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☆ Millennial wealth is booming. It turns out avocado toast didn't tank them after all.
▼ + stars: | 2024-04-24 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

That rate of rapid wealth growth has never happened before in the data series' history, per the analysis, and it comes after wealth growth remained relatively stagnant for young Americans pre-pandemic. This data, as the authors of the CAP analysis note, suggests that wealth gains weren't just reserved for the top-earning millennials since both median and average wealth grew. "This suggests that the strong wealth growth for younger Americans is broad-based and not the result of strong growth of a handful of wealthy younger households," the authors write. As that report notes, financial assets were a major component of younger Americans' wealth growing. "We need to keep this robust labor market going and Congress needs to set its sights on younger Americans' greatest affordability challenge: housing," Duke said.

Persons: —, Gen X, Brendan Duke, Christian Weller, X, millennials, Duke, BI's Noah Sheidlower Organizations: Service, Center for American Progress, Federal, Business, Boomers, Federal Reserve's Survey, Consumer Finances, millennials, Liberty Street, Federal Reserve Bank of New Locations: millennials, Federal Reserve Bank of New York

Among high-income earners, Gen Z is most confident in their ability to get richer. Gen Z women are particularly confident in their ability to create wealth. The rest of Gen Z may not share this confidence. AdvertisementIt seems the rich are confident that they will be able to build wealth, and the affluent side of Gen Z is no exception. A gender breakdown reveals that 81% of high-net-worth Gen Z women, versus 69% of high-net-worth Gen Z men, expect to see their money grow — a deviation from the overall trend, which saw men more likely to indicate that their money would increase.

Persons: Gen, Knight Frank, Knight Frank's, millennials, Rich millennials Organizations: Liberty Street, Federal Reserve Bank of New, Business Locations: Federal Reserve Bank of New York

☆ Why some investors don’t mind waiting longer for rate cuts
▼ + stars: | 2024-02-15 | by ( Krystal Hur | ) edition.cnn.com time to read: +8 min

Stocks and bonds both sold off as investors painfully recalibrated their expectations for five to six interest rate cuts this year to align more with the Fed’s projected three cuts. For example, Yardeni Research has pushed back against the idea that immediate rate cuts are necessary to avoid the Fed overshooting on slowing the economy. Stocks wouldn’t crater even if cuts were off the table completely in 2024, according to Bank of America, despite what Tuesday’s losses suggest. “No cuts could stymie a full-fledged recovery in more credit-sensitive areas,” wrote BofA strategists in a note on February 9. That means regional lenders will no longer have that crutch if they run into trouble after the program’s expiration on March 11.

Persons: Jerome Powell, ”, Ed Yardeni, it’s, Marc Dizard, Allison Morrow, Bitcoin, bitcoin, Antoni Trenchev, ” Read, Alicia Wallace, Read Organizations: CNN Business, Bell, New York CNN, Wall, Federal Reserve, Traders, Fed, Federal Deposit Insurance Corporation, US Treasury, Valley Bank, Signature Bank, Yardeni Research, Bank of America, PNC Asset Management Group, Federal Reserve Bank of New, New York Fed, Liberty Street Economics, , New York Fed Locations: New York, pare, Federal Reserve Bank of New York, , New

☆ Americans with low credit scores use ‘Buy Now, Pay Later’ more often
▼ + stars: | 2024-02-14 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

New York CNN —Americans who are already facing some financial difficulties are more intensive users of “Buy Now, Pay Later” offerings, with the majority of them tapping the short-term installment payment programs five or more times a year, according to new research released Wednesday by the Federal Reserve Bank of New York. Researchers found that almost 60% of financially fragile consumers have used Buy Now, Pay Later five or more times a year, with nearly 30% of them conducting 10 or more of the BNPL transactions annually. “More-fragile households tend to use the service to make frequent, relatively small, purchases that they might have trouble affording otherwise,” researchers wrote in the post. Buy Now, Pay Later offerings have exploded in use and availability in recent years, allowing people to make (often short-term) installment payments on furniture, travel, concert tickets, food delivery and even the grocery store. )”Some of the greatest downside risks for consumers are when they stack multiple BNPL loans and then pay for those programs with a credit card, economists and researchers have previously told CNN.

