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☆ Meet the typical HENRY: Urban 32-year-olds with no kids who make a six-figure income and have a college degree
▼ + stars: | 2023-11-14 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

The typical HENRY — high earner, not rich yet — is 32, lives in a city, and makes six figures. The typical HENRY — or high earner, not rich yet — is an urban 32-year-old without kids, makes a six-figure income, and has lots of student debt. This is according to data on 1,500 clients shared with Insider from Stash Wealth , a financial advisor for HENRYs . Five HENRYs told Insider they're saving upwards of 40% to 70% of their income each year. Given many HENRYs got an undergraduate degree, with some pursuing doctorates, student loans are particularly elevated, as the average HENRY student loan balance comes in at $80,000.

Persons: HENRY, HENRYs, —, HENRY —, Priya Malani, Savannah White, She's, White, Gen, Sherry, Zer, Malani, Sarah Baus, it's, Baus Organizations: Service, HENRYs, Shash, Federal Reserve's Survey, Consumer Finances, Bank of America Institute, Olive, SC Locations: New York City, Los Angeles, Savannah, Charleston

☆ It's a terrible time to be a HENRY
▼ + stars: | 2023-11-07 | by ( Juliana Kaplan | Cork Gaines | ) www.businessinsider.com time to read: +8 min

Their wage and job growth is slower than lower earners, they're piling on debt, and childcare costs are soaring. Workers with earnings in the bottom 10% of wages saw higher wage gains than those in the top 10%. AdvertisementAdvertisementWhile wage gains have stabilized a bit, the bottom half of workers are still notching greater gains than those at the top. Meanwhile, the already rich — those who make over $250,000 — only saw their childcare costs increase by about 4%. As the labor market continues to slow, and childcare costs only rise with the end of pandemic-era subsidies , it might continue to be a bad time to be a HENRY.

Persons: —, there's, Aaron Terrazas, What's, Priya Malani, HENRYs, Goldman Sachs, they're, HENRY Organizations: Service, MIT, University of Massachusetts Amherst, of Economic Research, Bureau of Labor Statistics, Bank of America Institute, Walmart, Consumer Finances, Federal Reserve, Fed

☆ 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

Retail sales increased 0.7% in September, driven by nonstore retailers and spending at food and drinking establishments, the Census Bureau reported on Tuesday. Even after stripping out autos, as some analysts do, the increase was 0.6%, way above estimates of a 0.2% gain. As long as those trends remain positive, consumers will feel they have the wherewithal to continue shopping. “Consumer spending has been fairly flat over the last two months,” according to Bank of America Institute’s Consumer Checkpoint October report. However, the wages and salaries of higher-income households are still growing at slower rates than other income cohorts.”Many retailers will be looking to the critical holiday season for a boost in sales.

Persons: ”, Ted Rossman Organizations: Census, Bankrate.com, “, Federal Reserve, Employers, Labor Department, Bank of America, ” Bank of America, Cyber, Signifyd’s Commerce

☆ The strength of the labor market is driving the ability to borrow, says BofA's David Tinsley
▼ + stars: | 2023-09-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe strength of the labor market is driving the ability to borrow, says BofA's David TinsleyDavid Tinsley, senior economist at the Bank of America institute, and Steven Wieting, chief investment strategist at Citi Global Wealth Management Investments, join 'The Exchange' to discuss the deceleration in consumer spending, inventories shrinking due to persistent strength in services hiring, and more.

Persons: BofA's David Tinsley David Tinsley, Steven Wieting Organizations: Bank of America, Citi Global Wealth Management Investments

☆ Consumer spending is stabilizing but still positive, says Bank of America's Krisberg
▼ + stars: | 2023-09-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumer spending is stabilizing but still positive, says Bank of America's KrisbergLiz Everett Krisberg, head of Bank of America Institute, joins 'Squawk Box' to discuss the recent Bank of America check on the consumer, what higher essential costs means for retailers and clothing makers, and much more.

Persons: Liz Everett Krisberg Organizations: America's, Bank of America Institute, of America

☆ Bank of America breaks down the 4 cities facing the biggest housing shortages right now — and the 3 where there's still plenty of room
▼ + stars: | 2023-08-08 | by ( Mark Reeth | ) www.businessinsider.com time to read: +7 min

A recent report by the Bank of America Institute compared population with housing supply. San Antonio, Dallas, Orlando, and Houston have high population growth and low housing supply. Anna Zhou, an economist at the Bank of America Institute, said in a recent report that housing supply is unusually constrained right now, as measured by months' supply. Finally, cities in the upper-left quadrant identified in red have high housing supply but a declining population, putting them in the "cold" group. Zhou highlighted San Antonio, Dallas, Orlando, and Houston as among the "hot" cities experiencing high population growth coupled with low housing supply.

