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Gen Z adults aren't saving their money. Only 15% of Gen Z regularly puts a portion of their paycheck into a savings account, according to a recent Bank of America survey. And just 1 in 5 Gen Zers are contributing to a retirement account. Gen Z is typically defined as those born between the years of 1997 and 2012. The good news: Gen Zers are still under 30, and have plenty of time to save money and develop smart financial habits.
Persons: Gen Z, Zers, Gen, it's, Douglas Boneparth, Winnie Sun, Sun, you've Organizations: of America, Sun Group Wealth Partners
Kicking off the series of costly festivities is typically an engagement, which often means the purchase of a pricey diamond ring. After all, the rule-of-thumb is that a engagement ring is supposed to cost the buyer three months' salary. "Feel free to disregard the 'three-months' salary' rule, as this is an outdated myth that was actually based on a marketing campaign from the Great Depression era, and not based on current facts or data," she says. Indeed, the "three months' salary" rule originated from an advertisement campaign for a diamond company in the 1930s meant to increase the sale of diamonds. The company, Da Beers, initially said that a man should spend one month's salary on a ring, but over the next few decades it continued to raise the bar until it was three months' salary.
Persons: Zola, Sarah Hanlon, Da Beers, Hanlon Organizations: of America Survey Locations: vouge
Romona Smith, 20, Nashville, Tennessee Undergraduate subsidizing her college costs with shifts at Kroger and McDonald’s. “Me working wasn’t enough,” said Smith, who described the latter experience as strengthening her resolve. Living situation: Spending the summer rent-free with her college roommate and family in their five-bedroom home in Corona. Romona Smith, 20, NashvilleSmith is pursuing a double major in social work and psychology, along with a certification as a registered behavior technician to work with people with ADHD or autism. With her out-of-pocket tuition set to hit nearly $5,000 this fall, Smith wants to avoid another financial Hail Mary.
Persons: Romona Smith, Trump, , Smith, , “ I’m, it’s, she’ll, , who’s, I’m, Nashville Smith, She’s, she’s, Kamala Harris, Z, ” Smith, Mary, “ I’ve, haven’t, don’t Organizations: NBC, Kroger, McDonald’s, Tennessee State University, Pell, Seattle native’s, Democratic, Bank of America, American Locations: Nashville , Tennessee, Nashville, Corona , California, Corona ., Tennessee,
There are ways to attend a wedding and stick to a tight budget. Wedding events, like a bridal shower or dress shopping can start far before the nuptials. "Consider which wedding events are must-attend and which ones you could skip to save on costs," she says. Consider which wedding events are must-attend and which ones you could skip to save on costs. "This is a nice option whether or not you're on a tight budget," she says.
Persons: X, Allison Cullman, Zola, they'd, Hannah Nowack Organizations: of America, CNBC, Zola
In today's big story, President Biden's comeback plan isn't working , and Democratic leaders are ready to move on . President Joe Biden's reelection campaign appears to be on its last legs as calls within his party have grown from whispers to shouts since his disastrous debate last month. AdvertisementBut perhaps the biggest blow to Biden's reelection campaign came with the news that his former running mate has doubts. But for some Democrats, the risk of Biden continuing his reelection campaign could extend from the White House to Capitol Hill. Still, despite mounting pressure, Biden's campaign has remained steadfast about his reelection bid.
