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☆ Sam's Club is winning over Gen Z shoppers with convenience, and that could spell trouble for Costco
▼ + stars: | 2024-06-24 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Sam's Club has grown its Gen Z membership by 68% in the past two years, CEO Chris Nicholas said. While the main attraction is low prices, the real difference for the club is its tech, he said. That could spell trouble for Costco, which lags far behind when it comes to digital innovation. AdvertisementLong a mainstay for boomers and Gen X shoppers, warehouse clubs increasingly have a new set of fans: Gen Z. "That generation believes it's cool to save money and we agree with them," Sam's Club CEO Chris Nicholas told CNBC last week.

Persons: Chris Nicholas, —, Gen, Nicholas Organizations: Sam's, Costco, Service, CNBC, Walmart, Business

☆ Don't skip that happy hour: Why losing work friendships is bad for everyone
▼ + stars: | 2024-06-23 | by ( Madison Hoff | Ayelet Sheffey | ) www.businessinsider.com time to read: +8 min

With the rise of remote and hybrid work following the pandemic, work relationships have forever changed. AdvertisementHow workplace connections have changedWith remote work, developing a work-spouse relationship is much more difficult due to limited in-person interactions. Still, Pillemer said, relationships aren't all lost with remote work. AdvertisementWigert noted that work best friends, work spouses, and similarly strong work connections can lead to being "more engaged, productive, and committed to their organization." What is your experience with work friendships, work spouses, and loneliness at work?

Persons: Erin Mantz, Mantz, Zeno, skews, they'll, Ben Wigert, Wigert, Vicki Salemi, Salemi, Julianna Pillemer, Pillemer, Joseph Fuller, Fuller, X, I'm Organizations: Service, Business, New York University, Harvard's Business School, Work Initiative

☆ Meet the Gen Xers and boomers retiring with 6 figures of student debt that threatens their Social Security and savings
▼ + stars: | 2024-06-22 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

While they took out federal student loans for themselves, Larry wanted to ensure their options weren't limited. Related storiesShelton and Larry aren't alone: As Gen Xers and boomers age into retirement, they're bringing student loans with them. The retirement student debt crisisBoth Shelton and Larry are facing a particular aspect of the retirement crisis: hoping to throw in the towel while sitting on mountains of student loan debt. Interest is a key reason many older adults find themselves struggling to pay off their student loans for decades. Are you worried about student loan debt impacting your ability to retire?

Persons: Diane Shelton, There's, I've, Larry, he'll, Shelton, Larry aren't, Gen Xers, that's, It's, it's, Sen, Elizabeth Warren Organizations: Service, Security, School's Schwartz, for Economic, Social Security Locations: forbearance

☆ How a Gen Xer went from declaring bankruptcy at 30 to being on track to retire early in her 50s
▼ + stars: | 2024-06-22 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +9 min

Dove didn't have much time to grieve, though. "I pushed back because I didn't think it was rewarding. I didn't think I would feel like I was contributing to society in a meaningful way as an investor," Dove said. Dove didn't want to work even more hours, which would force her to sacrifice time with her kids, so she made more with less. "Although we have not hit our FI number yet, we will reach our target amount by our target date with just what we contribute from my husband's income," Dove said.

Persons: —, Chris Elle Dove, Dove, hadn't, Berkshire Hathaway, I've, they've, they're, we've, Dove didn't, Rivian Organizations: Service, Business, FIRE, Social Security, Berkshire, Farm Locations: Western Illinois, Bloomington , Illinois

☆ Gretchen Whitmer Wants a Gen X President — in 2028
▼ + stars: | 2024-06-22 | by ( Lulu Garcia-Navarro | ) www.nytimes.com time to read: +1 min

Like many politicians with national ambitions, she has written a book about her life and her vision for the country. It’s called “True Gretch” (she told me that’s a play on the 1969 John Wayne classic “True Grit”). The book is coming out just as the presidential election is heating up, and she’s also raising her profile as a co-chair of Biden’s re-election campaign. I want to get the elephant out of the room: You’re releasing this memoir in the middle of the 2024 election cycle. It’s going to feel very dark at times, with the political rhetoric and this important election coming up.