Persons: Anna Zhou, Zhou, That's, US . Bank of America Zhou Organizations: Bank of America Institute, Houston, Bank of America, National Association of Realtors, US . Bank of America, BofA Global Research, Jacksonville, Las Vegas, Portland , Oregon ., Portland , Oregon . Los Angeles Locations: San Antonio, Dallas, Orlando, Cities, Tampa, Jacksonville, Antonio, Houston, 2Q24, St, Louis, Detroit, Miami, droves, Jacksonville , Florida, Columbus , Ohio, Charlotte, Nashville, San Francisco , New York, Boston, Portland , Oregon, Portland , Oregon . Los

☆ Watch CNBC's full interview with Bank of America Institute's Liz Everett Krisberg
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Bank of America Institute's Liz Everett KrisbergLiz Everett Krisberg, Head of Bank of America Institute, joins 'The Exchange' to discuss headline consumer spending stabilizing, a divergence in spending trends among homeowners and renters, and sector dependant contractions in payroll spending numbers.

Persons: Liz Everett, Liz Everett Krisberg Organizations: Bank of America, Bank of America Institute

☆ Payroll spending trends are sector dependant, says BofA Institute's Liz Everett Krisberg
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPayroll spending trends are sector dependant, says BofA Institute's Liz Everett KrisbergLiz Everett Krisberg, Head of Bank of America Institute, joins 'The Exchange' to discuss headline consumer spending stabilizing, a divergence in spending trends among homeowners and renters, and sector dependant contractions in payroll spending numbers.

Persons: BofA, Liz Everett, Liz Everett Krisberg Organizations: Bank of America Institute

☆ Some student-loan borrowers could be facing payments of over $500 this fall, a new study says — and they'll probably have to dip into their savings to afford it
▼ + stars: | 2023-07-19 | by ( Ayelet Sheffey | Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

At the end of June, the Supreme Court struck down President Joe Biden's plan to cancel up to $20,000 in student debt for federal borrowers. To attempt to mitigate the shock of the payment resumption, the Education Department at the end of June announced a series of temporary safeguards. Once repayment starts, those high-income borrowers may have to use those savings to pay the new student loan bills. Zhou said borrowers making less than $250,000 a year cannot support their total spending with the student loan payments. This means nearly all student debt holders will need to adjust their spending behaviors when payments resume.

Persons: TransUnion, Joe Biden's, Biden, Liz Pagel, we're, Anna Zhou, Zhou Organizations: Service, Education Department, UBS, Bank of America Institute, Bank of America, Consumers Locations: Wall, Silicon

☆ Student loan relief is gone for millions of Americans — here's what it means for retailers
▼ + stars: | 2023-06-30 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Biden's plan would have eliminated her remaining student debt balance. KeyBanc's Thomas said the student loan payment pause was yet another pandemic tail wind for retailers. Estimates vary on how much student loan borrowers will pay each month. Kantrowitz said there is little data on how Americans used the money that they did not spend on student debt. He said the student loan changes are modest compared with the pinch that people feel from inflation or the dwindling of pandemic-strengthened savings accounts.

Persons: Brent Lewis, Lenèe Gill, Pell, Gill, KeyBanc's Thomas, Mark Kantrowitz, Kantrowitz, it's, Brett House, Mario Anzuoni Organizations: Old Navy, Denver, Getty, Louisiana State University, Walmart, Nutrition, Bank of America Institute, Columbia, Maxx, TJX Cos Inc Locations: Denver , Colorado, Pasadena , California

☆ Cleveland has become an unlikely hotspot for millennials in search of affordability
▼ + stars: | 2023-06-29 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

With income growth outpacing rent there, these 27 to 42 year-olds have more disposable income. In order to come up with the ranking, the BofA Institute used home address data from 46 million of adults who've been customers of the bank since 2018. Cleveland residents now pay just over 17% of their income on rent, while the average American pays 20%. Pittsburgh income growth exceeded rents by 1%. Indeed, the BofA Institute found that millennials are by-and-large staying out of the housing market this cycle, but still are window shopping for the future.