Persons: , Biden's, Mario Tama, Tyler Le, Joe Biden's, it's, Insider's Brent D, Griffiths, Sen, Bernie Sanders, Biden, doesn't, That's, BI's Bryan Metzger, Chuck Schumer, Hakeem Jeffries, Nancy Pelosi, Sarah Gray, Kelsey Vlamis, Barack Obama, Kent Nishimura, don't, Schumer, Jeffries, Adam Schiff, Quentin Fulks, Cros, Steve Schwarzman, it'll, Michael M, Jensen, Goldman Sachs, Peter Naylor, Amy Reinhard, Jamie Dimon's, cushy, Ernst & Young, Joe Biden, Kamala Harris, It's, Harris, Harvey Weinstein, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, American Airlines, United Airlines, Democratic, Business, Getty, Trump, Biden, Capitol, Case, Senate, Wall, Google, Bank of America, Blackstone, Nvidia, Netflix, EV, Mercedes, Benz, Warner Bros Discovery, Warner Bros, Discovery, WarnerMedia, Investors, JPMorgan, McKinsey, Ernst, American Express, Convention Locations: Crowdstrike, Biden's, AFP, New York, London
watch nowTo keep up with the high cost of living, many young adults turn to a likely safety net: their parents. "The high cost of living is certainly impacting Gen Z," said Holly O'Neill, president of retail banking at Bank of America. The financial institution polled more than 1,000 Gen Z adults in April and May. Even compared with millennials, Gen Zers are spending significantly more on necessities than young adults did a decade ago, other reports show. Fewer Americans feel financially comfortable overallBut it's not just Gen Z struggling.
Persons: Zers, , Holly O'Neill, millennials, Gen Zers, homeownership, Brett House, O'Neill, Z, it's, Bankrate Organizations: Bank of America, New York Fed, Columbia Business School, Finance
Read previewNearly 80% of wealthy art collectors want their masterpieces to stay in the family, according to a Bank of America survey. For instance, the survey found that collectors between 21 and 43 have a greater appreciation for sculptures and antiquities than older art aficionados. Rich art collectors are reluctant to address the issue, according to Rosemary Ringwald, head of art planning at Bank of America's private bank. Collectors are increasingly picking art executors or art trustees to oversee their possessions after they die, she said. The ideal executor does not have a financial interest in the art and isn't a prospective owner of it.
Persons: , Rich, Rosemary Ringwald, Ringwald Organizations: Service, Bank of America, Business, Bank of, IRS, Bank Locations: Aspen
Forty-seven percent of millennials were willing to take on debt to fund summer travel. Gen Z trailed close behind, with 42%, while Gen X and boomers were 31% and 22%, respectively. AdvertisementMeanwhile, Credit Karma's survey found that nearly 40% of Gen Z and millennials said they'll prioritize summer travel over their finances. Funding a summer of funNearly a quarter of Gen Z and millennials anticipate going into almost $2,000 in debt across the summer, according to Credit Karma's survey. For 11% of Gen Z and 8% of millennials, that summer debt forecast surpasses $4,000.
Persons: , Taylor Swift, Credit Karma, Zers, Gen Z, Gen X, millennials, Gen, they're, X Organizations: Service, Credit, Bank of America, Business Locations: Europe, Southeast Asia, Florida, California
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of America survey: 40% of iPhone users are on three generations or older phonesWamsi Mohan, Bank of America analyst, joins 'Power Lunch' to discuss the latest Bank of America survey regarding Apple's iPhone cycle, what Apple could do with AI to make a big leap in its next generation iPhone, and much more.
Persons: Wamsi Mohan Organizations: Email Bank of America, Bank of America, Apple
Meanwhile, investors have cut their cash levels to 4.2% from 4.8%, the survey said. "Most bullish FMS in 2 years ... investors go all-in on U.S. tech," Hartnett wrote in a note to clients. For the first time since April 2022, investors became confident enough to predict that the U.S. economy would skirt a recession, the BofA survey showed. The proprietary indicator gauges when inflows or outflows related to stock-based funds point to investors moving too far to either side. Hartnett highlighted a few contrarian trades for a hard landing scenario, which includes going long cash and defensive stocks, and short technology companies.
Persons: Michael Hartnett, Hartnett Organizations: Bank of America, Manager Survey, FMS Locations: U.S
Despite mortgage rates hovering around 6%, homeownership is still a top priority for many Americans. Matt Vernon, head of consumer lending at Bank of America, says prospective homebuyers shouldn't try to time the market. Despite this, many prospective homebuyers are ready to act. According to Matt Vernon, head of consumer lending states at Bank of America, it's not worth waiting for rates to drop if you're otherwise ready to buy. For instance, approximately one-third of prospective homebuyers would consider starting an online store to sell handcrafted pieces (34%) or selling some of their belongings (31%) to save for a home.