Persons: Whitmer, —, what’s, It’s, John Wayne, she’s, Biden’s Locations: Michigan

☆ Education Department looks to expand Public Service Loan Forgiveness eligibility
▼ + stars: | 2024-06-21 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

The U.S. Department of Education may extend the eligibility of a popular student loan forgiveness program to early childhood educators. The agency on Thursday announced that it was issuing a request for information on potentially broadening the Public Service Loan Forgiveness program to include workers in early childhood education settings, many of whom report low wages. "Early childhood educators help young children learn, grow, and thrive," said U.S. "If these educators can access Public Service Loan Forgiveness, we can help our youngest children, their families, and their communities." Including early childhood educators would likely expand the reach of the program to at least some for-profit employers.

Persons: Education James Kvaal, Kvaal, George W, Bush, Xers, Mark Kantrowitz Organizations: U.S . Department of Education, Education, Finance, Trump, Education Department

☆ Supreme Court rejects challenge to tax on foreign investments — but avoids wealth tax debate
▼ + stars: | 2024-06-21 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

An exterior view of the Supreme Court on June 20, 2024 in Washington, DC. In a closely watched case, the Supreme Court on Thursday denied a challenge to a federal tax on certain foreign investments — but left questions about whether a wealth tax is constitutional. The provision was enacted via the Republicans' 2017 tax overhaul to help pay for the legislation's other tax breaks. While the Supreme Court upheld the tax on the Moores, the justices steered clear of the broader debate on whether a wealth tax is constitutional. He emphasized the limited scope of the opinion and how it only addressed the "precise and narrow question" of the Moore's case.

Persons: Moore, Moores, Xers, haven't, Brett Kavanaugh Organizations: Republicans, Finance, Trump, Moores Locations: Washington , DC, United States, Washington, India

☆ TikTok Shop is winning over Gen Z adults, tying with Instagram as their top social shopping app
▼ + stars: | 2024-06-21 | by ( Dan Whateley | Madeline Stone | ) www.businessinsider.com time to read: +4 min

AdvertisementAmong all respondents, millennials and Gen-Z users aged 18 to 26 were the biggest buyers on TikTok Shop when compared to younger Gen Zers and Gen Xers. Most baby boomers surveyed said they'd made no purchases on TikTok Shop. TikTok is doing a good job of hanging onto customersShoppers often make a purchase on TikTok Shop in response to a particularly compelling piece of content on their feed. Earnest Analytics, which tracks credit and debit card transactions, found similarly strong retention numbers for TikTok Shop in a report released earlier this year. Earnest found that around 27% of TikTok Shop customers came back to make another purchase within five months of their first buy.

Persons: —, Instagram, they'd, millennials, Gen Zers, Xers, Gen, Claire Tassin, TikTok, Earnest, Will, Tassin Organizations: Service, YouTube, Facebook, Business, Shoppers, TikTok, Shop, Meta

☆ IRS to reject billions of dollars in ‘improper’ pandemic-era small business tax credit claims
▼ + stars: | 2024-06-21 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Danny Werfel, IRS commissioner, speaks after being ceremonially sworn in at the IRS headquarters in Washington on April 4, 2023. The IRS will deny billions of dollars' worth of claims for a pandemic-era tax break while working to process lower-risk filings, the agency said on Thursday afternoon. Enacted to support small businesses during the Covid-19 pandemic, the employee retention credit, or ERC, is worth thousands of dollars per eligible employee. However, the agency stopped processing new filings in September amid a surge of "questionable claims," the IRS said in a news release. Overall, compliance efforts for erroneous ERC claims have topped more than $2 billion since last fall, the IRS said.

Persons: Danny Werfel, Xers, Werfel Organizations: IRS, ERC, Finance, Social Security Locations: Washington

☆ These Gen Z managers are doing things very differently — and it seems to be paying off
▼ + stars: | 2024-06-21 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +8 min

Baker is an example of a Gen Z boss who is setting a new standard for productivity by prioritizing her team's mental health and work-life balance. Related storiesLike Hodgson, Winsbury never worked for anyone else and has never even been to a job interview. "We're also constantly pushing our team to make sure that they are having a life outside of work," Winsbury said. Fellow Gen Zers, he said, can be frustrating to work with because they have been conditioned to be impatient. Hodgson said Gen Zers "get a bad name" for being work-shy, but he doesn't think that's the whole story.

