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☆ The myth of the millennial minimalists
▼ + stars: | 2024-12-29 | by ( Kelli María Korducki | ) www.businessinsider.com time to read: +12 min

Our reputation quickly found a nifty shorthand: Millennials were a generation of minimalists. The minimalist-millennial myth began in the early 2010s in the aftermath of the Great Recession. Though it was largely an aesthetic trend, the myth of millennial minimalism was so central to my cohort's cultural identity that it may as well have been real. Even now, demand for cars is looked at as a bellwether for consumer spending and the US economy more broadly. Proving the point, young adults were back to buying cars by the mid-2010s.

Persons: we've, X, Millennials haven't, Peter, millennials, —, Marie Kondo's, Kyle Chayka, Chayka, it's, Sam's, Lizabeth Cohen, didn't, Gen, minimalists, Gen Zers, Gen Xers, We'd, Freddie Mac, Bryan Rigg Organizations: Consumer, Nielsen, Automobile, Harvard, Federal Reserve, millennials, of Labor Statistics, National Association of Realtors, Consumer Expenditure Locations: Toronto, New York City, Brooklyn

☆ Baby boomers were hit hardest by inflation last year. Here's what they buy compared to younger Americans.
▼ + stars: | 2024-12-05 | by ( Juliana Kaplan | Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

AdvertisementBaby boomers were hit the hardest by inflation in 2023, driven by rising healthcare costs. Healthcare costs outpaced overall inflation, and they make up a greater share of boomers' budgets compared to younger Americans. The analysis found that mounting healthcare costs, which have outpaced broader inflation, particularly weighed on baby boomers, who are aged 60 to 78. Simultaneously, older Americans did not spend as much on things like gas, where costs deflated. Over 2,000 older Americans told BI their biggest regrets over the last few months in a voluntary, informal survey.

Persons: Gen X, Wells, boomers, Gen, Gallup, they're, they've Organizations: Bureau of Labor Statistics, BLS, BI, Social Security Locations: Wells Fargo

☆ 6 charts show why Gen X is so bummed about money right now
▼ + stars: | 2024-11-28 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

AdvertisementAs many Americans struggle with a high cost of living, Gen X is in a particularly tight spot. Gen X has the highest income of all but also the highest debt. As a Bank of America Institute research note said, Gen X has seen its discretionary spending drop the most of all generations. The analysis attributed that, in part, to Gen Xers trying to sock away more for retirement and investing more. AdvertisementBut as Bank of America notes, Gen X is in the "sandwich" phase of life: Some are juggling supporting adult children and older relatives.

Persons: X, Gen X, Xers —, they're, Xers, Gen Xers, I'm, Wendy Graham, Barbara Lose, Graham, who's, Xer Organizations: Federal Reserve Bank of Philadelphia, Philadelphia Fed, Bank of America Institute, of Labor Statistics, Bank of America, University of Michigan's Locations: Philadelphia, Florida

☆ Investors should take China ‘very seriously,’ fund manager says, naming a stock to start with
▼ + stars: | 2024-10-11 | by ( Nicole Teo | ) www.cnbc.com time to read: +4 min

With all eyes on China right now, one fund manager is bullish on the country regardless of any "bazooka" stimulus measures, saying investors should be getting involved. Starting on Sept. 24, China announced a string of stimulus measures aimed at boosting China's economy . Stephen Roach, for example, former chief economist at Morgan Stanley, warned investors against being too swept up in the China market rally . 'Starting point' For those looking to invest in China, Glass said a good "starting point" was Midea Group , which makes appliances and industrial robots. Analysts' average price target is 4.49 Hong Kong dollars, which gives the stock almost 30% potential downside from its current price around 6.40 Hong Kong dollars.