Persons: Matt Vernon, shouldn't, , it's, homeownership, Homeownership, Vernon, they'd, today's Organizations: Bank of America, Service, Finance
Japanese national flag is hoisted atop the headquarters of Bank of Japan in Tokyo, Japan September 20, 2023. If the BOJ pulls interest rates above zero for the first time in years, banks' lending margins could rise. Steve Donzé, deputy head of investment at Pictet Asset Management in Tokyo, said he had also been buying Japanese bank stocks. BOND PAINJapanese inflation means bond investors could suffer. But investors are cautious about this so-called yield curve control policy ending as the BOJ is forced to tighten monetary policy.
Persons: Issei Kato, Shigeka Koda, Koda, Steve Donzé, Junichi Inoue, Janus Henderson, James Halse, Warren Buffett, David Hogarty, Jon Day, Grégoire Pesques, Amundi, Pictet's Donzé, Naomi Rovnick, Kevin Buckland, Dhara Ranasinghe, Jane Merriman Organizations: Bank of Japan, REUTERS, LONDON, Asia Investment, Kosaido Holdings, Kyushu Financial, Pictet, Management, Platinum Asset Management, Global, Bank of America, Tokyo Stock Exchange, Dublin, Newton Investment Management, Thomson Locations: Tokyo, Japan, TOKYO, Singapore, Sydney, United States, Europe, London
High inflation and interest rates have made it hard for people of all ages to build up emergency funds, but Gen Z seems to be having a particularly difficult time stashing away cash, a recent Bank of America survey found. In fact, 56% of Gen Zers say they don't have enough savings to cover three months of expenses in the event of an emergency. Given that emergency funds tend to grow as people get older and wealthier, Gen Z's lack of savings doesn't come as a shock to Douglas Boneparth, certified financial planner and president of Bone Fide Wealth. But this doesn't mean that younger generations should procrastinate when it comes to starting an emergency fund. Here are the basics of an emergency fund and why it's important for Gen Z to begin stashing away cash now.
Persons: Gen, Gen Zers, They're, Bankrate, Douglas Boneparth, it's, Z Organizations: of America, Bone, CNBC
What Is a Soft Landing?
  + stars: | 2023-11-02 | by ( Aly J. Yale | ) www.wsj.com   time to read: +4 min
But whether the central bank can meet its dual-objectives of slowing price growth and avoiding a recession—dubbed a “soft landing” by economists—remains to be seen. Threading that needle has proven to be quite elusive.”What is a soft landing? “The alternative to a soft landing is a hard landing,” Cirksena says. “How ‘soft’ that ‘soft landing’ is among citizens could vary widely,” he says. Will the Fed achieve a soft landing this time?
Persons: Aly J, , , David Johnston, Bank of Japan —, Aaron Cirksena, you’ll, ” Cirksena, Peter C, Earle, Jerome Powell, Organizations: Yale, Federal Reserve, Wealth Management, European Central Bank, Bank of, MDRN, American Institute for Economic Research, Fed, Bank of America, Wall Street, National Bureau of Economic Research Locations: Flemington, N.J, U.S, Bank of Japan, Annapolis, Md
Gen Z is cutting back on their spending for the next year, a study reveals. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . About 53% of Gen Z cite a high cost of living as a barrier to their financial success. The holidays are approaching, and it's unclear if Gen Z will stick to their financial saving plans.
Persons: , Gen, they're Organizations: Service, Bank of America, US Bureau of Labor Statistics, of America
The US economy showed signs of a soft landing this summer. In September, the Federal Reserve buoyed those hopes by keeping interest rates unchanged for the first time since the first quarter of 2022. At the start of the rate increase, many borrowers, such as existing homeowners, had low mortgage interest rates locked in. As the economist David Rosenberg says, it typically takes six months for a recession to hit the economy after interest rates increase by this much. AdvertisementAdvertisementAnd while Powell said a soft landing is "possible," he also warned that it could be decided by factors "outside our control."
