Financial FYI: Disposable Income, Americans Eating Out Less, Record Number of Upside Down Mortgages
Financial FYI
Disposable Income
By the end of 2007, 36 percent of consumers’ disposable income went to food, energy and medical care, a bigger chunk of income than at any time since records were first kept in 1960, according to Merrill Lynch. Source: Associated Press
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Eating Out
People are treating themselves less often. The National Restaurant Association says 54 percent of restaurants reported declining traffic in January, and the government says eating at home increased last year for the first time since 2001. Source: Associated Press
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Upside-down Mortgages
Nearly 9 million households now have upside-down mortgages, and for the first time ever, aggregate mortgage debt is bigger than the total value of homeowner equity – bigger by $836 billion, according to research by Merrill Lynch. Source: Associated Press
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Financial FYI: Boomers and Retirement, Home Equity Drops, Average Inheritance, FinancialSpeaker.net, High School Education and Risk Tolerance
FinancialFYI.comBoomers Still Don’t Have Enough Income For Retirement
According to a report by The Center For Retirement Research, if members of responding households worked to age 65 and annuitized all of their financial assets, 35% of those born between 1948 and 1954, and 44% of those born between 1955 and 1964 would still be at risk of being able to maintain their standard of living in retirement. Source: Investment News
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Homeowner Equity Drops Below Half The Value Of Homes
Last year marked the first time American homeowners, in the aggregate, owned less then half the value of their houses. Their share of home equity dropped to 47.9% in the final three months of 2007, down one percentage point from the third quarter, the fed said in a quarterly report. Source: Wall Street Journal
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Boomers Average Inheritance Only $48,000
A new study from Tiburon Strategic Advisors finds that the median value of boomer’s likely inheritance is just $48,000. Further only 2% of boomers who have already received an inheritance got more than $100,000. In fact, only 15% of boomers expect any inheritance at all. Source: Financial Planning Magazine
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High School Education And Stocks
Children with at least one parent holding a high school diploma are much less likely to be risk averse than those whose parents have less formal education. The research also found that 34% of participants whose parents had no high school education owned stocks, compared with 47% of those who had at least one parent with a high school education. Source: Investment News
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Financial FYI: Finding A Job, Crazy Rich People, Phased Retirement
Financial FYI: Unemployment, Rich People, Phased RetirementThe length of time the typical unemployed person is out of work has risen from a low of 7.5 weeks at the end of 2006 to 8.8 weeks in January. Every recession and job market downturn since 1967 has been heralded by such a climb. In the conference board’s latest consumer confidence survey, nearly 24% of respondents describe jobs as “hard to get” higher than in the first months of 1990 and 2001 recessions. Source: Wall Street Journal
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Some 15,000 U.S. households are worth $100 million or more, reports Boston College’s Center on Wealth and Philanthropy, Source: Money Magazine
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Ernst’s and Youngs 2007 “Aging Workforce” survey showed that phased is being considered by more companies. The study showed that 29% of respondents said they were considering phased retirement programs to attract and retain older employees. Source: Investment News
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Financial FYI: Rebate Checks and Enrollment in Work Retirement Plans Still Anemic
What Are You Going To Do With Your Rebate Check
A Citi group survey suggests 34.4% of consumers plan to pay down bills with their rebate check. 23.3% plan to deposit their checks in their savings accounts. 11.2% plan to use their checks for groceries and general merchandise. 31.1% plan to target everyday expenses, home repair and other items. Source: Barrons
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Retirement Plan Enrollment
According to the Washington Based Employee Benefit Research Institute, 71% of full-time workers 21 to 24 weren’t enrolled in their employers’ retirement savings plan in 2006. That was a slight improvement over 2005, when 74% of workers in that age group opted out of retirement plans. Overall Just 53% of full time workers 21 to 64 participated in an employer based retirement plan in 2006. Source: Investment News
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