americans has grown at a faster pace than other generations. AdvertisementAmericans are in the midst of a credit card crisis, and nobody is being hit harder than millennials and Gen Zers. The study examined the anonymized credit scores of 41 million customers and anonymized credit card balances for about 80 million people in March 2022 and February 2024. Credit scores are falling for young AmericansThe soaring credit card debt has coincided with falling credit scores for these younger groups of consumers. If that happens, credit card debt will likely keep growing, and credit scores for young Americans could keep dropping.

Persons: Gen Zers, —, Zers, Z, millennials —, Rich Franks, Franks, Gen Z, that's, OnePoll, millennials Organizations: Service, Federal Reserve Bank, Intuit Credit Karma, Intuit Credit, Forbes, MMI, Money Management Locations: millennials

☆ 'If your parents are homeowners, you're more likely to be a homeowner,' housing expert says. Here's why
▼ + stars: | 2024-02-23 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

If a parent is a homeowner, they are more likely to assist with their kid's down payment, she said. But it's harder for those with parents who are not homeowners: "Renter households are often precluded from bringing more people into their home. Having homeowner parents is 'like a 5 percentage point bonus'Young adults with homeowner parents are more likely to become homeowners themselves because they can obtain more information about the mortgage application process directly from their parents, the Urban Institute found. "Because the parents are so knowledgeable about homeownership, they're more likely to encourage their kids to do it and show them how to do it," Myers said. "It's like a 5 percentage point bonus by having parents who are homeowners."

Persons: Skylar Olsen, Myers, that's, Zers, Intuit Credit Karma, Wachter Organizations: Digitalvision, Getty, National Association of Realtors, Urban Institute, Intuit Credit Locations: Washington ,

If you've filed your 2023 tax return and want to know when you'll get your refund, the IRS has several tools available to help you track its status. When will I get my tax refund? FAQs How do I check my income tax refund status? You can get updates on the status of your refund on the IRS2Go app or the IRS "Where's My Refund" tool. You can check the status of your return and any refund 24 hours after e-filing by visiting the IRS website or IRS2GO app.

Persons: you've, you'll, TurboTax, Jackson Hewitt, filers, it's Organizations: IRS, Block, Jackson, Apple, IRS Taxpayer Assistance, CNBC, CNBC Select's, Facebook, Twitter, & $ Locations: Mobile

Mint is set to shut down in 2024, and some users are switching to the budgeting app Monarch Money. One of the most hyped-up Mint alternatives among Reddit users is the budgeting app Monarch Money. Find out why some Mint users are switching to Monarch Money and decide whether it's a good option for you. Monarch Money FAQsWho is the founder of Monarch Money? Monarch Money allows you to create a budget, set savings goals, track your net worth, and analyze your cash flow.

Persons: —, Karma, Val Agostino, You'll, you've, Jon Sutherland, Ozzie Osman Organizations: Service, Mint, Money, Intuit, Karma, Monarch, Plaid

—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

This is a type of savings account that offers a significantly higher interest rate than a traditional savings account. For customer support, Credit Karma offers both a phone line and a live chat for Credit Karma Money account holders. Credit Karma Savings Account FAQsIs Credit Karma savings a good idea? Yes, Credit Karma offers the Credit Karma Money Save Account, which is a high-yield savings account paying 4.10% APY. You can take money our of your Credit Karma savings account by transferring money to a linked external account or to your Credit Karma Money Spend Account.

Persons: It's, Karma, Ally, Synchrony, Kit Pulliam, Kit, Read Organizations: MVB Bank, CIT Bank, Savings, CIT, Better, Google, Apple, Credit Karma, Intuit, Karma, Better Business, Federal Trade Commission, FTC, Chevron, Karma Savings, Bank, Synchrony, Finance, Business, Vanderbilt University, Analysts

☆ Intuit's CMO has a plan to help the company seize a new $30 billion revenue opportunity
▼ + stars: | 2024-01-17 | by ( Ryan Joe | ) www.businessinsider.com time to read: +5 min

And providing that financial assistance, Goodarzi said during an investors conference in December, represents a $30 billion opportunity that Intuit has not claimed. But TurboTax competitor H&R Block is also reaching for this opportunity, and has gone on the offensive with its own AI-powered tax assistant, released in December. A bevy of new H&R Block ads tout the assistant, and takes a shot at TurboTax: "So long, TurboTax!" "Comparative marketing is a common practice and we've used it for many years to help consumers easily see the benefits of working with H&R Block," an H&R Block spokesperson said. "People just aren't aware, because of how strongly we grew the do-it-yourself perception within TurboTax," Balazs said.

