Data Studies
May 23, 2023 While there is a lot of debate on whether the U.S. will enter a recession – or if it’s already in one – some models have projected a likelihood as high as 99.3% 1. While no one can predict the future, we can look at the past and present to understand which places are most poised to withstand the economic repercussions of a recession. Read More...
May 19, 2023 The ongoing costs of child-rearing can be hard to size up – and digest. The average cost to raise a child in the U.S. is $20,813 annually. By understanding what to expect to pay for a child’s needs, parents can better plan for their family’s financial future. Read More...
May 15, 2023 College graduates are under immense pressure to land a job right out of college, especially during economic downturns, when the job market may be less stable. However, it’s not just the job itself graduates have to think about. Figuring out where to live often goes hand-in-hand with starting a career, developing a network and maybe even laying down roots. Read More...
May 10, 2023 If Congress doesn’t opt to raise or extend the nation’s debt limit, the United States may run out of the money needed to pay its bills. With this deadline approaching as early as June 1, SmartAsset asked financial advisors what they think will happen if the U.S. defaults and what they recommend clients do to prepare For help navigating market volatility, consider working with a financial advisor. Read More...
May 10, 2023 According to the official definition of a recession, Americans haven’t entered one 1. But despite what many economists are saying, advisors in the trenches see it differently. In a survey of nearly 200 financial advisors who participate on SmartAsset’s SmartAdvisor matching platform, approximately 77% of advisors said that Americans are in a recession – or will experience one soon. Here’s why they are eyeing a potential downturn and the moves they recommend individuals make to shore up their finances. It’s important to minimize the impact of a recession on your investment portfolio. Find a financial advisor who can help you today. Read More...
May 09, 2023 The average American wedding costs between $10,000 and $28,000. Some couples will spend up to $100,000 for a lavish event – or more. But the cost of a wedding doesn’t only depend on the couple and their tastes: It also depends on your location. Read More...
May 04, 2023 Potential homeowners may feel left in the dust with recent increases in costs and interest rates. But with the right combination of factors in some U.S. cities, the costs of homeownership may actually be less than the cost of renting, creating a favorable environment for starter homes, downsizing for retirement or even house hacking. On the other hand, homeownership goals don't exactly make for the most financially secure path in other cities. Read More...
May 03, 2023 The modern worker in 2023 has more options than ever before. Forty-one percent of workers are still fully remote or in a hybrid role 1, which means people can opt to settle down in places that can offer a little reprieve from high living costs. This has given rise to a new moniker to describe the small to midsize towns and cities that have seen a boom in remote workers: zoom towns. Read More...
Apr 25, 2023 When inflation surges and cash loses its purchasing power, retirees’ hard-earned savings suddenly don’t go as far as they expected. Inflation may also lead to widespread salary increases, but retirees typically don’t benefit from wage growth because they’ve already left the workforce. Read More...
Apr 27, 2023 When interest rates were low and stocks were on a tear, the demand for American homes pushed prices to unprecedented heights 1. Down payments have also risen, but the median down payment of 14% is still well below the traditional standard of 20% 2. But with different associated costs, like PMI and higher mortgage payments, smaller down payments raise the issue of opportunity costs. Read More...
Apr 15, 2023 Six-figure salaries have long been seen as a milestone for gauging success — the peak between the arduous grind of climbing the income ladder and breathing a deep sigh of relief. Those with a $100,000 salary earn more than double the median individual income for 2021, which might imply financial comfort on first glance. But when accounting for taxes and cost of living in America’s largest cities, those six-figures will feel much smaller. Read More...
Apr 14, 2023 The middle class has long been considered the backbone of the American economy. But the American middle class is shrinking. The percentage of adults living in middle-income households in the United States fell by more than 10 percentage points over the last 50 years 1, indicating an ongoing shrinkage of the middle class. Read More...
Apr 13, 2023 In 2022, the federal government spent $6.27 trillion 1. Most of the government’s revenue comes from taxes collected from individuals and businesses across the U.S. Though taxes are mostly collected by the federal government, individual states are primary recipients of that same tax revenue. In a way, tax inflows and outflows act as a form of wealth redistribution among U.S. states. Read More...