Persons: , Taylor, Oppenheimer, Morgan, David Rosenberg, Eric Thayer, Janet Yellen, Jerome Powell, Powell Organizations: Service, National Association of Business Economics, Bank of America, Federal Reserve, JPMorgan, Costco, Bloomberg, Gas Locations: Monterey Park , California
Whether it's by train or by car, hundreds of millions of people are traveling around mainland China for a holiday called Golden Week. From the Mid-Autumn Festival on Friday, Sept. 29, to the following Friday, the break runs for an entire week to celebrate China's National Day. Morgan Stanley analysts like Hong Kong-listed CTG Duty Free , China's state-owned duty-free retail giant. Within China, domestic hotel room rates are still above 2019 levels, Morgan Stanley analysts said. On the macro front, if tourism pans out as expected this Golden Week, it will give a much-needed lift to China's the economy overall.
Persons: Morgan Stanley, They're, Oliver Wyman, Oliver Wyman's, BlackPink, Atour, — CNBC's Michael Bloom Organizations: Bank of America, Hong, Golden, MGM China, Wynn Macau Locations: China, Hong Kong, Hainan, Macau, U.S
The US consumer is starting to crack
  + stars: | 2023-09-28 | by ( Cork Gaines | ) www.businessinsider.com   time to read: +6 min
AdvertisementAdvertisementEven as interest rates skyrocketed over the past 18 months, a good job market and strong consumer spending kept the US economy moving. However, there are growing signs that the strength of the US consumer is starting to crack. Earlier this month, the Fed kept interest rates unchanged, as expected. At the start of the rate increase, borrowers, like existing homeowners, had low mortgage interest rates locked in. Even dollar stores are starting to feel the pressure of more measured spending after initially benefitting from inflation as wealthier people looked for more value.
Persons: , Morgan Stanley, It'll, Jerome Powell, Powell, David Rosenberg Organizations: Service, Federal Reserve, San Francisco Fed, United Auto Workers, National Association of Business Economics, Bank of America, Conference Board, JPMorgan, Bloomberg, Costco Locations: Michigan
Sixty-seven percent of employees say the cost of living is outpacing growth in their salary and wages, according to a Bank of America survey shared exclusively with CNN on Monday. High inflation is a major reason why just 42% of employees say they feel financially well, according to the Bank of America survey. Likewise, 64% of employees say they are stressed about their finances. 23% of women losing sleep over moneyJust 38% of women say they feel financially well, according to the Bank of America survey. While 61% of Asian employees say they feel financially well, just 44% of White employees, 40% of Hispanic and 35% of Black said the same.
Persons: That’s, , ” Lorna Sabbia, Joe Biden, Biden, , Black, Sabbia, ” Sabbia Organizations: New, New York CNN, Bank of America, CNN, Bureau of Labor Statistics, of Labor Statistics, Bidenomics The Bank of America, ABC News, Washington Post, ABC, “ Companies Locations: New York
CNN —Investors who missed out on this year’s unexpected rally seem to be dipping their toes back into the US stock market. That suggests that investors who watched equities steadily climb higher this year are starting to take their cash off the sidelines and put it into the stock market, some investors say. That’s caused some investors to come down with a classic case of fear-of-missing-out, says Saira Malik, chief investment officer at Nuveen. The data-dependent central bank held rates steady on Wednesday and signaled that it could hike rates once more this year. Still, bond yields rose to their highest level since 2007 this week, as investors bet that the central bank will keep rates higher for longer.