Persons: TurboTax, Lara Balazs, there's, Sasan Goodarzi, Goodarzi, Balazs, DJ Stout, we've Organizations: Intuit, Business, Karma ., Intuit Assist Locations: TurboTax

☆ Here are 3 ways Gen Zers can build credit before renting their own place
▼ + stars: | 2024-01-15 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Fg Trade | E+ | Getty ImagesRising inventory is helping push rent prices down. Many Gen Zers are still living with their parentsWhile some older Gen Zers were able to become homeowners during the Covid-19 pandemic, most did not. Gen Z includes those born between 1996 and 2012, according to Pew Research Center's definition, and the youngest members of that cohort are still teens and tweens. Of the Gen Z adults who currently rent, 27% say they can no longer afford the cost, the firm found. In the meantime, there are ways Gen Z adults can prepare, especially those at home saving on expenses.

Persons: Gen, Daryl Fairweather, Jacob Channel, It's, Zers, Intuit Credit Karma, Melissa Lambarena Organizations: Pew Research, Intuit Credit, Finance Locations: U.S

☆ 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

☆ A viral theory about the one thing millionaires do differently with their money is making waves
▼ + stars: | 2024-01-09 | by ( Andrew Lloyd | ) www.businessinsider.com time to read: +4 min

On December 14, a TikToker who goes by Taylor Money posted a video with an on-screen caption that read, "Millionaires do 1 thing different." He regularly shares videos about what he describes as millionaires' approach to life and making money . This story is available exclusively to Business Insider subscribers. AdvertisementThe theory is that richer people tend to view money as a way to build even more wealth, rather than a means to a different end. They said they had little to no money after paying their basic bills, so using money to make money was only possible for those with expendable income.

Persons: —, Taylor Money, Taylor, That's, Rich, lew, ure, ideo Organizations: Service, Millionaires, Business, ust Locations: TikTok, iews

☆ Intuit's Humera Shahid on 2024: I want to make work a safe place for employees going through challenging times
▼ + stars: | 2023-12-24 | by ( Josée Rose | ) www.businessinsider.com time to read: +6 min

Shahid says she wants to support employees so work can be a "safe space." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHumera Shahid is Intuit's chief diversity, equity, and inclusion officer and vice president of talent development. Work and community can actually be a really safe space where you can be yourself and you can share. I think we were like, "Oh, this is really going to be important as we talk about issues around race."

Persons: Humera Shahid, Shahid, —, I'm, COVID, it's, we've, We're Organizations: Intuit, Service, Karma, Hamas Locations: Business, Israel

Credit Karma Money is launching a feature that will allow members to access government benefits up to five days early. Credit Karma Money members may qualify for this perk if they live in the United States and are eligible for government benefits. Credit Karma will provide early access to government benefits like Social Security, VA benefits, and Supplemental Security Income. How to enroll in the new Credit Karma Money government benefits featureIf you do not have a Credit Karma Money Spend Account, you can open an account online or through the mobile app. What is Credit Karma Money?