Persons: —, Raven Baker, Baker, X, who's, Raven Baker Oliver Hodgson, Hodgson, he's, Oliver Hodgson, Darren Robinson, Sam Winsbury, Winsbury, it's, We're, Daniel Hambury Jessie Urvater, Margot Adams, Jessie Urvater, Jessie Urvater Michelle Enjoli, Enjoli, Zers, I'm Organizations: Service, Business, Kurogo

☆ As retirement looms, many Gen Xers are still playing catch-up
▼ + stars: | 2024-06-20 | by ( Genna Contino | ) www.cnbc.com time to read: +1 min

About half, or 48%, of Gen Xers say they won't have enough money to enjoy their retirement, a 2024 report from global asset management company Natixis Investment Managers found. Gen X is typically defined as those born between 1965 and 1980. "I think where it's very stressful for [Gen X] is being sandwiched in that tug of war, saving for their retirement as well as helping aging parents," said Marguerita Cheng, a certified financial planner and Gen X mother. Gen X is the first generation of U.S. workers to come of age with 401(k) plans as their primary retirement vehicle after employers largely shifted away from traditional pensions in the 1980s. As retirement approaches, Gen X is feeling the financial squeeze — but financial planners say there are still ways to maximize your savings.

Persons: Gen Xers, they'll, Gen, Marguerita Cheng, Cherry, Cheng Organizations: Natixis Investment, Preston D, Blue, Wealth, CNBC, CoreData Research

☆ Millennials are losing their cool
▼ + stars: | 2024-06-19 | by ( Emily Stewart | ) www.businessinsider.com time to read: +16 min

Millennials may not be there yet on pants, or at least that's what I, as a millennial, tell myself. The internet is fueling the millennials vs. Gen Z discourse, but underlying it is something deeper: millennials raging against the dying of the light. "It's really beneficial for brands that at least the online discourse has millennials looking to Gen Z for trends. The nature of internet culture, much of which was created by millennials, puts a unique bent on the discourse and how creators and influencers address millennials. Gen Z, be nice to your friendly millennial next door, and vice versa.

Persons: we're, We're, Valeria Penttinen, Julie Erickson, —, Erickson, Michael Miraflor, Hannah Grey, Justin Timberlake's, Claire Tassin, Jean Twenge, Gen X, Silents, they're, X, It's, Penttinen, millennials, Harley Block, Joel Steckel, I'm, that's, Devon Price, Price, Twenge, it's, Miraflor, Gwen Stefani, Martha Stewart, Alpha, Gen, They'll Organizations: Northern Illinois University, Morning, New York University, Starbucks, Loyola University Chicago's School, Professional Studies, Sports Illustrated Locations: Toronto, America

☆ Gen X stands to gain the most wealth from the $84 trillion wealth transfer
▼ + stars: | 2024-06-18 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

Generation X may be the biggest beneficiaries from the $84 trillion Great Wealth Transfer in the next 10 years, according to a new study. The findings cast a spotlight on the large wealth potential for Generation X, which has been largely overlooked in the discussion of young inheritors. The Wealth-X report suggests that wealth management firms, luxury companies and real estate firms targeting the next-generation of wealthy clients should also start considering Generation X. In the next 10 years, 1.2 million individuals worth $5 million or more will pass down a total of over $31 trillion in wealth, according to the report. Billionaires will pass down about $5 trillion, according to the report.

Persons: Gen, millennials, Gen Xers, Robert Frank, Inheritors Organizations: Wealth, Alliant Credit Union, The Locations: North America

☆ Why Gen Z is feeling so good about money right now
▼ + stars: | 2024-06-16 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Read previewGen Zers are feeling pretty good about their financial situations right now. That was especially true for younger generations — over 60% of Gen Z and millennials said they were optimistic, compared to less than 50% of Gen X and baby boomers. How Gen Z can feel good about themselves — but still worry about high pricesBI has previously reported that many aging boomers and Gen Xers cannot retire or are struggling financially in retirement. But when it comes to retirement preparation, Gen Z might be ahead of the game. According to a survey last year from the CFA Institute, over half of Gen Z respondents said they were already investing, and 82% of them started doing so before turning 21.

Persons: —, it's, millennials, X, Zers, Charlie Wise, Wise, Gen Zers, Gen Xers, Gen, that's Organizations: Service, Federal Reserve, TransUnion's, Business, TransUnion, Alliance, Lifetime, Income, Social Security, CFA Institute, American Enterprise Institute

☆ 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

☆ Workers in certain industries tend to have higher 401(k) balances, Fidelity data shows
▼ + stars: | 2024-06-14 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

To gauge your retirement preparedness, you may compare your 401(k) balance with other savers' progress. But you might find that people in your field are a better comparison point than those in your age group. Recent data from Fidelity finds that 401(k) plan investors on the firm's platform had a $125,900 average 401(k) balance in the first quarter. Fidelity put industry data together so the companies on its 401(k) platform could better understand their employees' savings behavior, according to Mike Shamrell, vice president of thought leadership for workplace investing at Fidelity. "They want to make sure that what they're doing is aligned with the companies that they're competing with for talent," Shamrell said.

