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☆ 60% of Americans say reaching this milestone makes them financially successful—it's not becoming a millionaire
▼ + stars: | 2024-05-21 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

Most Americans don't think they need to be millionaires in order to achieve financial success. Fewer than 20% of Americans define being "financially successful" as "being a millionaire," according to Bankrate's 2024 Financial Success survey. Nearly 60% of Americans say they would feel financially successful if they were able to "live comfortably," according to the survey. "Salary is often not the best barometer for financial success," Foster says. Increased prices for everyday necessities such as food and housing may also shape the way Americans picture financial success.

Persons: Gen, Sarah Foster, Bankrate's, wouldn't, Foster Organizations: Millionaires, CNBC Locations: U.S

☆ Here's when market experts think inflation will get back to normal
▼ + stars: | 2023-11-16 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

While many experts don't see inflation getting back to normal just yet, it could in a year or two. Consumer price inflation has been mostly slowing this year. Some experts see inflation as measured by the Consumer Price Index being around 2% — the Fed's target year-over-year rate of price growth — by some time in 2024. Advertisement"We foresee headline and core CPI inflation around 2.2% y/y in Q4 2024," Daco said in his commentary. Goldman Sachs forecasts that measure is expected to cool off and see a 2.4% year-over-year increase in December 2024.

Persons: J.P, David Kelly, —, Gregory Daco, Daco, Kelly, ING's James Knightley, Sarah Foster's, Goldman Sachs, Jerome Powell, Powell, Mark Hamrick, Hamrick Organizations: Morgan, Service, Consumer, CPI, Morgan Asset Management, Bankrate, Federal Reserve, Federal, Business

☆ 92% of young people would sacrifice other perks for a 4-day workweek—here's what they'd give up
▼ + stars: | 2023-11-01 | by ( Annie Probert | ) www.cnbc.com time to read: +2 min

As workers reconsider their work-life balance post-pandemic, 92% of young people say that they would make sacrifices in exchange for a four-day workweek, according to a new Bankrate survey. "That coupled with this still historically strong job market … is giving them the leverage to bargain for what they want." "If a company wants to bring younger workers back [into the office], maybe this is the perk they should look into," says Foster. The Bankrate data is a sign that younger generations are prioritizing work-life balance and "recognizing that flexibility itself is a job perk," Foster says. "There's something to be said about maybe not wanting to pursue that taste of flexibility the way that younger generations probably do."

Persons: Sarah Foster, Gen Z, they'd, Foster, Gen, X, Gen Xers, they've Organizations: CNBC Locations: U.S

☆ While most workers want a 4-day workweek, other job perks may be an easier way to get flexibility
▼ + stars: | 2023-10-27 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

No-mad | Istock | Getty ImagesThe United Auto Workers union has brought new attention to the idea of a 32-hour workweek as part of its strike demands. A recent Bankrate survey found 81% of full-time workers want a four-day workweek. That goes particularly for younger workers ages 18 to 42, with 83% embracing that work schedule, the personal finance website found. The enthusiasm for a four-day workweek comes as the Covid-19 pandemic prompted many workers to question the so-called "hustle culture" that has defined traditional full-time in-office work. The availability of a formal four-day workweek is still limited, Schweber said.

Persons: Sarah Foster, Z, Foster, it's, Gen Z, Julie Schweber, Schweber Organizations: United Auto Workers, Employers, Employees, Society for Human Resource Management, Finance

☆ Do inflation-proof jobs exist? Experts are 'skeptical'—it all depends 'on the circumstances'
▼ + stars: | 2023-09-21 | by ( Gili Malinsky | ) www.cnbc.com time to read: +2 min

That's in part because wage growth hasn't been keeping up. According to Bankrate's analysis, however, three industries' wage growth outpaced inflation. That was retail, leisure and hospitality and accommodation and food services. Here's why they fared better than other industries and whether or not experts think, big picture, inflation-proof industries actually exist. But, at that point, workers didn't want to come back to retail, leisure and hospitality and accommodation and food services.

Persons: it's, Sarah Foster, Talent.com, Harry Holzer Organizations: CNBC, Bureau of Labor Statistics, BLS, Georgetown University, Brookings Locations: U.S

☆ Americans hate the economy because pay hasn't kept up with inflation — and it could stay that way until next year
▼ + stars: | 2023-09-13 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

One popular explanation, inflation, has fallen in recent months. But if inflation is the winning explanation, why do Americans still hate the economy? In May, year-over-year wage growth outpaced inflation for the first time in two years, and it continues to do so. Inflation, however, or specifically the gap between inflation and wage growth, is far from the only explanation that has been proposed for Americans' apparent pessimism about the economy. "If a recession were to begin at some point next year, joblessness would likely rise, weighing on inflation but wage growth as well."

