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Retirement Reality Bites for Gen X
  + stars: | 2024-07-12 | by ( Sharon Epperson | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRetirement Reality Bites for Gen XMore americans say they are on track with their retirement savings this year than in 2023, according to a new BlackRock survey. Senior personal finance correspondent Sharon Epperson explains that optimism is not shared across generations.
Persons: X, Sharon Epperson Locations: BlackRock
Dave Sekera, chief US market strategist at Morningstar, says that he’s watching for insights on banks’ delinquency rates. Consumers have increasingly fallen behind on or missed payments in recent months as they get squeezed by high interest rates. But banks could see higher losses compared to 2023 if the economy were to experience a downturn, the Fed warned. Investors are wagering that the central bank will begin easing rates as soon as September, according to the CME FedWatch Tool. “The worst outcome for all of us is what you call stagflation: higher rates and recession,” Dimon said in an interview with CNBC.
Persons: Wells Fargo, Goldman Sachs, Dave Sekera, Stocks, JPMorgan Chase, Jamie Dimon, Dimon, Matt Egan, it’s, , Joe Brusuelas, Mark Zandi, ” Zandi, , Jerome Powell, Erika Tulfo, “ It’s, Neil Saunders, Abrigo, Gen Organizations: CNN Business, Bell, New York CNN, United, United States ’, JPMorgan Chase, Citigroup, Bank of America, Morningstar, Federal Reserve Bank of New, Fed, Federal Deposit Insurance Corporation, JPMorgan, CNBC, Federal, RSM, , Moody’s, CNN, GlobalData, Apple Locations: New York, United States, Federal Reserve Bank of New York, China
Millionaires are leaving Hong Kong, but its art scene is booming
  + stars: | 2024-07-11 | by ( ) www.cnbc.com   time to read: +13 min
Narration: Home to a host of financial institutions, Hong Kong is one of the world's wealthiest cities. The Hong Kong Art Gallery Association recorded a 27% increase in member galleries between 2021 and 2023. Nicolas Chow: Chinese art and ancient Chinese art is really at the genesis of Sotheby's Hong Kong when we came here. Angelle Siyang-Le: We firmly believe that Hong Kong is the best place to do art business in Asia, Hong Kong is a natural melting. Emily Tan: That's all from Hong Kong – join us next time in a new city as we explore 'The Art of Appreciation.'
Persons: , Nicolas Chow, Emily Tan, we've, they've, It's, Emperor Chen, Chen, it's, I'm, who'll, she's, Mak2, Allison Cheung, Angelle, Hong Kong, they're, Emily, Hong Kong – Organizations: Hong, Hong Kong Art Gallery, Asia, Art, Basel, Art Basel Locations: Hong Kong, Asia, Art Basel, Sarthe, Hong Kong's, Swiss, Basel, Miami, Paris, Hong, US, Australia, Switzerland, France, Southeast Asia, Korea, Mak2, Sims
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRetirement readiness: 60% of Gen X feel on track with their retirement savings, survey findsMore Americans say they are on track with their retirement savings this year than last, according to a new survey by BlackRock. Yet, that optimism is not shared across generations. CNBC’s Sharon Epperson joins 'Squawk Box' with more.
Persons: CNBC’s Sharon Epperson Organizations: BlackRock
CNN —Target will stop accepting personal checks from customers starting July 15, the latest retailer to stop taking the increasingly rare form of payment and to try to make checkout less cumbersome for shoppers. “It’s hardly surprising Target has decided to stop accepting them,” said Neil Saunders, retail analyst at GlobalData. Around 61% of Americans are still writing checks, according to a 2024 report by Abrigo, a financial software solutions company. It also found that younger consumers, including Gen Z and Millennials, self reported writing more checks than older consumers from Gen X. The decision to stop accepting personal checks comes as the latest move in a series of changes to the retailer’s checkout experience.