Persons: ”, Wells Organizations: New, New York CNN, Federal Reserve Bank of New, New York Fed, Liberty Street Economics, , New York Fed, Federal Reserve, CNN Locations: New York, Federal Reserve Bank of New York, , New

☆ Millennials and Gen Z saw their wealth balloon during the pandemic
▼ + stars: | 2024-02-07 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +3 min

A new analysis from Liberty Street Economics finds younger Americans saw their net worths swell. That might be because their new pandemic stimulus let them invest more. Coming into the pandemic, Americans under 40 were holding just under 6% of all US wealth, according to Liberty Street Economics, even as they made up just under 40% of adults. And it was a boon: Americans under 40 — who comprise both Gen Zers old enough to be in the full-time workforce, and almost all millennials — saw their real wealth skyrocket by around 80%. AdvertisementThose younger Americans were willing to make riskier investments, as the analysis notes, perhaps due to just how far out they are from retiring.

Persons: —, That's, Xers, Gen Zers, Rajashri Chakrabarti, Natalia Emanuel, Ben Lahey, Gen Z Organizations: Liberty Street Economics, Service, Liberty Street, Federal Reserve Bank of New Locations: Federal Reserve Bank of New York, —

☆ Rite Aid is planning to close about 150 locations. See if your local store is on the list.
▼ + stars: | 2023-10-17 | by ( Alex Bitter | ) www.businessinsider.com time to read: +9 min

Rite Aid filed plans to close 154 stores on Monday as part of its Chapter 11 bankruptcy. Rite Aid is the smallest of the three major drugstore chains, well behind CVS and Walgreens. Rite Aid was expected to close stores as part of its bankruptcy. Rite Aid told Insider that it considers a variety of factors when deciding to close a store, "including business strategy, lease and rent considerations, local business conditions and viability, and store performance." "We will also strive to transfer associates to other Rite Aid locations where possible," the company said.

Persons: —, Glen, Taylor, Daniel Webster, Merrick, William Penn, Redmond, Lacey Organizations: CVS, Walgreens, Service, Pennsylvania . Rite Aid, Wall Street Journal, Rite Aid, Rite, Crenshaw, Hollywood Way, San, Niguel, Yorba, Santa, Thompson Boulevard, Ventura, Atwater, Overland, Meridian, Main, Bel, Bel Air South, Park, Main Street, Lafayette, Garfield, Garden, Ford, Flint, Farmington, Whittemore Street, New Jersey :, Marshall, Bridgeton Pike, Whiting, Pike, Huntington, Jericho Turnpike, Jeff, North Street, Cesar, Chavez, Pennsylvania, Stevenson, Bethel, Union, Allentown, Fourth Street, Fifth, Washington Lane, Street, Central Avenue, Grady, Everett Locations: California, New York, Pennsylvania, Los Angeles, Rock, Centinela, Downey, Beach, Burbank, Hollywood Way Covina, Puente, Alhambra, Oceanside, San Diego, Yorba Linda, Santa Ana, Thompson, Thompson Boulevard Oxnard, Cupertino, Santa Clara, Cruz, Bellevue, Sacramento, Boulevard Ontario, Irvine, Monterey, Alvarado Street Connecticut, Bethel, Greenwood, Delaware, Newark, Hill, Wilmington, Idaho, Boise, Maryland, Elkton, Pulaski, Baltimore, Glen Burnie, Baltimore Annapolis Boulevard Massachusetts, Webster, Main Street Michigan, Fremont, Greenville, Clinton, Macomb, Sturgis, Centerville, Clinton Township, Gratiot, Shelby Township, Dyke, Jackson, Michigan, Manistee, Garden City, North, Detroit, Farmington Hills, St, Johns, Whittemore Street Lansing, Hampshire, Merrimack, New Jersey, New Jersey : West Milford, Mantua, Bridgeton, Irvington, Somerset, Williamstown, Pike New York, Brooklyn, Shore, Merrick, East Northport, Jericho, Jericho Turnpike Medford, Patchogue, West Patchogue, Kenmore, Rochester, Flushing, Levittown, Ohio, Massillon, East New Carlisle, Dayton, Youngstown, Springfield, North Street Bellefontaine, Oregon, Portland, Kensington, Brighton, Bethel Park, Pittsburgh, Greensburg, Bethlehem, Fourth Street Philadelphia, Venango, Washington, Conshohocken, Hanover, Mechanicsburg, Erie, Abington, York, Johnstown, Ardmore, Lancaster, Pittston, Wyoming, Yardley, Chester, Street Titusville, Central Avenue Virginia, Chesapeake, Pleasant, Seattle, Graham, Renton