Persons: Saira Malik, Malik, I’ll, , Alex McGrath, Samantha Kelly, she’s, Sam, Read, Elon, Jennifer Korn Organizations: CNN Business, Bell, CNN — Investors, Global, Bank of America, Federal Reserve, Tech, Nvidia, Apple, Microsoft, Traders, Apple Watch, smartwatches
CNBC Daily Open: More obstacles for U.S. banks
  + stars: | 2023-08-16 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. U.S. consumer strong as everU.S. consumer spending in July remained healthy, according to data from the Commerce Department. Seasonally adjusted retail sales rose 0.7% for the month; economists were expecting 0.4%. Excluding autos, sales rose 1% against a 0.4% forecast.
Organizations: CNBC, bourse, Fitch, JPMorgan Chase, Bank of America, Commerce Department, U.S Locations: Russian
"Bear positioning strong tailwind for risk assets in H1…not the case in H2," Hartnett wrote in a summary of the closely watched survey. Cash allocations have dropped to 4.8% of portfolios, below the 5% dividing line that has traditionally been a buy signal. Even if there is a recession, managers expect it to be mild, with 65% expecting a "soft landing." Allocation to stocks is the least underweight as a share of portfolios since April 2022 and up 13 percentage points from July. The survey was taken Aug. 4-10 and entailed 247 panelists with $635 billion in assets under management.
Persons: Michael Hartnett, Hartnett, REITs, Lehman Organizations: Bank of America, Survey, FMS
From early withdrawal fees and penalties to the loss of investment earnings, this option is rarely worth it. Credit card debt has reached a staggering $1 trillion, and the 401(k) plan may seem like the next stash of cash to access. We've seen it before: Back in the height of the pandemic, Americans were also taking withdrawals from retirement savings to make ends meet. In fact, the government made it easier, eliminating the 10% early withdrawal penalty on withdrawals up to $100,000. The 401(k) early withdrawal penaltyA 401(k) loan will cost you more than just 30% — mandatory 20% federal tax and 10% early withdrawal penalty.
Organizations: of America, Service, Bank of America's Locations: Wall, Silicon
That has hurt shares of energy companies: after soaring in 2022, the S&P 500 energy sector (.SPNY) has lost nearly 10% this year, making it the index’s worst performing sector. Most investors believe central bank interest rate hikes to fight inflation should keep a lid on global growth for the time being. Yet some are positioning for a rebound in energy shares, drawn by attractive valuations and signs the U.S. will continue to stave off an economic downturn. Stan Majcher, a portfolio manager at Hotchkis & Wiley, is among those counting on oil prices rebounding due to tight supply. “If you don’t get it, the path of least resistance is for oil prices to move much higher," he said.
Persons: Brent, David Lefkowitz, Baker Hughes, Stan Majcher, Refinitiv, Charles Lemonides, Sam Peters, David Randall, Lewis Krauskopf, Ira Iosebashvili, David Gregorio Our Organizations: YORK, UBS Wealth Management, UBS, Federal Reserve, TD Securities, . West Texas, Brent, U.S, drillers, Hotchkis, Wiley, Kosmos Energy Ltd, Bank of America Survey, Hess Corp, Occidental Petroleum Corp, ClearBridge Investments, Thomson Locations: U.S, China, Saudi Arabia
McKinsey says generative AI could add $7.3 trillion in value to the world economy each year and believes half of today's work activities could be automated between 2030 and 2060. The latest Bank of America survey in June showed 29% of global investors don't expect AI to increase profits or jobs. "There's a lot of focus on the risks that generative AI can bring. He sounded confident over the capacity of some professional information and data providers, which own proprietary data, to integrate generative AI into their products. Cristina Matti, small and midcaps portfolio manager at Amundi, said indiscriminate investing was not an option for investors seeking AI exposure.
Persons: Gilles Guibout, UK's Pearson, Chegg, Pearson, Thomas McGarrity, Andrea Scauri, Scauri, Capgemini, Cristina Matti, Danilo Masoni, Lucy Raitano, Chizu Organizations: Nvidia, McKinsey, AXA Investment, Bank of America, Microsoft, RBC Wealth Management, Accenture, Thomson Locations: MILAN, Europe, United States, Paris, Lemanik, Amundi
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