Persons: Steven Glass, Glass, hasn't, CNBC's, Stephen Roach, Morgan Stanley, Midea Organizations: Sydney, Pella Funds, Investors, National Development, CSI, HSBC, Generations Fund, Midea Group, China Equity, Hong, Garden Services Holdings Locations: China, Pella, Hong Kong, Shenzhen, U.S, Hong

☆ A retired couple gets $23 monthly from SNAP and uses credit cards to buy groceries. They worry about going hungry.
▼ + stars: | 2024-06-17 | by ( Allie Kelly | Madison Hoff | ) www.businessinsider.com time to read: +6 min

Dacus and her husband have to stick to a tight budget: their household only receives $23 a month from SNAP. But some struggling families, like Dacus', don't receive enough help, or their income is considered too high to receive any help at all. But $23 a month in food benefits isn't even close to affording what they need to eat. SNAP benefits don't always align with household needsAmerica's SNAP program provides low-income households with money to grocery shop, and the qualifying criteria is based on the federal poverty line. Yet, many households like Dacus' don't receive the maximum because their income isn't low enough.

Persons: —, Mary Dacus, graham, Stephen, creamer, Dacus, ALICEs, It's Organizations: Service, Foods, Business, Chicago —, Walmart, SNAP, of Labor, Pew Research Center, US Department of Agriculture, Women Locations: Robinson , Illinois, Chicago

☆ Welcome to the age of geriatric millionaires
▼ + stars: | 2024-06-15 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +8 min

While it makes sense that time is often a crucial ingredient to accruing savings and assets, the average age of millionaires in the US has been rising faster than the average age of the overall population over the last three decades. How millionaires are changingSince 1992, the average age of the country's millionaires has been going up. That means that younger millionaires aren't joining their ranks fast enough to keep the average age steady. Millionaires are overrepresented beginning around age 50, but track pretty cleanly with the cohort in their 40's. What does it mean to have so many older millionaires?

Persons: —, Chuck Collins, inequality.org, Collins, America's, aren't, Garrett Watson, that's, Watson, Xers, Gen Xers, they've, haven't, That's, It's, Ed Yardeni, They're, Redfin, King Charles, King Charles III of, it's, You've Organizations: Service, Business, Policy Studies, Forbes, Consumer, Millionaires, Tax, Security, Labor, Institute for Policy Studies Locations: United Kingdom

☆ Less booze, more healthcare: How the spending habits of today's millennials compare to boomers 30 years ago
▼ + stars: | 2024-05-08 | by ( Madison Hoff | ) www.businessinsider.com time to read: +8 min

In the intervening 33 years, how young adults spent their money changed dramatically. Millennials are spending a lot more on healthcare and rented housingHealth insurance spending stands out between the average young adult in 1989 versus in 2022. Based on average data, young adults were spending roughly 60% more on apartments and other rented housing. Before adjusting 1989 data for inflation, young adults in 2022 spent 304% more on fresh fruits than young adults in 1989. Based on our analysis, the average young adult in 2022 was spending more on nonalcoholic beverages and less on alcoholic beverages than the average young adult in 1989.

Persons: —, Harry Met Sally, millennials, Gen Zers, Grace Hill, Gen Organizations: Service, Nintendo Game, Business, Bureau of Labor Statistics, Labor, BLS, Pew Research Center, CPI, Gallup Locations: Millennials

☆ You need at least $1 million to retire comfortably in these 10 U.S. states—half are in the Northeast
▼ + stars: | 2024-04-25 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

On average, Americans believe they should save up around $1.46 million before retiring, per Northwestern Mutual's 2024 Planning and Progress study. But in certain states, like Hawaii, you'd actually need more than that. The minimum amount of savings you'd need to retire in the Aloha state is $2,051,077, according to a GOBankingRates study. It also looked at each state's cost of living through the Missouri Economic Research and Information Center state-by-state cost of living index, based on the Council for Community and Economic Research survey data. Here are the 10 states where you'd need the most to retire comfortably, according to GOBankingRates data shared with CNBC Make It.