Persons: Z, Mike Shamrell, Shamrell Organizations: Fidelity, Finance, Biden

☆ Gen X is feeling the negative effects of inflation more than any other generation
▼ + stars: | 2024-06-14 | by ( Cork Gaines | ) www.businessinsider.com time to read: +4 min

Gen X is feeling the sting of inflation more than other generations. A new TransUnion study shows Gen X is planing the greatest cutbacks in discretionary spending. AdvertisementThis comes at a time when many Gen Xers are already feeling financial pressure. Gen X feels less optimistic about money than other generationsGen X also has a more dire view of the economy in general. Additionally, more than one-third of Gen X respondents anticipate canceling subscriptions and memberships, and one in four plan to cancel or reduce digital services.

Persons: Gen Xers, —, Xers, TransUnion, Dynata, X —, X, Gen X, Gen, Charlie Wise Organizations: Service, Federal Reserve Bank, Business, Federal Reserve's Survey, Consumer Finances, Boomers Locations: TransUnion

☆ Gen Z is harnessing 'one of the magical qualities of investing,' advisor says — how it helps them build wealth
▼ + stars: | 2024-06-14 | by ( Genna Contino | ) www.cnbc.com time to read: +3 min

More than a quarter of Gen Z, 28%, say they learned about investing in school, compared to 19% of millennials and 12% of Gen X. There's also a greater abundance of information available online and on social media that older generations did not have access to, especially at such early ages. However, experts recommend turning to a trusted financial advisor before taking advice from social media. About three-quarters (76%) of Schwab survey respondents said they don't follow any finance influencers and 65% reported that social media has no impact on their investments. Overall, respondents said they are more likely to engage with a financial advisor (57%) than social media platforms (42%) for financial advice.

Persons: Roth, Ed Slott, Schwab, Gen, There's, Williams Organizations: Stone, Roth IRA, Trust, . Department of Education

☆ Travel Agents Are Back. and Gen Z, Millennials Love Them.
▼ + stars: | 2024-06-13 | by ( Magdalene Taylor | ) www.businessinsider.com time to read: +11 min

Others in my generation — I'm on the cusp between Gen Z and millennial — were on the same page, determined to seek out "authentic experiences." Travel agents felt like vestiges of the preinternet world, like video-store clerks or pay phones, and I couldn't imagine ever needing them. And in a 2023 survey of 2,000 American travelers, 38% of Gen Z and millennial respondents said they preferred a traditional travel agent over online booking. There are travel agents specializing in just about every type of travel imaginable, from multicountry group tours to luxury all-inclusive trips. AdvertisementSmith is a Gen Zer and said that over half her clients are Gen Z.

Persons: Anthony Bourdain's, Bourdain, Z, —, Money, Gen Xers, boomers, we're, Matt James, he's, James, YouGov, millennials, Gen Zers, Kayla Smith, Smith, Zer, Zers, Ashley Kooker, William Lee, margarita, Magdalene Taylor Organizations: Travel, Mexico City, Sojourney, Resorts, Royal, Chima, San, — Locations: New York City, Italy, Japan, Costa Rica, Mexico, Vietnam, Hanoi, Coyoacán, Germany, Fora, Croatian, Florida, Royal Curacao, Ohio, Switzerland, TikTok, Swiss, Peru, Lares, San Pedro, Cusco, Lima

☆ Gen Zers are starting to tease Gen Alpha tweens, saying they have a 'blue light stare'
▼ + stars: | 2024-06-12 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +6 min

But Gen Z has a new target: Gen Alpha. Zoomers are starting to tease Gen Alpha tweens, saying they are stunted when it comes to socializing because of what they say is their addiction to screens. Nicholas Drake, a content creator, described the blue light stare as a "nonchalant, just unbothered look on their face." A TikToker called Hannah said she was recently served by a "Gen Alpha kid" and that the "blue light stare is so real." Terms such as "blue light stare," Varbanova said, "makes people feel more in control."

