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All Advisors Are Fiduciaries, So Say Half Of Americans
Do your clients know the difference between fiduciary and non-fiduciary? Probably not, says Personal Capital’s 2019 Financial Trust Report. The study found that 48 percent of Americans mistakenly believe that all financial advisors are required by law to act in their clients’ best interest. But wait, there’s more – the study also found that one in five clients did not know how their financial advisor was compensated. Even more distressing, another 18 percent were unable to identify if their advisor is a broker/dealer or a fiduciary.
QUOTABLE Yes, growth is slowing, but I don’t see it slowing to a level that will cause a recession. — Janet Yellen, Former Chair, Federal Reserve
their savings, this emphasis on saving tax refunds could be a good sign of changing financial well-being.
AMERICANS COUGHING UP MORE DOUGH
Americans now spend an average of $164.55 per day. GoBankingRates analyzed spending data from the Bureau of Labor and Statistics to figure out where all that cash is going. From housing and utilities to gas and groceries, workers are finding it harder to keep that money in their pockets. Americans spent the most on housing costs, followed by groceries, utilities and health insurance, but those figures can vary based on generation. Baby boomers spent the most on health insurance at nearly $13 per day. Gen Xers spent the most on utilities and housing while millennials spent more than any group, mostly on clothing and eating out.
DID YOU
20-SOMETHINGS PUTTING OFF ‘I DO’ WHAT’S IN A REFUND?
Although initial data from the IRS showed that 2019 tax refunds shrank when compared to previous years, according to a National Retail Federation survey, 65 percent of respondents expect to receive a refund. For consumers who got a refund this tax season, it’s likely going one of two places. Eighty-four percent of those surveyed said they will use their refund to either pay down debt or save. Half of the respondents are putting their refunds into a savings account while 34 percent planned to pay down debt with their refund money. Taking into account that 60 percent of Americans can’t afford to pay for a $1,000 emergency with money from
Increasingly, young couples are postponing their nuptials in the hopes of being more financially stable before taking the plunge. According to Pew research, the median age for getting hitched is now 27 for women and 29 for men. A stark contrast to 1960 when those numbers were 20 for women and 23 for men. So, what’s stopping the happy couples from walking down the aisle? Studies show climbing housing costs, insurmountable student debt and stagnant wages are the main reasons that millennials would rather wait until they’re more financially secure before getting married.
KNOW 66% of affluent parents said they would choose to spend on themselves in retirement over passing on an inheritance.
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Source: Natixis
InsuranceNewsNet Magazine » May 2019