Persons: GOBankingRates Organizations: Security, Bureau of Labor Statistics, Survey, Missouri Economic Research, Information Center, Council for Community, Economic Research, CNBC Locations: Northwestern, Hawaii, you'd, Aloha, Missouri

☆ Welcome to 'peak boomer' era: A wave of retirees is about to blow through their savings and cling to Social Security to stay afloat
▼ + stars: | 2024-04-19 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Over 30 million "peak boomers" are entering retirement financially unprepared. This cohort is known as "peak boomers," and per the report, most of them are on track for significant economic headwinds. It's what some have called the boomer retirement bomb — and it might be costly for the rest of the workers in the economy. The peak boomers' retirement wave could also impact the overall US economy. And, per Business Insider's calculations of CPS ASEC data, 79.2% of retirees receive some type of Social Security income.

Persons: —, Robert Shapiro, boomers, Pam Organizations: Social Security, Service, Alliance, Lifetime, Income, Federal Reserve, University of Michigan Health, Commerce, Economic Affairs, Boomers, Consumer Expenditure Survey, CPS

☆ A couple that quit full-time work in their 20s share the money mindset that 'propelled' them to financial independence without altering their quality of life: 'We made zero sacrifices'
▼ + stars: | 2024-04-12 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

Lauren and Steven Keys built a million-dollar portfolio from scratch, which set them up to quit their full-time jobs in their 20s and pursue various side projects and creative work. "We made, honestly, zero sacrifices on our journey," Steven said, noting that they never budgeted or tracked their spending. The couple kept the cost of their hobbies in check and sometimes even found ways to monetize them. In fact, it made us significantly more money than it cost us in the first place," said Steven. Playing Magic: The Gathering, on aggregate over my lifetime, has actually made me money, not cost me."

Persons: Lauren, Steven Keys, Steven, we're Organizations: Business, Bureau of Labor Statistics — Locations: The Florida, United States

☆ The top 5 U.S. cities to retire if you don't have any savings—only 1 is in Florida
▼ + stars: | 2024-03-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

If you've got nothing saved for retirement, you're not alone. Nearly 30% of Americans have $0 saved for retirement, per recent data from personal finance website GOBankingRates. The average monthly benefit is around $1,773 as of February, per the Social Security Administration. It ranked each city on a variety of metrics, including the city's average home value, annual grocery costs, annual utilities costs and whether the state taxes Social Security benefits. Here are the top five places in the U.S. to retire if you have little to no savings, according to GOBankingRates.

Persons: you've, Anne Lester, Roth, GOBankingRates Organizations: CNBC, Roth IRA, Social Security, Social Security Administration, Social, U.S, Survey, Tax Foundation, Bureau of Labor Statistics, Expenditure Locations: U.S

☆ Trump's proposed tariff would cost the average American household an extra $1,500 a year, left-leaning think tank says
▼ + stars: | 2024-03-29 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Trump's proposed import tariff would cost an extra $1,500 annually for Americans, according to a left-leaning think tank. Trump has championed his tax plan as favoring US interests over China, but the think tank argues he misunderstands tariffs. AdvertisementTrump's proposed import tariff would tack on an extra $1,500 per year for Americans, says a left-leaning Washington think tank. AdvertisementThe think tank estimated Americans will face a whopping $3.2 trillion influx of foreign goods. With a 10% tariff, that'd be an extra $300 billion in taxes on goods, roughly translating into $1,700 per household in the tariff's debut year.

Persons: Trump's, Trump, —, Brendan Duke, Ryan Mulholland Organizations: American Progress, Service, White, Republican Locations: China, Washington

☆ Everyone is worried about inflation. Here’s why it’s tracked two different ways
▼ + stars: | 2024-03-12 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

Housing, housing and more housingThe housing sector carries more than four times as much weight in CPI compared to the Fed’s preferred inflation gauge. But, with PCE, housing has a much more limited impact on the inflation index. Both indexes are faulted for using this metric to calculate housing inflationBoth indexes use a widely criticized metric called owners’ equivalent rent (OER) to track housing inflation. But it can often take months for these trends to show up in either the PCE or CPI housing indexes. Another issue with using OER to track housing inflation is that it doesn’t really affect homeowners.