Persons: Karma Organizations: Intuit Credit Karma, Karma, Social Security, Discover, Karma Money, Banking, MVB Bank, FDIC Locations: United States

☆ 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

☆ Intuit beats first-quarter estimates on resilient demand for financial products
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

The logo of financial software company Intuit is displayed at the Collision conference in Toronto, Ontario, Canada June 23, 2022. REUTERS/Chris Helgren Acquire Licensing RightsNov 28 (Reuters) - Accounting software-maker Intuit (INTU.O) on Tuesday beat Wall Street estimates for first-quarter profit and revenue, on resilient demand for its artificial intelligence infused products that help businesses manage their financial needs. Products offered by Intuit include tax-preparation software TurboTax, personal finance portal Credit Karma, and QuickBooks that help small businesses. The company posted adjusted profit of $2.47 per share for the first quarter, compared with analysts' estimates of $1.98 per share. In the reported quarter, revenue at Credit Karma fell 5% to $405 million, while revenue at its Consumer Group rose 25% to $187 million.

Persons: Chris Helgren, Jaspreet Singh, Shailesh Organizations: Intuit, REUTERS, Products, Credit Karma, Consumer, Thomson Locations: Toronto , Ontario, Canada, View , California, Bengaluru

☆ 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

Quicken is offering 50% off its products as a Black Friday deal, starting Tuesday through Sunday, December 3. Intuit is shutting down its popular app, Mint, which leaves users looking for an alternative. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Intuit wants Mint users to move to Credit Karma, another money-management tool in Intuit's portfolio, but Credit Karma lacks the monthly budgeting features that helped make Mint so popular. Even without the Black Friday deal, Simplifi is more affordable than comparable options, like YNAB and Monarch Money.

Persons: — Organizations: Quicken, Intuit, Service, Karma, Mint, Business

☆ Mint, the Budgeting App, Is Going Away. Here Are Some Alternatives.
▼ + stars: | 2023-11-11 | by ( Ron Lieber | More About Ron Lieber | ) www.nytimes.com time to read: +1 min

The demise of Mint, the beloved budgeting app, has caused its millions of users to consider alternatives. That makes it as good a time as any for everyone to consider a money management tool. According to a recent survey by Javelin Strategy & Research, 41 percent of people don’t use any money management app or website aside from their bank’s. Many budget app users, however, were fervent fans of Mint. Credit Karma is known for its free credit scores and lacks some of the budgeting tools that appealed to Mint users.

Organizations: Mint, Strategy, Research, Intuit

Honeydue App Learn more Compare apps Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.75 /5 Fees Free Pros Check mark icon A check mark. Budgeting app for couplesCheck mark icon A check mark. AdvertisementAdvertisementSimplifi by Quicken ReviewRocket Money Read Review Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.75 /5 Fees Free to create a budget. Pros Check mark icon A check mark. Connect all your bank accounts, credit cards, and investment accounts to track spendingCheck mark icon A check mark.

Persons: —, you've, It's, Couples, YNAB, Zeta, you'll Organizations: Intuit, Mint, Karma, Service, Apple, Google, PocketGuard, Quicken Start, Quicken, Zeta Locations: Zeta

☆ Mint, One of the First Budgeting Apps, Is Shutting Down
▼ + stars: | 2023-11-03 | by ( Jenny Gross | More About Jenny Gross | ) www.nytimes.com time to read: +1 min

Mint, one of the earliest and most popular personal finance apps, is shutting down, and its owner, Intuit, is encouraging users to switch to Credit Karma, its platform that offers free credit scores and helps users track their money. Intuit said on Tuesday that it was “reimagining” Mint as part of Credit Karma and that Mint users would be able to transition to Credit Karma. Credit Karma will absorb Mint by Jan. 1, Intuit said in a statement on Friday. Mint has been one of the top online budgeting tools for years, with 3.6 million active users in 2021, according to Bloomberg. The news that Mint would be closing caused an outcry from loyal Mint users, some of whom said they were especially upset that Credit Karma would not offer the same budget tools.

Organizations: Intuit, Karma, Bloomberg

☆ Intuit CEO Sasan Goodarzi goes one-on-one with Jim Cramer
▼ + stars: | 2023-10-11 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Intuit CEO Sasan Goodarzi goes one-on-one with Jim Cramer'Mad Money' host Jim Cramer talks to Intuit CEO Sasan Goodarzi on investing in AI, introducing AI to small business and on Credit Karma.

Persons: Sasan Goodarzi, Jim Cramer, Sasan Organizations: Intuit, Karma

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