Persons: —, millennials, Anna Zhou, Zhou, Clever, they're, homebuyers Organizations: Service, Bank of America Institute . Austin, BofA Institute, Bureau of Labor Statistics Locations: Tampa, Dallas, Cleveland, Tampa , Florida, Bank of America Institute . Austin , Texas, Midwest, Columbus , Ohio, Cleveland Cleveland, Providence , Rhode Island, Buffalo , New York, Pittsburgh

☆ Consumer spending: Gen Z, Millennials are scrimping. Boomers are living it up
▼ + stars: | 2023-06-12 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

While Baby Boomers and even Traditionalists (born 1928-1945) are ramping up spending, Gen X, Gen Z and Millennials are cutting back as they grapple with high housing costs and looming student debt payments. If not for the aggressive spending by Boomers, Tinsley said, overall consumer spending would have been even more negative. Bank of America spending data shows a noticeable bump in spending by households that received the cost-of-living boost. The student debt freeze, in effect since March 2020 when the Covid pandemic erupted, is expected to conclude by the end of August. For millions of Gen Z and Millennials, the return of student debt payments will mean less money for spending on restaurants and vacations.

Persons: Gen X, Gen, ” David Tinsley, Tinsley, ” Tinsley, ”, Biden, “ Organizations: New York CNN, Younger, Bank of America, Boomers, Bank of America Institute, CNN, Baby Boomers, Social, New York Federal Reserve Locations: Tinsley

☆ The US labor market is still red-hot, adding 339,000 jobs in May
▼ + stars: | 2023-06-02 | by ( Madison Hoff | Andy Kiersz | ) www.businessinsider.com time to read: +4 min

The unemployment rate climbed to 3.7% in May, according to the jobs report on Friday. This monthly job growth came in far above the forecast of 180,000. Job openings data for April was released by the BLS on Wednesday. Data from the Job Openings and Labor Turnover Survey (JOLTS) showed that after a few months of job openings consecutively falling, there was an uptick from March to April. The number of layoffs and discharges fell by 264,000 from March to April to 1.6 million, according to the latest JOLTS report.

Persons: —, Daniel Zhao, Glassdoor's, Nick Bunker, Nela Richardson Organizations: Service, payrolls, Labor Statistics, BLS, Bureau of Labor Statistics, Federal Reserve, Labor, Bank of America Institute, Bank of America

☆ Who does inflation hit hardest? Experts weigh in on how higher prices impact households
▼ + stars: | 2023-06-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

Fizkes | Istock | Getty ImagesStubborn inflation has driven households near the breaking point, but the pain of high prices has not been shared equally. The lowest-paid workers spend more of their income on necessities such as food, rent and gas, categories that also experienced higher-than-average inflation spikes. Because higher-income households spend relatively more on services, which notched smaller price increases compared with goods, they came out ahead. Middle-income households see slower wage growthBy other measures, Americans in the middle class are getting especially squeezed. watch nowEconomists' definitions of middle class vary.

Persons: Laurence Kotlikoff, Tomas Philipson, Brian Albrecht, Albrecht, Philipson, Aron Levine, Boston University's Organizations: Istock, Getty, Boston University ., White House Council, Economic, University of Pennsylvania's Wharton, Finance, International Center for Law, Economics, Congressional, Office, Pew Research Center, Bank of America Institute, Bank of, Boston, Consumer Financial, Bureau

☆ This chart shows the fastest-rising costs for Social Security beneficiaries
▼ + stars: | 2023-05-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Lordhenrivoton | E+ | Getty ImagesHigh inflation 'extremely difficult' for retireesSocial Security COLAs have increased by 78% since 2000, according to The Senior Citizens League. At the same time, the cost of goods and services retirees typically buy has gone up by 141.4% over that time. Yet the current 36% loss in buying power is still one of the deepest losses recorded, according to the group. Eggs topped the list of fastest-growing costs for seniors since 2000. While higher spending may complicate the fight against higher inflation, it is delayed relief for older Americans, whose COLA was lower than price growth in 2022.

☆ Stashing cash: 71% of Americans are setting more money aside amid recession fears, new report finds
▼ + stars: | 2023-05-16 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Renewed fears of a possible recession have spurred more households to adjust their spending habits — finally. Broadly, Americans are cutting back, particularly on discretionary purchases, and saving more, according to recent reports on the state of the consumer by the Bank of America Institute and Deloitte. Now, 71% of Americans are likely to keep cash on hand, according to a new Country Financial security index. Other consumers are driving less to save on gas or canceling some streaming services. Even as Americans are more likely to keep cash on hand, most said they don't know the best ways to save to reach their short- or long-term savings goals, according to Country Financial.