Persons: Joe Biden, Frederic J . Brown, ” Organizations: New, New York CNN, Federal, Cleveland Federal Reserve, PCE, Bureau of Labor Statistics, Getty, Commerce Department, Bank of America Locations: New York, November’s, AFP

☆ 'Super savers' are spending little to no money on housing to free up extra cash. Here are 3 strategies they use to lower their rent or mortgage payments.
▼ + stars: | 2024-02-29 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

Heilbron, along with other "super savers" — individuals who save more than half of their incomes — have found creative ways to lower (or eliminate) the biggest expense Americans face: housing. US Bureau of Labor StatisticsHere's how the experts save on rent or mortgage payments, listed in order of simplicity. Courtesy of Karina MejiaIf you can live with family, that's another way to save on housing. But, especially if you're based out of a major city, the further you go away from the city center, the more affordable space you're going to find. While it is perhaps the most effective way to lower housing costs, it is also the most complex in that it requires owning a home.

Persons: you'll, Avery Heilbron, Steven Keys, Lauren, Karina Mejia, Ali, Josh Lupo, Todd Baldwin Organizations: Business, Consumer, Bureau of Labor Statistics, of Labor Statistics Here's Locations: Boston, Augusta, San Francisco, Orlando, New York, Seattle

☆ CNBC Daily Open: Wall Street on edge over Fed's key inflation gauge
▼ + stars: | 2024-02-29 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets declineWall Street ended lower Wednesday as investors anxiously wait for the personal consumer expenditures reading for January due today. [PRO] A lesser-known pharma standoutInvestors have been piling into major weight-loss drug manufacturers like Eli Lilly and Novo Nordisk. But fund manager Freddie Lait picked a lesser-known firm that also stands out: McKesson Corp — the U.S. pharmaceuticals distribution company.

Persons: Jerome Powell, Dow, Sundar Pichai, Pichai, Tim Cook, Cook, Walt Disney, Mukesh Ambani, Eli Lilly, Freddie Lait, Lait Organizations: Federal Reserve, New York Stock Exchange, CNBC, Nasdaq, Google, Apple, Walt, Reliance, Asia's, JV, Novo Nordisk, McKesson Locations: New York City, U.S, India

☆ Stock futures fall as Wall Street awaits the Fed's preferred inflation gauge: Live updates
▼ + stars: | 2024-02-28 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Stock futures fell as Wall Street weighed the latest earnings results and looked ahead to the Federal Reserve's favored inflation gauge. Futures tied to the Dow Jones Industrial Average slipped 80 points, or 0.2%. The S&P 500 futures and Nasdaq 100 futures edged down 0.2% and 0.25%, respectively. The 30-stock Dow lost 0.06% and fell for a third consecutive session, while the S&P 500 inched down 0.17%. The S&P 500 has jumped 4.6%, while the Dow has added 2.1%.

Persons: Salesforce, Okta, Joe Mazzola, Charles Schwab's, Dow, John Williams Organizations: New York Stock Exchange, Stock, Federal, Dow Jones, Nasdaq, Dow, Hewlett Packard Enterprises, Bath, Body, New York Federal Reserve Bank Locations: Snowflake, Chicago

☆ Investing in hobbies can be money well spent — just don't take on debt
▼ + stars: | 2024-01-13 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

This broad category covers a range of expenses that people consider hobbies, as well as concert tickets and pets. If done wisely, cash spent on your hobbies is money well spent. A lot of times, startup costs for hobbies and interests are very expensive, said Weiler. watch nowDon't finance a new hobby on debtIf you do enjoy the hobby, find a way to make it financially sustainable. Does money spent on hobbies buy happiness?

