Latest news with #financialconfidence
Yahoo
20-07-2025
- Business
- Yahoo
Study Shows Over Half of Americans Are Saving Enough in Their Retirement Accounts — Are You?
For years it has seemed like most Americans were falling behind on retirement savings. But new data may tell a different story. According to a 2025 study from Allianz Life, nearly 2 out of 3 Americans say they feel confident about reaching their retirement goals — even in the face of rising costs and economic uncertainty. And over half (55%) say they are saving enough in retirement accounts. However, it's not all good news for the state of retirement. According to the study, that figure has been consistently decreasing, and it still leaves a significant number of Americans not saving enough for retirement. Check Out: Learn More: Read on for more details about the state of saving for retirement in the U.S. and how to get on track for a comfortable retirement. Financial and Retirement Concerns Still Abound Financial confidence has steadily declined for five straight years, reflecting growing pressure on everyday budgets. In 2020, 83% of adults believed they could afford the life they wanted. By 2025, that number had dropped to 70%. Even more concerning, only 61% now feel confident they will reach their retirement savings goals. This drop is tied to familiar challenges. Rising prices are forcing many people to prioritize daily expenses instead of long-term goals. As inflation increases the cost of essentials like housing, food and transportation, it has become harder for workers to keep up and save for the future. Millennials and Gen Xers in particular are feeling the pressure, as only 48% and 59%, respectively, say they are saving enough in a retirement account. Gen X is entering peak retirement planning years while juggling multiple financial responsibilities. Many are raising children, supporting aging parents and managing mortgages. Additionally, 62% of respondents worry that another financial crisis could derail their retirement strategy. Overall, financial confidence has taken a sharp dip. Inflation, debt and market instability have shaken many workers' sense of control over the future. Read More: Make a Plan for Retirement Even so, the Allianz study pointed to a key takeaway. The majority of those surveyed (96%) said developing a plan for the long term to see how much money they'll need is a key to financial success. 'Lack of financial confidence often is because of a lack of planning,' Kelly LaVigne, Allianz Life's vice president of consumer insights, said in the study's press release. 'To be able to feel confident about your ability to achieve long-term financial goals like retirement, you need to have a written strategy … Without a plan, you will never know if you are on track toward your dream retirement.' Retirement Readiness Is Possible Yet while many feel less confident, the study results reinforce that retirement readiness is possible, as over half are saving enough for retirement. To do so yourself, make sure you have an approach that is consistent, flexible and focused. Adjusting to changing circumstances without losing sight of long-term goals is also key. Regular retirement contributions, even modest ones, can build real momentum over time. Success is less about hitting a perfect number and more about making steady progress. Regardless of age or income, knowing where things stand is key. Online tools can help estimate needs, track savings and guide adjustments. While retirement plans vary from person to person, the core principles remain the same. Consistency matters, and many Americans are already moving in the right direction. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard Warren Buffett: 10 Things Poor People Waste Money On Mark Cuban Says Trump's Executive Order To Lower Medication Costs Has a 'Real Shot' -- Here's Why This article originally appeared on Study Shows Over Half of Americans Are Saving Enough in Their Retirement Accounts — Are You?
Yahoo
19-07-2025
- Business
- Yahoo
Study Shows Over Half of Americans Are Saving Enough in Their Retirement Accounts — Are You?