Persons: —, boomers, Gen Z, Alpha, Gen Alpha tweens, They've, Gen Alpha, Nicholas Drake, They're, Zers, Katya Varbanova, Lyndsey, Hannah, Flora Wells, Brenda Christensen, Christensen, Wells, Gen, Varbanova Organizations: Service, Business, Stellar Public, Inc, Alpha Locations: millennials

☆ Gen X is fed up, so they're taking more vacations alone
▼ + stars: | 2024-06-11 | by ( Cork Gaines | ) www.businessinsider.com time to read: +4 min

Gen X is shifting from family trips to solo and friend-based vacations. More than 60% of Gen Xers book vacations to escape daily stress, the highest of any generation. However, neither of those studies differentiated between Gen Xers and baby boomers or how those numbers have changed over time. Morning ConsultThe next most common reason for Gen X to take a vacation was to visit family or friends, at slightly more than 40%. AdvertisementDriven by a need to escape and influenced by financial considerations, Gen Xers are carving out new travel experiences, prioritizing their well-being.

Persons: Gen Xers, —, Xers —, Xers, Lindsey Roeschke, I'm, Roeschke, X Organizations: Service, US Census Bureau, US, Bureau, Bowling Green State University, Business

☆ Gen Xers and boomers are giving up on hybrid work: They're either all in or out on the office
▼ + stars: | 2024-06-11 | by ( Juliana Kaplan | Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

Related VideoStill, those 50-64 were most likely to work fully remotely, while those 20-29 were least likely. That means they can afford to be fully remote and might feel really comfortable doing things on their own," Barrero said. So that muscle memory might push them to come in more often than younger workers who embrace hybrid." Indeed, many older workers BI has spoken to are divided on whether they want to be in-office or at home — but they're willing to leave roles that don't cater to their preferences. Do you strongly prefer in-office or remote work?

Persons: —, Gen Zers, millennials, Nick Bloom, Alex Finan, Jose Maria Barrero, Instituto Tecnológico Autónomo, Barrero, Dennis C, I'm, Charles Bond, they're, Bond Organizations: Service, Business, Employees, Stanford University, Instituto Tecnológico, Business School

☆ A Gen Xer got $110,000 in student loans forgiven after he'd paid off more than he borrowed. It's allowed him to scrap his plans to work part-time in retirement.
▼ + stars: | 2024-06-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The Biden-Harris Administration has forgiven your federal student loan(s) listed below with Aidvantage in full." My wife's an assistant principal, and I'm a retired assistant principal, but now I don't worry about crushing debt," Perry said. Related storiesPerry was planning on going into substitute teaching to continue supplementing his income during retirement while he made his student-loan payments. Have your student loans been forgiven? Do you have a different experience with student debt?

Persons: —, Steven Perry, Perry, he's, Harris, I'm, let's, Kris Neilson, that's, Zers, we've Organizations: Service, Business, Public, Harris Administration, Education Department, BI, Gallup, Lumina Foundation Locations: PSLF, forbearance

☆ Americans are sick of tipping culture and scaling back everywhere from restaurants to hair salons
▼ + stars: | 2024-06-09 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

Many Americans are not willing to leave a tip all the time, and they're becoming less likely to do so. The 2024 survey of US adults conducted from April 29 to May 1 found that 67% percent of those who go to sit-down restaurants always give tips to servers. Thirty-five percent of adults said "tipping culture has gotten out of control," per the Bankrate post. Still, the survey found 78% of Gen Xers and 86% of baby boomers who go to sit-down restaurants always give a tip. AdvertisementAnd younger Americans are less likely to tip at sit-down restaurants.

Persons: Bankrate, Ted Rossman, it's, Xers, culture's, Gen Xers, Gen Zers, millennials, Rossman, that's Organizations: Service, Business, Pew Research Center

☆ A San Francisco Gen Xer quit his job to escape 60-hour workweeks and spend his time being an 'older dad': 'I'll be 70 when my son graduates from high school'
▼ + stars: | 2024-06-05 | by ( Jacob Zinkula | Andy Kiersz | ) www.businessinsider.com time to read: +6 min

Gerstbacher, a 50-year-old based in San Francisco, was "really unhappy" at work, he told Business Insider via email. First, he's an "older dad," and he wanted to maximize the time he could spend with his three-year-old son. "I felt that I should take the quality time now since I'll be 70 when my son graduates from high school," he said. However, the decline in working men is also due to some positive developments, like the growth of women in the workforce. AdvertisementEven though he's in the process of returning to the workforce, Gerstbacher said he's continued to prioritize spending time with his son.

Persons: —, Francisco Gen Xer, Randy Gerstbacher, Gerstbacher, He's, they've, hasn't, he'd, he's Organizations: Service, Business, CDC, Bureau of Labor Statistics Locations: San Francisco

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