Apr 05, 2023 With the April 18 tax deadline looming, Americans must choose between itemizing deductions or taking the standard deduction to reduce their tax obligations and pocket as much money as possible. Since the standard deduction was nearly doubled in 2018 as a result of the Tax Cuts and Jobs Act — also known as the Trump tax cuts — millions of taxpayers have been incentivized to stop itemizing. But for many, itemizing still makes sense. Read More...
Apr 17, 2023 Fixed incomes can’t go as far for retirees with the current pressures from high inflation and a volatile stock market. For some, relocating to a cheaper or more tax-friendly part of the country may no longer be a matter of preference, but a necessity. Recent data suggests that seniors are moving out of expensive northeastern cities and into other parts of the country. Read More...
Mar 30, 2023 Down markets can present a difficult decision for new retirees. On one hand, withdrawing money from the market during a downturn can lock in investment losses, wreaking havoc on the longevity of their retirement plan. Conversely, avoiding portfolio withdrawals early in retirement may require retirees to claim Social Security as soon as age 62. This guarantees a lower lifetime benefit , which may hurt them just as badly. Read More...
Mar 30, 2023 There's often more risk involved when purchasing a second home than with a first home. Potential buyers may depend on rental cashflows, be wary of potential natural disasters, and be concerned about maintaining the property from a distance. And in a particularly volatile environment for mortgage rates, making the wrong choice can become quite costly. To get a better idea of the demand for rental and vacation markets, SmartAsset analyzed data for more than 400 metro areas to uncover the most popular places for second homes. For details on our data sources and rankings, read the Data and Methodology section below. Read More...
Mar 27, 2023 Gone are the days of a sub-3% mortgage, commonplace during the housing market boom of the COVID-19 pandemic. Mortgage rates have steadily increased since the Federal Reserve started hiking interest rates in March 2022 to combat inflation. As a result, home prices have declined from recent heights. Read More...
Mar 22, 2023 Renters in many parts of the country are feeling the effects of inflation. Renting a home costs an average of 8.6% more in January 2023 than 12 months earlier, according to Bureau of Labor Statistics data. As a potential stopgap, renters might consider sharing their home with a roommate to help lower monthly housing expenses. Read More...
Mar 16, 2023 For nearly two years, inflation has hit Americans where it hurts most: their wallets. Despite a strong labor market, a higher percentage of American families are struggling to make ends meet today when compared with two years ago. In early February 2021, 34.9% of adults reported having difficulty paying for usual household expenses, according to Census Bureau data. Two years later, that number has risen to 39.7%. Read More...
Mar 29, 2023 Seen as a sign of success and financial comfort, a six-figure salary has long been an important milestone for American workers. But the times have changed and $100,000 isn’t quite what it used to be, especially as rampant inflation continues to sap the purchasing power of money and push the cost of living higher. In fact, 51% of people who earn more than $100,000 reported living paycheck to paycheck in December 2022 – 9 percentage points higher than a year earlier – according to a recent survey from PYMNTS and LendingClub. Read More...
Mar 09, 2023 It’s hard to feel financially stable when the cost of living continues to take a bigger bite out of your budget. While salaries increased 5.1% between December 2021 and December 2022, wage growth couldn’t keep up with inflation, which averaged 8% in 2022. Read More...
Mar 08, 2023 More women are running Fortune 500 companies today than ever before. Yet, the number of women helming America’s largest corporations is still surprisingly low – only 10%, according to Fortune. Zooming out further, women face a steeper climb up the hiring ladder than men. Research from McKinsey and Company, a global management consulting firm, indicates that for every 100 men promoted to first-level management roles, only 87 women receive similar promotions. That said, the landscape for women in management isn't the same across the U.S. Read More...
Mar 07, 2023 When it comes to the gender wage gap, statistics paint a disappointing picture. Women made 83 cents for every dollar earned by a man in 2021, according to the Bureau of Labor Statistics. In addition, that figure hasn’t changed much in the past 15 years. Additionally, women ask for raises - just as frequently as men do, in fact - but are granted pay increases less often than men are, according to a CNBC and Momentive poll. That said, in some cities, the gender wage gap doesn't look quite so stark, and it's even starting to close in a few localities. Read More...
