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Yahoo
21 hours ago
- Business
- Yahoo
Confronted with Higher Living Costs, 72% of Young Adults Take Action to Improve their Financial Health, finds BofA Better Money Habits Study
CHARLOTTE, N.C., July 30, 2025 /PRNewswire/ -- Gen Z (ages 18-28) is finding adulthood more expensive than expected. Facing this, nearly three quarters of them are taking action to improve their financial health, according to Bank of America's 2025 Better Money Habits® financial education study, published today. "Gen Z is challenging the stereotype when it comes to young people and their finances," said Holly O'Neill, president of Consumer, Retail and Preferred Banking at Bank of America. "Even though they're facing economic barriers and high everyday costs, they are working hard to become financially independent and take control of their money." Key findings from the study include: Over the last 12 months, 72% took steps to improve their financial health, such as putting money toward savings (51%) or paying down debt (24%). Nearly two-thirds (64%) focused on reducing expenses – 41% cut back on dining out and 23% shopped at more affordable grocery stores. And more are going it alone. While 39% receive financial support from parents and other family members, this is down from 46% a year ago. And they are getting less money – 22% receive $1,000 or more per month compared to 32% a year ago, and 54% receive less than $500 per month compared to 44% a year ago. When it comes to their romantic lives, many Gen Z aren't spending money on dates – with roughly half of men (53%) and women (54%) spending $0 a month, and 25% of men and 30% of women spending less than $100 per month. According to the study, about half (51%) of Gen Z surveyed say the high cost of living is a barrier to financial success. Total monthly spending is higher than they thought it would be for 35%, especially for everyday expenses including groceries (63%), rent and utilities (47%) and dining out (42%). Budget BustingThe study found that Gen Z feel a lack of income is a problem as well, with over half (53%) not feeling they make enough money to live the life they want, and many are struggling to save consistently. In fact, 55% don't have enough emergency savings to cover three months of expenses. While Gen Z knows that saving for the future is important, they struggle to do so, with close to half (43%) saying they are not on track to actively save for retirement in the next five years, though they'd like to be. Many see saving for retirement and investing as symbols of financial independence (42% and 35% respectively). However, only a quarter (25%) contributed to a retirement account in the last year and one-in-five (21%) invested in the stock market, up slightly from recent years. Despite a lack of income, Gen Z finds ways to enjoy the little things, whether celebrating a win or trying to help turn around a bad day: 57% buy themselves a small "treat" at least once a week. Unfortunately for over half (59%), this leads to overspending, making little treats a slippery slope. And, according to data from Bank of America Institute, while there are signs of some pressures on younger generations, the median deposit level of Gen Z and Millennials remains elevated compared to 2019 levels – showing that these generations do not appear to be running down their savings in the face of higher costs. Acting on Money WorriesA third (33%) of Gen Z are stressed about their finances, and of those, 52% say economic instability is a root cause. When stressed about their finances, many (90%) are likely to take action, including checking their bank account balance (69%), making a budget (64%), getting ahead on paying bills (46%) or other smart money moves. But for some, stress leads to avoidance or splurges: 33% of Gen Z are likely to avoid thinking about or taking positive actions on their finances when they're feeling stressed financially; 30% are likely to treat themselves to a purchase when worried about money. Financial Green FlagsGen Z understands the importance of financial health, and they value being transparent with friends about money. Consistent with findings in prior years, two-thirds (66%) of Gen Z don't feel pressured by their friends to spend beyond their means, and 42% feel comfortable declining social activities and letting their friends know it's because they can't afford them. Financial health also matters in romantic relationships for Gen Z – with nearly four out of five (78%) saying that financial responsibility is an important attribute when choosing a significant other. MethodologyThis survey was conducted online from April 4 – 25, 2025, by Ipsos. This study is based on national samples of 1,069 general population adults (age 18 or older), 915 general population Gen Z adults (age 18-28). The survey was conducted both in English and Spanish and utilized samples from both opt-in sources and the Ipsos KnowledgePanel®, the largest and most well-established online probability-based panel that is representative of the adult US population. The margin of sampling error for the general population sample is +/- 3.1 percentage points and for the general population Gen Z sample is +/- 3.5 percentage points at the 95 percent confidence level. Better Money HabitsAt Bank of America, we're committed to helping people lead better financial lives by equipping them with the skills, knowledge and confidence to succeed. That's why we created Better Money Habits, a financial education platform of tools and information that helps people make sense of their money and take action to improve. As a cornerstone of Better Money Habits, we offer free financial education content and tools, like our Gen Z Financial Guide that breaks down financial topics like budgeting, building credit, borrowing and investing in a way that's approachable and easy to understand. We continually look for ways to expand the reach of Better Money Habits and also offer Spanish language resources on the site. Bank of America InstituteBank of America Institute is dedicated to uncovering powerful insights that move business