Persons: “ It’s, , Neil Saunders, Abrigo, Gen Organizations: CNN, GlobalData, Apple, Target
MJ's kids include two of his own and two stepchildren, all aged between 35 to 46. AdvertisementHe's among a growing cohort of boomers who are passing on their wealth at an earlier stage in life, financial planners previously told BI. "We consider inheritances and money from families a gift of love," Gideon Drucker, president and financial planner at Drucker Wealth, previously told BI. The money he gifts to his kids comes with no strings attached — they are free to spend it how they see fit. "I'm not going to put them all into retirement with what I'm leaving them.
Persons: he's, Bill Perkins, boomers, Gideon Drucker, MJ, Here's, I've, Drucker, Warren Buffett, Bill Gates, Mark Zuckerberg, Buffet, I'm Organizations: Service, Business, Drucker Wealth Locations: Alberta, Canada
Read previewIn 2018, at age 40, Kenneth Ferraro decided to pursue a college degree for the first time. Ferraro, who's based in Texas, had worked as a truck driver for decades, he told Business Insider via email. The perceived benefits of a college degree have led more Americans to go back to school later in life. Related storiesFerraro shared the biggest challenges he's faced in his job search, including why he thinks having a college degree has sometimes worked against him. While having a college degree improved his credentials, he thinks his age has held him back in the job market.
Persons: , Kenneth Ferraro, Ferraro, who's, Ferraro's, he's, it's, " Ferraro, wasn't Organizations: Service, Business, New York University, Bureau of Labor Statistics, National Center for Education Statistics, New York Fed Locations: Texas
Read previewMark Zuckerberg, who just celebrated his 40th birthday, is a millennial. But is he the most famous millennial? Who else could be the most well-known millennial? Kim Jung Un: I mean, he is a very well-known millennial. Ultimately, reasonable people can disagree on who is the most well-known millennial.
Persons: , Mark Zuckerberg, Zuckerberg, Nick Clegg, Peter Thiel, Sheryl Sandberg, Antonio Lucio, Marc Andreessen, Thiel, Gen X, there's, He's, Muhammad Ali, Justin Bieber, LeBron James, Cristiano Ronaldo, Lionel Messi, Messi, Ronaldo, Taylor Swift, Swift, Shakira, Prince William, Kim Jung Un Organizations: Service, Tech, Facebook, Business, Meta, Globally, Google Locations: Tennesee
Despite a strong job market, many Gen Zers are still relying on the bank of Mom and Dad to make ends meet. The young adult has their entire life ahead of them. Some parents might be more willing to provide financial support because they want to feel like a good parent. The young adult has their entire life ahead of them," Bailey said. When India Anderson turned 20 and decided to move in with her boyfriend, her mother cut off most financial support.
Persons: David Nuñez, freeloader —, Zers, Nuñez, frazzled, Nuñez's, Gen Zers, Monica Kirkpatrick Johnson, They're, Zillow, haven't, Kirkpatrick Johnson, Jeffrey Jensen Arnett, Jo Clark, Clark, I'm, Teresa Bailey, There's, Ali Lupo, Lupo, , doesn't, Bailey, JP Krahel, Cody, Erika Archie, Cody Archie, Archie, Erika, there's, They've, India Anderson, Anderson, She's, Uber Organizations: Netflix, Pew Research Center, Pew, Washington State University, Clark University, Waddell & Associates, Urban Institute, Loyola University Maryland Locations: Tampa , Florida, America, Surrey, England, New York, Texas, Orlando
But a few months ago, Boardman was working at Boston Consulting Group and had taken the tech giant on as a client. But he was also surprised by the offer, as he thought he was too old to be taken on by a company like Google. Related storiesBut it's still possible to get a Big Tech job at a later stage, as Boardman proves. Boardman suggests networking throughout your career and attending professional events to make connections and get to know the people at companies you're applying to. AdvertisementDon't get complacentBoardman didn't stumble into a job at Google — he's been working for this moment his whole career.