Persons: Rebecca Weiler, Weiler, George Organizations: Getty, U.S . Bureau of Labor Statistics, Research, Finance, Trustco Bank Locations: New York City

☆ The 10 most expensive states to retire in
▼ + stars: | 2024-01-11 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

Read previewYou will need upwards of $1 million for a comfortable 25-year retirement in 16 states — and $2 million in Hawaii. And for a 30-year retirement in the 10 most expensive states, you'll need over $1.3 million. AdvertisementFor instance, GOBankingRates noted the annual price of groceries in Hawaii was $5,339, while annual housing costs were over $35,800. California's minimum for 25 years of comfortable retirement was $1.43 million, well above New York's at $1.29 million. AdvertisementConversely, West Virginia, Mississippi, and Oklahoma were the three most affordable states for a comfortable retirement.

Persons: —, GOBankingRates, Charles Schwab, Schroders Organizations: Service, Business, Bureau of Labor Statistics, Survey, Missouri Economic Research, Information Center, Social Security, Utilities, New York, AARP Locations: Hawaii, Massachusetts , California, New York, Missouri, Massachusetts, California, New, Florida, Alaska, West Virginia , Mississippi, Oklahoma, West Virginia, Mississippi

☆ Fed's favorite inflation gauge shows prices rose at 3.2% annual rate in November, less than expected
▼ + stars: | 2023-12-22 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

A gauge the Federal Reserve uses for inflation rose slightly in November and edged closer to the central bank's goal. On a six-month basis, core PCE increased 1.9%, indicating that if current trends continue the Fed essentially has reached its goal. "The slowing in core inflation opens the door for fed funds rate cuts in 2024; the timing will depend on core PCE numbers over the next few months." Though policymakers watch both measures, they are more concerned with core prices as a longer-run inflation gauge. A 2.7% slide in energy prices and a 0.1% decrease in food helped hold back inflation for the month.

Persons: Dow Jones, Andrew Hunter, Gus Faucher Organizations: Federal Reserve, Commerce Department, Capital Economics, Markets, PNC Financial Services, Fed, PCE, Federal, CNBC PRO

☆ Cost of living in 32 of the biggest Midwestern cities
▼ + stars: | 2023-12-01 | by ( Madison Hoff | Cork Gaines | ) www.businessinsider.com time to read: +2 min

Chicago had the highest Cost of Living Index score among 32 Midwestern cities. Of the 32 Midwestern urban areas examined, 29 fell below the national average. However, the vast majority of the 32 large Midwestern cities included in the study are cheaper than the national average. The Council for Community and Economic Research, or C2ER, released its quarterly Cost of Living Index in October. Below are the 32 Midwestern places in our analysis ranked by their indexes from C2ER.

Persons: — Organizations: Chicago, Service, Midwest, for Community, Economic Research, Index, Detroit — Locations: Springfield , Missouri, — Illinois, Indiana , Iowa , Kansas , Michigan, Minnesota , Missouri , Nebraska, North Dakota , Ohio, South Dakota, Wisconsin, Florida , Texas, California, Chicago, Detroit, Milwaukee

☆ Price hikes and spending cooled last month, Fed’s preferred inflation gauge shows
▼ + stars: | 2023-11-30 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

The core PCE price index is at its lowest annual rate since April 2021, marking another step toward the Fed’s target of 2% inflation. When including gas and food prices, the overall PCE index was unchanged last month. Consumer expenditures increased 0.2% last month, a marked pullback from the 0.7% jump seen in September. When taking out inflation, however, the 0.2% real spending in October was down only slightly from September’s 0.3% gain. Holiday uncertaintyThe spending patterns last month align with the ongoing trend of people spending their money more on experiences.