For years it has seemed like most Americans were falling behind on retirement savings. But new data may tell a different story. According to a 2025 study from Allianz Life, nearly 2 out of 3 Americans say they feel confident about reaching their retirement goals — even in the face of rising costs and economic uncertainty. And over half (55%) say they are saving enough in retirement accounts. However, it's not all good news for the state of retirement. According to the study, that figure has been consistently decreasing, and it still leaves a significant number of Americans not saving enough for retirement. Check Out: Learn More: Read on for more details about the state of saving for retirement in the U.S. and how to get on track for a comfortable retirement. Financial and Retirement Concerns Still Abound Financial confidence has steadily declined for five straight years, reflecting growing pressure on everyday budgets. In 2020, 83% of adults believed they could afford the life they wanted. By 2025, that number had dropped to 70%. Even more concerning, only 61% now feel confident they will reach their retirement savings goals. This drop is tied to familiar challenges. Rising prices are forcing many people to prioritize daily expenses instead of long-term goals. As inflation increases the cost of essentials like housing, food and transportation, it has become harder for workers to keep up and save for the future. Millennials and Gen Xers in particular are feeling the pressure, as only 48% and 59%, respectively, say they are saving enough in a retirement account. Gen X is entering peak retirement planning years while juggling multiple financial responsibilities. Many are raising children, supporting aging parents and managing mortgages. Additionally, 62% of respondents worry that another financial crisis could derail their retirement strategy. Overall, financial confidence has taken a sharp dip. Inflation, debt and market instability have shaken many workers' sense of control over the future. Read More: Make a Plan for Retirement Even so, the Allianz study pointed to a key takeaway. The majority of those surveyed (96%) said developing a plan for the long term to see how much money they'll need is a key to financial success. 'Lack of financial confidence often is because of a lack of planning,' Kelly LaVigne, Allianz Life's vice president of consumer insights, said in the study's press release. 'To be able to feel confident about your ability to achieve long-term financial goals like retirement, you need to have a written strategy … Without a plan, you will never know if you are on track toward your dream retirement.' Retirement Readiness Is Possible Yet while many feel less confident, the study results reinforce that retirement readiness is possible, as over half are saving enough for retirement. To do so yourself, make sure you have an approach that is consistent, flexible and focused. Adjusting to changing circumstances without losing sight of long-term goals is also key. Regular retirement contributions, even modest ones, can build real momentum over time. Success is less about hitting a perfect number and more about making steady progress. Regardless of age or income, knowing where things stand is key. Online tools can help estimate needs, track savings and guide adjustments. While retirement plans vary from person to person, the core principles remain the same. Consistency matters, and many Americans are already moving in the right direction. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 6 Big Shakeups Coming to Social Security in 2025 How Much Money Is Needed To Be Considered Middle Class in Your State? This article originally appeared on Study Shows Over Half of Americans Are Saving Enough in Their Retirement Accounts — Are You? 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
Globe and Mail
14-07-2025
- Business
- Globe and Mail
FICO UK Credit Card Market Report: May 2025
The latest UK credit card data from global analytics software leader FICO provides stark evidence that consumer financial confidence remains low. Whilst spending has followed the usual seasonal drop after Easter, the average active balance is 4.7% higher year-on-year, suggesting consumers are not able to clear as much of their credit card debt. The percentage of balance paid is also trending downwards year-on-year by 5.8%. Another critical sign of financial difficulty is the percentage of customers using credit cards to take out cash, which has increased month-on-month by 2.5%. Highlights Spending fell by 4.1% month-on-month and 1.7% year-on-year Balances fell slightly compared to April, to £1,865 but remain 4.7% higher year-on-year Percentage of overall balance paid has increased by 4.7% month-on-month to 35.6%, but is 5.8% lower year-on-year Year-on-year, missed payments have fallen across all delinquency periods The average balance on one missed payment accounts has increased 2.4% compared to April, and 7.2% year-on-year Customers using credit cards to take out cash increased for the second month in a row, by 2.5% FICO Comment Sales tend to decrease after the Easter holidays, and FICO data shows that May 2025 was no exception. Spending fell by 4.1% month-on-month and 1.7% year-on-year, to an average of £790. However, with the percentage of overall balance paid dropping by 5.8% year-on-year, balances have risen by 4.7% compared to May 2024, which will be a concern for lenders. Lenders will also want to keep a close eye on delinquencies, as May saw the erratic patterns of 2025 continuing. After the significant 22.1% drop in April 2025, May saw a 10.4% increase in the percentage of customers missing one payment. Year-on-year, there has been a 12.4% decrease. For customers missing two payments, there has been a 9.6% decrease month-on-month and 8.1% year-on-year. However, the percentage of customers missing three payments increased month-on-month by 3.9%. When comparing the ratio of the average delinquent balance to the overall balance, this ratio is slightly trending upwards, indicating that missed payment balances are increasing at a faster rate. Lenders may wish to review balance segmentation in risk strategies, as goods and services that cost £2,000 in 2020 would cost £2,350 today. They may also want to consider adopting or reviewing pre-delinquency strategies in order to identify and proactively act on customers before they get into financial trouble. Key Trend Indicators – UK Cards May 2025 Metric Amount Month-on-Month Change Year-on-Year Change Average UK Credit Card Spend £790 -4.1% -1.7% Average Card Balance £1,865 -0.4% +4.7% Percentage of Payments to Balance 35.59 +4.7% -5.8% Accounts with One Missed Payment 1.43 +10.4% -12.4% Accounts with Two Missed Payments 0.29 -9.6% -8.1% Accounts with Three Missed Payments 0.21 +3.9% -6.0% Average Credit Limit £5,855 +0.2% +2.9% Average Overlimit Spend £95 +3.3% +5.6% Cash Sales as a % of Total Sales 0.85 +2.3% -3.7% Source: FICO These card performance figures are part of the data shared with subscribers of the FICO® Benchmark Reporting Service. The data sample comes from client reports generated by the FICO ® TRIAD ® Customer Manager solution in use by some 80% of UK card issuers. For more information on these trends, contact FICO. About FICO FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency. Learn more at FICO and TRIAD are registered trademarks of Fair Isaac Corporation in the United States and other countries.