☆ Affordable Apartments Are Coming to the Top of New York’s Skyline
▼ + stars: | 2023-07-28 | by ( Stefanos Chen | More About Stefanos Chen | ) www.nytimes.com time to read: +1 min

The latest luxury tower to rise in New York could distinguish itself not for its sky-high views, but for its residents: survivors of the Sept. 11 attacks, and some of the lowest-income renters in the city. On Thursday, a state oversight board cleared the way for a 900-foot mixed-use tower to be built at 130 Liberty Street, also known as 5 World Trade, the only site on the World Trade Center campus that is expected to be residential. But the real feat, spurred by a group of local agitators, could be the inclusion of an unexpected share of permanently below-market-rate apartments. One-third, or 400, of the 1,200 units will be reserved for low- and middle-income renters, spread across the soaring tower. A portion of those units, 80 apartments, will be offered to people who lived or worked in Lower Manhattan between Sept. 11, 2001, and the end of June 2002.

Organizations: Liberty, World Trade Center Locations: New York, Lower Manhattan

☆ Millennials in their 30s are sitting in an economic quagmire that could stick with them through retirement
▼ + stars: | 2023-03-08 | by ( Jason Lalljee | Madison Hoff | ) www.businessinsider.com time to read: +7 min

In the long run, this generation may also be hit by cuts in Social Security benefits. In the longer run, millennials' retirement may also be affected if Social Security benefits are cut. Millennials in their 30s are accruing debt faster than their peersWhile Experian and Credit Karma research show Gen X has the highest average debt, millennials still hold a lot of debt too — and are accumulating it faster than anyone else. Millennials face looming retirement insecurityIf all of that wasn't enough, millennials' retirement situation in the future could be different from Gen X and baby boomers. Additionally, millennials' retirement safety nets are likely to be affected if they can't get full Social Security benefits.

☆ Remote work hasn't actually saved Americans much time — they're mainly just working more
▼ + stars: | 2023-01-30 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

Not having to commute could mean getting to partake in leisure activities — or more time to get work done. A working paper looked at how people working from home are using their time saved by not commuting. In the US, 23 minutes of this time saved goes to jobs, 19 minutes on leisure, and four minutes on caregiving. Looking at just the results for these wealthy democracies, the US stands out for its lack of minutes saved. This isn't just the case for remote workers in the US; other countries like France also saw workers using most of their saved time on work.

☆ Trump arrived Wednesday morning for his long-awaited deposition in the NY attorney general's 3-year investigation of his business
▼ + stars: | 2022-08-10 | by ( Laura Italiano | ) www.businessinsider.com time to read: +4 min

Trump is the key witness in the New York attorney general's inquiry into the Trump Organization. She was Donald Trump's ex-wife and the mother of Donald Trump Jr. and Ivanka Trump, as well as Eric Trump. Donald Trump Jr. and Ivanka Trump — both of whom have served as Trump Organization executive vice presidents — sat for their depositions in the past week. On Friday, lawyers for the Trump Organization and for Allen Weisselberg, the company's former longtime chief financial officer, are scheduled to appear at a pretrial hearing at the courthouse. A judge has promised to set a trial date for the Trump Organization and Weisselberg to stand trial over accusations that they played roles in a decadelong payroll-tax scheme.

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