Persons: Bharat Ramamurti, Kayla Bruun, Jill Renslow, Bruun, ” Ramamurti, ” Organizations: Minneapolis CNN, The Commerce Department, Federal Reserve, PCE, National Economic Council, CNN, Consumers, Morning, of, National Retail Federation Locations: Minneapolis, of America, Bloomington , Minnesota

☆ Japan cuts view on economy for first time in 10 months
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Nov 22 (Reuters) - Japan's government on Wednesday slashed its view on the economy for November in its first such downgrade in 10 months, as weak demand weighed on capital spending and consumer expenditure. The new assessment by the Cabinet Office came after data last week showed the economy shrank in July-September for the first time in three quarters as demand waned. "The economy is recovering moderately, although some areas showed stalemate recently," said the report issued by the Cabinet Office on Wednesday. It was the first time the government has cut its view on the overall economy since January. The government expects the economy to continue to recover moderately but there are risks such as those from global monetary tightening and the Chinese economy.

Persons: inflation's, Fumio, Kaori Kaneko, Sam Holmes Organizations: Cabinet, Thomson Locations: TOKYO

☆ Europe’s shrinking stash heralds economic trouble
▼ + stars: | 2023-11-14 | by ( Francesco Guerrera | ) www.reuters.com time to read: +7 min

But the interest they earned on their assets increased from 16 billion euros to 66 billion euros in the same period. As a result, euro zone firms’ net interest was negative 19 billion euros in the second quarter of 2023. These financial gains may have helped euro zone growth. A further 700 billion euros matures in 2026. Homeowners with mortgages, which account for around 27% of euro zone households, are yet to feel the brunt of higher rates.

Persons: That’s, Mathieu Savary, Gross, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Reuters, European Central Bank, Reuters Graphics Reuters, ECB, BCA Research, Oxford Economics, International Monetary Fund, Oxford, IMF, Thomson Locations: Oxford, Spain, Italy, France, Germany, United States, China

☆ S&P 500 enters correction territory to close volatile trading week
▼ + stars: | 2023-10-27 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

New York CNN —The benchmark S&P 500 index closed in correction territory on Friday, ending a week made volatile by weaker-than-expected earnings reports and strong economic data. The S&P 500 fell 0.5%, marking a more than 10% drop from its most recent July peak. Amazon shares rose 6.8% on Friday after the e-commerce giant reported a beat on top-and bottom-lines for its most recent quarter. Excluding gas and food prices, the core PCE index rose 3.7% for the 12 months ended in September, its smallest year-over-year increase since May 2021. The index rose 0.3% on a monthly basis from the 0.1% rate seen in August.

Persons: Dow, Jamie Dimon Organizations: New, New York CNN, Nasdaq, Chevron, ExxonMobil, Ford Motors, United Auto Workers, JPMorgan Chase, Dow, Gross, Commerce Department, Federal, Traders, The University of Michigan’s Locations: New York

☆ Millennials, Gen Z Mistakenly Bet on Inheritance From Boomer Parents
▼ + stars: | 2023-10-18 | by ( Ann C. Logue | ) www.businessinsider.com time to read: +14 min

When she died, Grandma Sue left the most common form of inheritance, called an accidental bequest, which is simply the money left over when someone dies. The New York Times reported on a coming inheritance wealth boom in 2023, 2019, 2014, 2008, and 1999. Even for families with incomes in the 51% to 90% range of earners, the average inheritance was $46,000 — hardly life-changing money. Researchers have been talking about the coming Great Wealth Transfer for at least a quarter of a century. But the reality is that all the wealth boomers are sitting on probably won't end up fixing our collective financial problems.

Persons: Grandma Sue, Grandma Sue's, —, Xers, Gen Zers, Xer, shouldn't, Edward Wolff of, Maury Gittleman, Wolff, Gittleman, Michael Bloomberg, Warren Buffett, Larry Ellison, Bill Gates, Isabel Sawhill, It's, Penn, there's, they're, Bank of America cardholders, Joseph Smith, haven't, boomer, Ann Logue Organizations: Social Security, Medicaid, Boomers, Federal Reserve, New York Times, Edward Wolff of New York University, US Bureau of Labor Statistics, Federal, Brookings Institution, University of Pennsylvania, Penn, Medicare, Family Foundation, Bank of America, Consumer, Department of, Northwestern Mutual, IRS Locations: Northwestern, Chicago

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