and society forward. Established in 2022, the Institute is a think tank that draws on data and analyses from across the bank and the world to provide timely and original perspectives on the economy, sustainability, and global transformation. The Institute leverages the depth and breadth of the bank's proprietary data, from 69 million consumer and small business clients, 58 million verified digital users, $4.3T in total payments in 2024 and $1.2T in consumer and wealth management deposits. From this robust data set, the Institute provides a unique perspective on the health of the economy. It also elevates thought leadership from throughout the bank that addresses long-term trends and shares these findings with the general public. Bank of AmericaBank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC). For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts. Reporters may contact:Susan Atran, Bank of AmericaPhone: View original content to download multimedia: SOURCE Bank of America Corporation Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Al Bawaba
27-06-2025
- Business
- Al Bawaba
Dreams Come True for DIB Customers Winning AED 3 Million in Prizes
DIB, the world's first Islamic bank and the largest in the UAE, recently concluded its Dream Bigger rewards campaign and announced the names of 202 lucky winners who collectively received prizes valued at a whopping AED 3 in January 2025, this mega, multi-million Dirham campaign was crafted with the objective of rewarding both Retail and Business Banking customers and thanking them for further cementing their relationship with DIB. Eligible customers entered the draw by increasing their average balances in their current and savings accounts or by making foreign currency transactions. For every AED 10,000 additional balance in their current or savings account or on additional foreign currency transactions of AED 10,000, customers received one extra entry into the draw, increasing their opportunity of winning. The four-month campaign saw a fantastic number of customers participating, and the promotion culminated with two customers winning the grand prize of AED 1 million each. In addition, 200 customers received AED 5,000 Malhotra, Chief Consumer Banking Officer at DIB, commented: 'We are delighted to announce the winners of our Dream Bigger campaign, which was designed to acknowledge the enduring trust and loyalty of our customers. At DIB we are committed to delivering not only innovative Shariah-compliant financial solutions but also rewarding experiences that resonate with our customers. Campaigns like this reflect our belief in building long-term relationships, encouraging financial responsibility and making banking both meaningful and inclusive. As we at DIB continue to expand its Retail and Business Banking footprint, initiatives like Dream Bigger reinforce the bank's mission to go beyond traditional banking, fostering deeper connections with customers through purposeful engagement. The core purpose of running such rewards campaign is to thank customers for their loyalty and the trust that they levy on the bank. Congratulations to all the winners.' The prize ceremony took place at DIB Academy, in the presence of senior management. The top winners, Ms. Chaltham Ali AlMannaei and 1515 General Trading Company, were formally recognized during the handover ceremony. To view the full list of winners, visit
Finextra
17-06-2025
- Business
- Finextra
First Abu Dhabi Bank deploys iGCBdebt management tech
Intellect Global Consumer Banking (iGCB), a business unit of Intellect Design Arena Limited, announced that First Abu Dhabi Bank (FAB), the UAE's global bank, has successfully implemented Intellect Consumer Banking's Debt Management solution offered as a part of Lending. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The initiative marks a pivotal step in FAB's credit strategy to enhance operational efficiency and customer experience by transitioning to a comprehensive and automated digital process. The integration of debt management automates various processes and links over ten subsystems within FAB, allowing for real-time data visibility of the credit portfolio. This enhancement is aligned with the bank's forward-looking vision to fully automate its debt collection features over the next five years, reinforcing its customer-first approach and ambition to grow stronger by investing in technology and people. Post the implementation of Lending, the bank will be able to: – Create collection strategies in Lending application through equal distribution, percentage allocation and bucket based queue stamping – Efficiently manage collections across loan and card variants through the Lending application – Streamline the collection process and reduce the cost of recovery – Efficiently partner with loan recovery agencies to improve collection by getting complete visibility of the information and actions taking place with agencies working on debt First Abu Dhabi Bank is embarking on a transformative journey with Intellect, by implementing Intellect's Lending, thereby marking a significant step in the bank's digital roadmap. This collaboration reflects FAB's commitment to providing the most efficient, customer-centric banking experience across its expanding global network, building upon a technology partnership with Intellect that began in 2005. Rajesh Saxena, CEO, Intellect Global Consumer Banking, said, 'At Intellect consumer banking, we are honoured to collaborate with First Abu Dhabi Bank (FAB) on this crucial initiative, reinforcing a shared commitment to innovation and digital transformation. FAB's decision to implement Digital Lending, following their investment in our core banking and digital engagement platform, highlights the strength of this partnership and FAB's confidence in our advanced solutions. We remain dedicated to empowering our partners, including FAB, on their digital transformation journey, equipping them with innovative solutions that cater to the evolving demands of their customers.'
Entrepreneur
27-05-2025
- Business
- Entrepreneur
JPMorgan Is Opening 'Affluent Banking' Centers. Here's Where.
