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☆ Some of the rules that protect wealthy savers' bank deposits just changed. Here's what to know
▼ + stars: | 2024-04-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

The Federal Insurance Deposit Corporation, or FDIC, implemented new requirements for deposit insurance for trust accounts starting April 1. FDIC insurance generally covers $250,000 per depositor, per bank, in each account ownership category. How FDIC coverage of trust accounts has changedUnder the new rules, trust deposits are now limited to $1.25 million in FDIC coverage per trust owner per insured depository institution. Each beneficiary of the trust may have a $250,000 insurance limit for up to five beneficiaries. However, if there are more than five beneficiaries, the FDIC coverage limit for the trust account remains $1.25 million.

Persons: Jamie Grill, Ken Tumin, Tumin, — Organizations: Federal Insurance Deposit Corporation, FDIC

☆ 'Guilt tipping' is getting out of control, but signs show consumers are pushing back
▼ + stars: | 2024-03-31 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Indeed, the pressure to tip has increased over the past year, NerdWallet's consumer budgeting report also found — a feeling now known as "guilt tipping." 'Guilt tipping' is on the riseParticularly when it comes to payment prompts with predetermined options that can range between 15% and 35% for each transaction, "the guilt kind of washes over you," Self said. However, "you are not obligated to tip," Self added. Too often, consumers feel obligated to tip, he said. In the end, he said, that will be what causes business owners to scale back on suggested tip amounts or eliminate tip prompts altogether.

Persons: Tim Self, Jgi, jamie Grill, Alex Skijus Organizations: Austin Peay State University, True, Wealth Management Locations: Clarksville , Tennessee, Tampa , Florida

☆ Why millennials' retirement outlook may be worse than older generations
▼ + stars: | 2024-02-09 | by ( Greg Iacurci | ) www.cnbc.com time to read: +9 min

'Deteriorating' retirement outlookAbout 38% of early millennials (those born in the 1980s) will have "inadequate" retirement income at age 70, according to projections from a 2022 Urban Institute study. watch now"We do see the retirement outlook deteriorating for future generations," including millennials, said Richard Johnson, director of Urban's retirement policy program and co-author of the report. Millennials' student loans dent their net worthA 2021 paper by the Center for Retirement Research at Boston College had similar findings. Meanwhile, the last major Social Security overhaul, in 1983, gradually raised the program's "full retirement age" to 67 years old. That will make it easier to save for retirement, according to a Brookings Institution report.

Persons: Jamie Grill, Craig Copeland, Gen X, Xers, Richard Johnson, Johnson, aren't, Millennials, Gen Xers, CRR, X, EBRI, Anqi Chen, Copeland, millennials, they're, William Gale, Hilary Gelfond, Jason Fichtner, there's, Sean Deviney, Deviney Organizations: Social Security, Research Institute, Urban, Center for Retirement Research, Boston College, Research, Transamerica Center, Retirement Studies, Finance, IRA, Pensions, Social, Center, Budget, Brookings Institution, Vanguard Group Locations: U.S, Fort Lauderdale , Florida

☆ Millennials and Gen Z are giving up on one of their core values and investing more like boomers
▼ + stars: | 2024-01-11 | by ( Cork Gaines | ) www.businessinsider.com time to read: +9 min

Preference for environmental, social, and governance — or ESG investing plummeted in 2023 among millennials and Gen Z. The survey examined the support for environmental, social, and governance (ESG) issues and investing across different age groups. Investments receive an ESG rating, and ESG investors pick assets that align with their views on these subjects. AdvertisementIn the survey, preference for ESG investing among millennials and Gen Z — aged between 18 and 41 — plummeted significantly compared to the year before. Tim Paradis and Alex Nicoll of Business Insider explained in December just how controversial the topic of ESG investing has become.

Persons: Z, Gen Zers, Tom Grill, Amit Seru, Seru, David F, Tim Paradis, Alex Nicoll, ESG, Paradis, Nicoll, Sara Eisen, Eisen Organizations: Service, Stanford University, Hoover Institution, Rock Center, Corporate, Investments, Stanford Graduate School of, Stanford Graduate School of Business, United, Investment, Republican, Business, Europa Press Locations: United States

☆ Millennials have become their own worst enemy in the housing market
▼ + stars: | 2023-12-02 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

The housing demand from millennials has made it harder for the generation to get into the game. Meanwhile, housing prices are still high but have started to pull back recently in some areas of the country. In September, Zillow reported that the total US housing market reached a record value of $52 trillion, a 49% jump since before the pandemic. AdvertisementMillennials are in danger of creating a housing bubbleThe research from Indiana University warns that the larger millennial population could lead to a housing bubble and a crash in the housing market. Demand from this generation is expected to wane just as baby boomers start to leave the housing market.

Persons: —, millennials, Zillow, ZIllow, Paul Bradbury, Millennials, boomers, Ariel Skelley, Xers, Tom Grill Organizations: Service, Federal Reserve, Indiana Business Research Center, IU Center, Real Estate, Getty, Education Data Initiative, National Association of Realtors, Indiana University Locations: millennials

watch nowTraditional retirement plans aren't enoughFor years, employers' financial benefits mostly focused on offering robust workplace retirement plans. Yet, when asked where they would put an extra $600 provided by an employer, workers in the EBRI survey said they would spread it out — putting $192 toward funding retirement, $171 to emergency savings and $89 toward a health savings account, followed by paid time off, college savings and paying down college debt. Yet those numbers may increase as employers recognize the upsides for the worker and the workplace. New law gives employers more benefits flexibilityThe passage of Secure 2.0 legislation last year also gives employers more flexibility to offer emergency savings accounts. Starting next year, as much as 3% of an employee's paycheck can be automatically placed in an emergency savings account, up to a total of $2,500.