Persons: they've, they're, Sarah Foster, Joe Biden's, Foster, joblessness Organizations: Service, University of Michigan's, of Labor Statistics, Journal Locations: Wall, Silicon, Quinnipiac

☆ To feel 'comfortable,' Americans think they need a $233,000 salary and nearly $1.3 million for retirement. Here's what experts say
▼ + stars: | 2023-07-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

To feel financially secure or comfortable, Americans say, they would need to earn $233,000 on average, a recent Bankrate survey found. "Inflation is the main reason why Americans feel like they need to earn so much more than they already are just to feel comfortable," said Sarah Foster, analyst at Bankrate. Meanwhile, to retire comfortably, Americans have another big number in mind — $1.27 million — according to recent research from Northwestern Mutual. Sarah Foster analyst at BankrateWhile inflation may make saving for retirement feel more strenuous, it's important not to give up altogether, she said. Live within your meansBudgeting always requires a trade-off, according to Patel — how much you're spending versus how much you're saving.

Persons: Sarah Foster, Alap Patel, they're, it's, Foster, Patel Organizations: Eyecrave, CPI, Bankrate, Northwestern Mutual Locations: Chicago

☆ Here's the salary Americans say they need to feel financially secure
▼ + stars: | 2023-07-09 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

To feel comfortable or financially secure, Americans need a salary of roughly $233,000 a year on average, Bankrate found. Although 1 in 3 Americans say low pay is the reason they don't feel secure, other factors are adding to the anxiety. Why Americans don't feel financially secureThe biggest contributors to Americans' financial insecurities may be things outside of their control. Other factors include the economic environment, which 48% of survey respondents cited, and rising interest rates, cited by 36% of respondents. As for retirement savings, 60% of Americans say they don't have a retirement-specific savings account, according to a recent NerdWallet survey.

Persons: Bankrate, Sarah Foster, Bankrate's, Foster, That's, wouldn't Organizations: Federal Locations: U.S

☆ Americans say they need a $233,000 salary to feel financially secure. To feel rich? They'll need more than double that.
▼ + stars: | 2023-07-06 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +3 min

72% of Americans are financially insecure, according to a Bankrate.com survey. Americans said they'd need to earn $233,000 to feel financially comfortable and $483,000 to feel rich. To feel rich, those surveyed said they'd need to earn, on average, $483,000 per year, nearly nine-times the median income. Mark PerryMany Americans surveyed cited insufficient emergency savings and retirement funds as evidence they're not financially secure. While many Americans may be a long way from feeling financially secure, some are optimistic that they'll get there eventually.

Persons: —, Sarah Foster, Mark Perry's, Mark Perry Organizations: Service, University of Michigan, of Labor Statistics, Northwestern Mutual

☆ Supreme Court block of Biden’s student loan forgiveness could cause college enrollment to fall, experts say
▼ + stars: | 2023-06-30 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

At four-year private colleges, it now costs $39,400, according to the College Board, which tracks trends in college pricing and student aid. Many students borrow to cover the tab, which has already propelled collective student loan debt in the U.S. past $1.7 trillion. The share of parents taking out federal parent PLUS loans to help cover the costs of their children's college education has also grown, NerdWallet found. High schoolers are also putting more emphasis on career training and post-college employment, a recent report by ECMC Group found. How to avoid taking on too much student debt

Persons: Sarah Foster, NerdWallet, Parker O'Neill Organizations: College Board, Bankrate.com, The Institute, College, National Center for Education Statistics, Century College, ECMC Group Locations: U.S, White Bear Lake , Minnesota

☆ More than 1 in 4 checking account holders are paying fees. Here's how to avoid them
▼ + stars: | 2023-01-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

sturtiEven with broad availability of free checking services, more than a quarter of checking account holders — 27% — are paying fees every month. The personal finance site conducted its online survey Dec. 7-12 and included 3,657 adults, of whom 3,069 have a checking account. Gen Z, who range in age from 18 to 26, comes in at the top of the list, with 46% of that generation's checking account holders paying monthly fees. Millennials, who are ages 27 to 42, come in next, with 42% of account holders paying monthly checking fees, Bankrate.com found. Older cohorts — Gen Xers, who are between 43 and 58, and baby boomers, ages 59 to 77 — are less likely to pay checking account fees.

☆ Great Resignation quitters got big raises—now, they're worried about their job security
▼ + stars: | 2022-10-27 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

Millions of Great Resignation quitters traded up into higher-paying jobs. More than half (56%) of people who started a new, better-paying role in the last year are worried about their job security, according to financial services company Bankrate, which surveyed 2,458 U.S. adults in August. 'Last one hired, first one fired'A vast majority of U.S. CEOs (91%) believe we're headed toward a recession, according to a recent KPMG survey of 1,325 CEOs. At some companies, marketing budgets, human resources employees and contract workers are often the first to go, Foster notes. What you should do if you're worried about your job security

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