Persons: , Mark Boardman, Boardman, he'd, it's, pigeonhole, who's, he's, That's Organizations: Service, Google, Business, Boston Consulting Group, , Big Tech, US, Labour, Companies Locations: London
Then 2022 rolled around, and Dabney was offered a promotion within his company to be a program director — in Phoenix. Dabney was excited about the opportunity, and he viewed it as the perfect chance to advance his career and boost his income. And that has been crucial to decisions that I've made over the years about where to go and where to work," Dabney told Business Insider. While he said his company helped him with relocating costs, he estimated the supercommute costs him around an extra $20,000 each year. Advertisement"It was a nonstarter ripping my kids out of high school to go to Louisiana and then eventually Phoenix," Dabney said.
Persons: Dennis Dabney, Dabney, , I've, he's, it's, Nick Bloom, Alex Finan Organizations: Service, Air Force, Business, Survey, Census Bureau, Stanford Locations: Virginia, Fort Worth , Texas, Phoenix, Fort Worth, Louisiana, Texas
Read previewMirna Valerio is well aware that she doesn't look like a stereotypical runner. That hasn't stopped the founder of the "Fat Girl Running" blog from running 11 marathons and 16 ultramarathons. Valerio, 48, started running in high school as part of field hockey training. Valerio running a six-day ultramarathon with lululemon's "Further" campaign. Sven BrunsoForget what you think running should look likeValerio said it doesn't matter what you look like, "athletics is for everyone."
Persons: , hasn't, Valerio, Sven Brunso, she'd, Valeria Organizations: Service, Business, Nielsen, World Athletics Locations: Tiktok
More than half of Gen Xers say they regret not saving more for retirement. In fact, Gen Xers are at the perfect age to do just that, says Barry Glassman, a certified financial planner and founder and president of Glassman Wealth Services. Here are three things Gen Xers can start doing as soon as today to ease their retirement worries. Take care of expensive debtFor many Gen Xers, saving for retirement has been placed on the back burner as they juggle other expenses. Seventy-one percent of Gen Xers are homeowners, compared to a little over half of millennials at 52%, according to 2023 Redfin data.
Persons: Gen Xers, it's, Barry Glassman, Jason Stein, pare, Glassman, Xers, Stein, that's Organizations: Allianz, Wealth Services, Bluepoint Wealth Locations: California
Not only would a ticket with Kamala Harris as president and Michigan Gov. Both Harris and Whitmer have been passionate and effective champions of what could be the defining issue in 2024: reproductive rights. Finally, both Harris and Whitmer were once prosecutors, and their ticket would create a ready-made television spot: the law-and-order prosecutors versus the convicted felon. In addition, both Harris and Whitmer could use their laser-like prosecutorial skills to combat Trump’s endless exaggerations, false claims, and disinformation. Do Harris and Whitmer reflect our values, or does Donald Trump?
Persons: Julian Zelizer, , Joe Biden, Donald Trump, Kamala Harris, Gretchen Whitmer, David Axelrod, Hillary Clinton, Harris, Whitmer, Trump, Roe, Wade, Gen Xers, Bill Clinton, Al Gore, George H.W, Bush, Dan Quayle, Biden, Ronald Reagan Organizations: CNN, Princeton University, Twitter, Michigan Gov, Democratic, Trump, “ Voters, Republican, Supreme Locations: mobilizers, California, United States
Read previewA CEO caused a stir on X with a post about the workplace culture he promotes. Rob Dance, who is the founder of Rock, one of the UK's largest IT consultancies, wrote a list on a whiteboard of things he was "sick of hearing" from his employees. Some people responded to the thread, thinking Dance was suggesting he expected his employees to always be at their desks. "Well, I would also say that means you're extremely stressed, and you're going to burn out," she added. "Rather than driving to the point where they start adopting destructive behaviors that affect themselves or affect the company."