☆ Consumer spending is cooling down, BofA Institute report finds
▼ + stars: | 2023-05-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumer spending is cooling down, BofA Institute report findsLiz Everett Krisberg, Head of Bank of America Institute, joins 'Squawk Box' to break down the Institute's May Consumer Checkpoint Report, which provides a real-time estimate of consumer spending and financial health.

☆ The gig economy boom is over as workers go back to traditional jobs, Bank of America says
▼ + stars: | 2023-04-29 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

But this could also be due to attractive wage growth in traditional jobs per the report and Zhou. Additionally, some gig workers could be "rotating into the traditional job market because the wage growth in the traditional job market has been so phenomenal," Zhou said. The report stated that "for those gig workers who also have a traditional job, large wage increases in their primary jobs could mean less need to make up any shortfall in the gig economy. Gig workers who also hold traditional jobs are typically in sectors like restaurants and retail, which have seen especially high wage growth. And while the share of gig workers doing delivery or social commerce has dropped, the analysis shows the share for ride-hailing has mainly been trending upward.

☆ Teen bans on the rise: malls, theme parks, and even a Chick-fil-A are requiring chaperones to stop rowdy minors
▼ + stars: | 2023-04-28 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +4 min

Shopping malls, theme parks, and a Chick-fil-A restaurant are starting to require chaperones for teenagers. Curfews for teens are nothing new — they first popped up at malls in the 1980s and 1990s. Southern California's Knott's Berry Farm announced in April that it was instituting a stricter policy in response to "increasing incidents of unruly and inappropriate behavior," the theme park said. Visitors pose for photos at Knott's Berry Farm. Jae C. Hong/APKnott's Berry Farm isn't alone in cracking down on unsupervised teenage visitors recently.

Michael M. Santiago | Getty ImagesThere's one group of people that's being disproportionality hurt by high inflation: women. First, a jump in child care prices has started to pressure women out of the workforce. Child care inflation, which has increased 214% from 1990 to 2022, has outpaced average family income gains, which have risen 143%. Surprisingly, over 50% of parents spend over 20% of their income on child care in the US." Women and minorities are underrepresented in higher-wage industries, such as technology or finance, that are more insulated from inflation pressures, Gosai noted.

☆ After an 8.7% Social Security cost-of-living adjustment for 2023, next year's increase may not be as large
▼ + stars: | 2023-03-20 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Pascal Broze | Onoky | Getty ImagesAn 8.7% Social Security cost-of-living adjustment for 2023 means beneficiaries received on average $140 per month more starting in January. The Social Security COLA for 2023 was the highest bump in monthly checks beneficiaries have received in four decades. About 70 million beneficiaries receive Social Security or Supplemental Security Income payments. watch nowWhile the Social Security COLA for this year may help ease beneficiaries' budgets, next year's increase may not be as large. Social Security COLA for 2024 may be far lessBased on current projections, the Social Security COLA for 2024 will likely be much lower than this year's 8.7% due to cooling inflation, according to the league.

☆ Consumers won't run out of money any time soon: Bank of America Institute
▼ + stars: | 2023-03-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumers won't run out of money any time soon: Bank of America InstituteLiz Everett Krisberg, head of the Bank of America Institute, joins 'Squawk Box' to discuss Bank of America's vantage point on the state of the consumer, when more normal spending patterns will return, and more.

☆ Over 2 million workers are missing from the US workforce. Here's how they're paying their bills.
▼ + stars: | 2023-03-05 | by ( Madison Hoff | ) www.businessinsider.com time to read: +7 min

There are over two million workers missing from the US labor force, per Bank of America Institute. They can thank gig work, living with others who are earning money, and excess savings or stimulus money during the pandemic. "There's no single driver that's really causing people not returning back to the labor force," Zhou told Insider. Below are different ways these "missing workers" from the labor force may still be affording expenses and paying bills. The "financial buffer" that some of these missing workers may be relying on could be a "temporary reason" they left.

☆ U.S. retail sales rebound strongly in January
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +3 min

The Commerce Department said on Wednesday that retail sales surged 3.0% last month. Some cautioned against reading too much into the jump in retail sales. The so-called seasonal adjustment factors likely flattered retail sales in January. Retail sales are mostly goods and are not adjusted for inflation. Excluding automobiles, gasoline, building materials and food services, retail sales increased 1.7% last month.

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