Persons: Jamie Grill, Buck, Chantel Sheaks Organizations: Center, U.S . Chamber of Commerce

☆ The US-based veterinarian who’s returned to Greece to help stray cats
▼ + stars: | 2023-09-26 | by ( Tamara Hardingham-Gill | ) edition.cnn.com time to read: +12 min

Giving backKatogiritis teaches a student pre-operative care steps for anesthetized cats during the 2021 spay/neuter program in Karpathos, Greece. Changing mentalitiesKatogiritis speaks to local elementary school students during a community outreach event on Karpathos island in 2022. Fragitsa Katogiritis“The community of adopters is connected through our Facebook group (Animal Welfare Karpathos) where they will often share photos and videos of our beloved rescues,” she says, adding that Animal Welfare Karpathos has found homes for over 300 pets in the past three years. In Karpathos, over 700 animals have been spayed or neutered through the Animal Welfare Karpathos programs. She credits her team of volunteers for helping to get the Animal Welfare Karpathos program off the ground and keeping it going.

Persons: Anna Katogiritis, Katogiritis, Karpathos, Anna Katogiritis “, ”, “, ” Katogiritis, Jane Goodall, Goodall, she’d, Sophia Hiras, “ We’ve, Welfare Karpathos, Fragitsa, neutering, it’s “, Bruno Morandi, Julia Konstantina, hasn’t, She’s, there’s Organizations: CNN, CNN Travel, Biology, Biotechnology, University of Crete, Virginia - Maryland College of Veterinary Medicine, Jane, Jane Goodall Institute, Rehabilitation, Animal Welfare, Welfare, Facebook, Interior Ministry, “, Bank, Veterinary Global Aid Locations: Karpathos, Greece, Rhodes, Crete, Athens, Katogiritis, Virginia, Republic of Congo

☆ An overnight locksmith can cost $400. Here's how much you might have to fork over for other emergencies
▼ + stars: | 2023-09-08 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

Their most common approach, instead, was to put the emergency expense on a credit card and pay it over time. If you do use your credit card, make sure you prioritize paying off the balance in full by the end of the month, she added. "Use your credit card as a 30-day bridge, but commit to paying that off," she said. HELOCs interest rates are generally lower than credit card interest rates. However, they tend to be variable interest rates, so you don't want to use it if you don't have to, McClanahan said.

Persons: Winnie Sun, Tiger Woods, Frederic J, Brown, Power, Tom Grill, Angi, Carolyn McClanahan, McClanahan Organizations: Federal Reserve, Sun, Wealth Partners, CNBC FA, AFP, Getty, Planning Partners Locations: Irvine , California, Rancho Palos Verdes , California, Texas , California, New York, Jacksonville , Florida

☆ These states are restoring free school meals for all kids, regardless of income
▼ + stars: | 2023-08-03 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Pandemic offered a 'trial run' for free meals"The pandemic was a trial run and it worked," Crystal FitzSimons, FRAC's director of school and out-of-school time programs, said of the universal free school meals. Inflationary pressures have since pushed up prices in many school districts, which have contended with higher costs for food and labor, said Diane Pratt-Heavner, a spokeswoman for the School Nutrition Association. Since local school districts set their own prices, they can "vary widely" across the country, the School Nutrition Association said. Loss of free meals may lead to hardshipIn 2021, the National School Lunch Program provided 2.2 billion meals, about 99% of which were at a free or reduced price, according to USDA data. Kids from "food-insecure and marginally food-secure" households are more likely to eat school meals, according to the USDA.

Persons: Crystal FitzSimons, FitzSimons, Diane Pratt, Saied Toossi Organizations: Agriculture Department, School Nutrition, School Nutrition Association, USDA, Sdi

☆ This safety net for the elderly and disabled comes with strict rules on savings. That may change
▼ + stars: | 2023-06-30 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Today, those thresholds are just one-sixth of their 1972 value, the Center on Budget and Policy Priorities notes, and their worth declines further each year with inflation. How SSI's asset limits may be raisedIn new research, the Center on Budget and Policy Priorities considers the effects of raising or eliminating the asset limits SSI has for beneficiaries. That $100,000 threshold would be in line with the amount eligible SSI beneficiaries are currently allowed to hold penalty-free in ABLE accounts, tax advantaged savings programs for people with disabilities. Another change — excluding the consideration of retirement accounts — could also help bolster SSI program eligibility. Eliminating the asset test entirely would raise participation in the program by 6%, the nonpartisan research and policy institute found.

Persons: Tom Grill, Kathleen Romig, Romig, Sen, Sherrod Brown, Rob Portman, Portman, Brown, —, Kristen Dama Organizations: Center, Budget, Finance, GOP, Social Security, Sherrod Brown Democratic, Democrat, Republican, Community Legal Services of Philadelphia, Social Security Administration Locations: Ohio, Dama

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