Persons: , Rob Dance, I've, Gandy, Gen Xers, There's, Kevin Legg, Sage, Legg Organizations: Service, Business, Skillsoft, Junior, CNBC, Gartner Locations: millennials
In 2023, according to data compiled by Workday, companies across every industry promoted fewer employees than they did the previous year. The cutbacks were especially stark in tech, where promotion rates plunged by 25%. Yes, high interest rates and slower economic growth means that companies are being forced to tighten their belts. Related storiesEven when the job market begins to heat up again, we may not see promotion rates recover to 2022 levels for some time — or ever. Companies need to remember that even though employees can't afford to quit their jobs in the current hiring slump, they can still quiet quit.
Persons: Jessica, She'd, Mercer, Kelli Dragovich, , everyone's, Gen Zers, Xers, We'll, they'll, Michael Citron, they're, She's, I've, Aki Ito Organizations: Tech, Mercer, Business Locations: America
Americans think they need a whole lot more money than they're making to feel comfortable, according to a new survey. The latest survey from Bankrate, which polled 2,407 US adults from May 16 to 20, looks at how much Americans think they need to make to feel financially secure. According to the survey, Gen Z respondents said a $200,000 annual salary would ensure their financial security. Millennials said they'd need $199,000, and for Gen Xers and baby boomers, their financial security targets were at $183,000 and $171,000, respectively. To be sure, it's not all bad for Gen Z. TransUnion's latest Consumer Pulse Study found that Gen Z is "the most stable of any generation" in this year's second quarter, with 45% of them reporting wage increases over the past three months.
Persons: Gen, Millennials, Gen Xers, Gen Zers, Sarah Foster, Z, Zers, Michele Raneri, it's, They're, Charlie Wise, that's, Zer Organizations: Service, Business, Survey, Consumer Finances, Washington Post, Bureau of Labor Statistics, BI, Millennials, TransUnion Locations: Bankrate
Now almost 57, Murillo, who lives in the Chicago area, has a net worth of over $1.1 million and is on pace to reach financial independence within three years. AdvertisementShe developed a plan to pay off her debt, saving roughly 40-50% of her net income of between $120,000 and $140,000. Murillo is one of many Americans who started their financial independence journeys later in life but are on pace to meet their early retirement goals. AdvertisementBy the time he turned 50, he and his wife had a net worth of almost a million. AdvertisementBy 47, she reached a million in net worth, which was about 25 times her expenses.
Persons: , Gina Murillo, Murillo, I'd, Gen Xers, Bill Yount, Yount, what's, He's, Jackie Cummings Koski, could've Organizations: Service, Business, FI, Vanguard, Walmart, LexisNexis, FIRE Locations: Chicago, Tennessee, South Carolina, Ohio
For Gen Xers in their 40s and 50s, retirement may be right around the corner. On average, Gen Xers believe they will need around $1.56 million to retire comfortably, according to Northwestern Mutual's 2024 Planning and Progress study. Retirement saving obstaclesA few factors have prevented members of Gen X from setting aside more money for retirement. "When Gen Xers started working, they had to choose whether they wanted to enroll in their company's 401(k) plan," she tells CNBC Make It. How Gen Xers can boost their retirement savings
Persons: Xers, Gen Xers, that's, Gen, Gen Zers, Anne Lester Organizations: Allianz Life, CNBC, Fidelity Investments Locations: Northwestern
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAfter President Joe Biden's middling debate performance Thursday night, many Democrats began to panic. AdvertisementGenerational changeFor 20 years, Nancy Pelosi led House Democrats as part of a leadership team that included veteran lawmakers Steny Hoyer and Jim Clyburn. His debate performance against former President Donald Trump exposed this resistance to generational change. Many Democrats celebrated the arrival of this younger guard, especially since the party had often lagged behind Republicans in building a farm team of future leaders.