The bank is planning to open 31 new financial centers by the end of 2026. In May 2023, JPMorgan Chase acquired a "substantial majority of assets and assumed the deposits and certain other liabilities" of First Republic Bank after it collapsed and was seized by regulators. The deal also included First Republic's brick-and-mortar locations. Two years later, JPMorgan is announcing what it's doing with the real estate: opening 14 new "J.P. Morgan Financial Centers" in four states that are "thoughtfully designed to cater to the needs of affluent clients," according to a company statement. Related: JPMorgan Chase Says AI Could Cut Headcount By 10% in Some Divisions: 'We Will Deliver More' "Through these Financial Centers, we are redefining how affluent clients are served, offering a highly personalized level of service that is backed by the global capabilities of JPMorganChase," said Jennifer Roberts, CEO of Chase Consumer Banking, in a statement. Two locations are already open, 14 will open in 2025, and then JPMorgan says it is doubling the total to 31 by the end of 2026. The new branches are opening (mostly) in the former First Republic locations that JPMorgan acquired in May 2023, including Palm Beach, Florida; Napa, California; Madison Avenue, New York; and Cambridge, Massachusetts, according to the release. "These new Financial Centers offer a highly personalized service model, providing greater flexibility to meet clients' needs with exceptional attention and care," Roberts said. Related: 'I Defend Your Right to Buy Bitcoin': JPMorgan Will Let Customers Buy Bitcoin, Though CEO Jamie Dimon Still Thinks It's Like a 'Pet Rock' Clients with more than $750,000 in qualifying deposits and investment balances are welcome at the new, office-based model, which was inspired by First Republic, JPMorgan notes. Customers who don't live near a new center can still access the services at their current location or remotely. Chase also offers a lower-tier called "Private Client," which is for clients with $150,000 or more in qualifying deposits and investment balances. It is available in all 5,000 Chase branches nationwide, per the release. Related: 'This Has to Stop': JPMorgan CEO Jamie Dimon Outlines How to Run a Successful Meeting
Finextra
14-05-2025
- Business
- Finextra
BofA to open more financial centres
Bank of America will open more than 150 new financial centers across 60 markets by the end of 2027, including 40 this year and an additional 70 in 2026. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Since 2016, Bank of America has invested over $5 billion in its financial centers network, opening new locations and renovating existing centers. "Our continued investment in our financial center network reflects our commitment to meeting our clients where they are and how they want to bank with us," said Holly O'Neill, President, Consumer, Retail and Preferred at Bank of America. "We are focused on creating spaces where financial specialists can meet with clients and help them achieve their financial goals.' New flagship center Bank of America has just opened a new flagship financial center at 2 Bryant Park in New York City. The center is designed for clients to connect with financial specialists, or have informal meetings, capturing the spirit of Bryant Park's famous tables and chairs which have hosted gatherings for New Yorkers and visitors for decades. The center also features a one-of-a-kind art installation by a NY-based artist portraying the perpetual motion of finance and the city, and how the bank helps bring together all its services for clients. Idaho expansion Bank of America continues to expand into markets where it can extend its reach to clients. The bank currently serves consumer, small business, wealth management and corporate clients throughout Idaho and will soon open four financial centers serving Boise, the first of which will open June 9 in Nampa, Idaho. "Opening centers in Boise is an exciting milestone and reflects our commitment to bringing first-class financial services to more communities," said Will Smayda, Head of Financial Centers for Bank of America. "We're proud to support local economies by creating jobs and fostering long-term relationships with clients and their communities.' More than a decade of expansion and investment Since 2014, Bank of America has steadily expanded its financial center network, entering into 11 new markets, the most recent being Louisville in 2024. The company has also opened 471 financial centers in existing markets since 2016 reflecting trends in how and where clients choose to engage with the bank. Last year, the bank completed renovations to more than 3,000 centers – with over 500 additional renovations planned over the next two years. Through a partnership with ArtLifting, over 1,600 financial centers now feature artwork by artists living with disabilities or impacted by housing insecurity. New sign language services for clients Earlier this year, the bank launched a service to provide on-demand American Sign Language (ASL) interpreters over video in all financial centers. Clients can connect with an ASL interpreter free of charge by scanning a QR code, allowing them to discuss their financial needs using ASL with a financial specialist. Bank of America clients can now use their phones to connect with America Sign Language interpreters. Serving more clients in more places Bank of America currently provides banking access to nearly 250 million people across more than 200 markets, or approximately 82% of the U.S. population. Nearly 30% of the bank's financial centers are in low- and moderate-income communities. With more than 90% of client interactions taking place through the bank's digital channels, the bank's financial centers have adapted to focus on meeting spaces where clients can have in-depth conversations about their finances. In the past year, clients have made approximately 10 million appointments with financial specialists in financial centers.