The Sun
03-07-2025
- Business
- The Sun
Brits' financial confidence has grown
Brits' financial confidence has grown in the last 12 months – despite economic uncertainty, recent volatility in the stock market and falling interest rates. A study of 4,015 adults found many are feeling more assured when it comes to saving, investing, retirement and managing their personal finances than they did in 2024. More than four in 10 (41%) now feel 'very confident' managing their personal finances, up from 32% last year. While 84 per cent are feeling confident in their ability to save (up five per cent year-on-year), with 42% going as far as to say they feel 'very confident' - a nine per cent jump since last year. And while the majority still don't feel confident investing (56%), this number has fallen six per cent in the last year. Looking at how people feel about retirement, just 21% feel very confident when it comes to planning for a comfortable post-work life, although this is up on last year - where only 11 per cent of those surveyed felt sure they were on track. The research was commissioned by savings and investing app, Moneybox [ ]. Brian Byrnes, head of personal finance at the platform, said: 'In what has been an eventful year in personal finance news so far, it's positive to see people doing what they can - learning more, prioritising saving, and being mindful of their spending to build wealth and boost their financial resilience. 'That said, there is still much more the financial services industry can do to support people on this journey to move towards their financial goals with confidence. 'Whilst providers like Moneybox are working to make tools and information as accessible as possible - and positive initiatives like targeted support are on the horizon - the financial services industry cannot take its eye off the ball. 'Our research clearly shows that people are making real efforts to engage and educate themselves financially. Free data roaming abroad and HUGE council tax bill reductions The study also revealed a growing number are taking a more focused approach to their finances, with 32 per cent describing their financial planning as 'structured and comprehensive' - up eight per cent from 24 per cent in 2024. While 67% now take time to learn more about personal finance topics - up from 62& a year ago. Nearly half (46% ) of those who are confident when it comes to saving attribute this to regularly tracking their spending, and 42 per cent feel more confident saving as they now have an 'emergency fund' - a pot of money set aside for any unforeseen expenses. It also emerged the number of adults with no savings or investments has nearly halved, from 21% to 12 per cent. While those with savings rose from 75% to 83% and active investors climbed from 30% to 40%. Credit card debt is also falling, with 27% carrying balances in 2025 - down from 31% in 2024 - and the average debt has dropped from £2,096 to £1,995. TOP 10 BEHAVIOURS THAT BOOST SAVING CONFIDENCE: 1. Tracking your spending 2. Knowing you have an emergency fund to fall back on 3. Seeing your savings grow over time 4. Avoiding unnecessary or impulsive purchases 5. Making sure your savings are earning a good interest rate 6. Spending spend time reviewing your personal finances 7. Educating yourself about saving and personal finance 8. Transferring money automatically into savings each month 9. Having a clear budget that you stick to 10. Having clear financial goals you're working towards Across the UK, Belfast was found to be home to the most financially confident people (74 per cent) - a jump to the top from 54 per cent and only 16th place last year. London and Manchester followed close behind (both now 68%), with both cities increasing in confidence from 62% and 59% respectively in 2024, with Brighton and Chelmsford (both 67%) completing the top five. But almost all cities have seen at least a minor increase in feelings of confidence over the last 12 months, according to the research carried out via OnePoll. Brian Byrnes, from Moneybox, added: 'The government, regulators and the industry need to match their drive and momentum and commit to doing all they can to close the advice gap and help people make informed financial decisions with greater confidence. 'These results are a real testament to the strides people have made - learning from the economic challenges of recent years and choosing to take greater control of their financial future. 'They show that financial confidence is like a seed: once planted, with a little encouragement, it grows - prompting people to spend more time learning, planning, and engaging with their money. 'That's the real story here: resilience, progress, and the power of confidence to transform financial lives.'
Daily Mail
01-07-2025
- Business
- Daily Mail
The tweaks that could boost your wealth by a staggering £86,000... and it all starts by taking this easy quiz: Money expert LUCY EVANS
There is one simple trick you need to boost your wealth by tens of thousands of pounds – and it will only take you around half an hour a week. Having financial confidence is the key to boosting your total wealth by an average of £86,000, regardless of how much you earn, a study for Money Mail reveals. And building up your confidence is easier and less time-consuming than you think – even if you are starting from scratch.