Persons: , Joe Biden's, Biden, Nancy Pelosi, Steny Hoyer, Jim Clyburn, Hakeem Jeffries, Donald Trump, Jeffries, Katherine Clark, Pete Aguilar, Kamala Harris, Harris, Xers, Gen Organizations: Service, Business, Democratic, Democrats, House Democratic, House Democratic Caucus, White Locations: New York
AdvertisementAs the way we save for retirement has evolved, some people are now cashing in on the golden age for retirement savings — when benefits were more generous and investments in real estate and stocks boomed. While it's still possible to achieve, a fat retirement account has become rarer. AdvertisementBack in 2007, per GAO's calculations of the Survey of Consumer Finances, around 21% of low-income households had a retirement account balance. While losses weren't as profound for those in the middle-income quintile, their retirement account balances did fall slightly from 2007 to 2019. All of that comes as retirement savings become more of an individual onus.
Persons: , Michael, Connie, didn't, frugality, it's, would've, David John, that's, John, Valerie, who's, Valerie —, hinging, she's Organizations: Service, Navy, Business, Social Security, Survey, Consumer Finances, GAO, AARP, Security, BI Locations: Florida, Denver, Oregon, Seattle
Read previewA Papa Johns recently opened in Osceola, Arkansas — and Britt Lorino is thrilled about it. Despite raising their family in Austin, Lorino and his wife decided to settle in Mississippi County because of its mover incentives. Program leaders told BI that they have attracted 80 new homeowners since Work Here, Live Here launched in 2022. Their adult children still live in Austin, and Lorino said his son can't afford a home there. He isn't sure if he and his wife will live in Mississippi County forever, but they plan to stay for several years.
Persons: , Papa Johns, Osceola , Arkansas —, Britt Lorino, Lorino, It's, everything's, Austin — Organizations: Service, Business, Big, Steel, US Steel, Big River Steel ., Midwest, Osceola Locations: Osceola , Arkansas, Osceola, Memphis, Austin, Mississippi County, Houston, Mississippi, Arkansas, Louisiana, Texas, Rural Mississippi County, there's, . Osceola
Younger generations of Asians are spending big on art
  + stars: | 2024-06-28 | by ( Lucy Handley | In | ) www.cnbc.com   time to read: +4 min
Younger, wealthy shoppers in Asia are splashing their cash on art, according to a longtime collector and senior auction house executive. Chen Yongnuo | China News Service | Getty ImagesAnd, while the size of the global art market fell 4% last year to around $65 billion, according to the Art Basel & UBS Art Market Report 2024, sales in China rose by 9% in 2023, overtaking the U.K. as the world's second-largest art market. For Sotheby's, the rise in younger buyers is driven in part by an increase in online activity. "The definition of digital art nowadays has been expanded from simply photography to video art to NFTs to AI-generated art," she told CNBC's "Art of Appreciation." "With the younger generations becoming more and more prominent in the market ... digital artists ... will be the group of artists getting more attention," Siyang-Le added.
Persons: Nicolas Chow, Gen X, we've, X, Chow, CNBC's, Z, Gen, Yoshitomo Nara, Chen Yongnuo, Clare McAndrew, Angelle, Mak2, Li Zhihua Organizations: , , Art Basel, UBS Survey, China News Service, UBS Art, Arts Economics, Survey, Art, CNBC's, Getty Locations: Asia, Shanghai, millennials, Christie's Hong Kong, Sotheby's Hong Kong, China, Hong Kong, Art Basel Hong Kong
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
Gen Zers, it turns out, are "not on a linear journey to evaluate the veracity of anything." In other words, Gen Zers know the difference between rock-solid news and AI-generated memes. For Gen Z, checking what other people are saying in the comments isn't shallow. The aim is to reach Gen Z readers where they live — scrolling through the comments — and turn them into subscribers. But I'll confess that I worried about the idea that Gen Z checks the comments to decide what to believe.
Persons: Z, Gen, Yasmin Green, Gen Zers, they're, Zers, Jigsaw, it's, they've, bros, influencers, Beth Goldberg, Jigsaw's, It's, Goldberg, Donald Trump, Trump, Z's, Ukraine —, They're, David Rothschild, I'm, ruefully, Adam Rogers Organizations: Media, Google, CNN, The New York Times, Times, NYPD, Research, Microsoft Research, Pew Research Center, Facebook, Business Locations: New York, Ukraine, Russia
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