Mar 22, 2023 As we progress through the 2023 tax season, many Americans have their eyes on a potential tax refund. But getting money back from the government can actually be a double-edged sword. Earning a large tax refund may mean that you gave Uncle Sam an interest-free loan throughout the course of the year instead of putting that money to work for you in other ways. Still, the majority of people who file a U.S. tax return every year end up getting a refund. For the 2021 tax year, which involved tax returns filed in 2022, U.S. individual taxpayers logged an average federal refund of $1,798. Read More...
Feb 23, 2023 What should you do with your money during a bear market? That’s the question many investors have been asking since the S&P 500 officially entered bear market territory last summer. Read More...
Feb 22, 2023 Science, technology, engineering and math (STEM) jobs are projected to grow 15% between 2021 and 2031. But this year is a mixed bag for many workers in these occupations. In recent months, tens of thousands of tech workers have been laid off at big firms such as Meta, Amazon and Google. Keeping this in mind, SmartAsset set out to determine which STEM jobs are best poised for growth. Read More...
Feb 17, 2023 Black Americans are the third-largest racial or ethnic group in the U.S., making up just over 12% of the population. But less than 3% of all businesses are Black-owned. Some places outperform others, however, when it comes to the prevalence, success, and financial health of Black-owned companies and business owners. Read More...
Feb 14, 2023 While mass layoffs in the tech sector have dominated news headlines recently, the labor market remains especially strong. The U.S. economy added 517,000 jobs in January 2023 and unemployment dipped to its lowest point in more than a half-century. But fears of recession still linger. A recent Harris Poll and Fast Company survey of 1,000 Americans found that approximately three-quarters were at least somewhat anxious about the economy going into 2023. Read More...
Feb 10, 2023 In real estate, it’s all about location, location, location. In fact, the National Association of Realtors' annual survey of homebuyers from 2022 found that nearly half of all buyers (49%) cited the quality of a neighborhood as the No. 1 factor for determining where to live, ahead of both affordability (37%) and proximity to friends and family (37%). Read More...
Feb 07, 2023 The gas pump and grocery store aren’t the only places where people have felt the effects of inflation recently. The dating scene is no exception, as dating has become increasingly expensive in recent years. In fact, a 2022 Match.com survey of 5,000 singles found the cost of dating has risen 40% in the last decade, with singles now spending $130 per month on dating. That adds up to over $1,500 per year! Read More...
Feb 02, 2023 Nearly a quarter of the way through the 21st century, Black Americans continue to face significant financial inequality. In 2021, the median income of Black households was almost $23,000 less than the median income of all households nationally, according to Census Bureau data. And the income gap between Black and white households was even greater, with white families outpacing their Black counterparts by more than $28,000 in the same year. Read More...
Feb 01, 2023 While remote work has boomed in the last three years, the majority of working Americans still commute to work. According to the Census, a one-way commute took workers an average of 25.6 minutes in 2021. Using this estimate, workers in 2023 will average almost 222 hours (or a little over nine days) driving to and from work. And these hours spent in transit cost commuters more than just their time. The price of fuel, public transit passes and other commuter-related costs can add up quickly. Read More...
Feb 14, 2023 When planning for a milestone like a wedding or buying a home, many couples find that they have to choose between the two. Paying for a wedding can be a very big expense, but putting a down payment on a home is also a substantial financial commitment. Read More...
Mar 27, 2023 When it comes to retirement, timing is everything. And for retirees, good timing doesn’t just have to do with threading the needle on Social Security start dates or savvily initiating required minimum distributions (RMDs). It also has to do with understanding the markets. That’s because retiring during a down market can have a long-term impact on the health and longevity of retirement savings. This is related to what is known as sequence risk. It typically refers to the hazards posed by making early retirement withdrawals during a down market. Retirees who launch into retirement during a bear market, for example, may see that initiating drawdowns in a poor investment environment does major damage to their long-term savings. After a stomach-sinking 2022 in which the S&P 500 fell nearly 20%, SmartAsset crunched the numbers to see how much starting retirement in a down year can impact long-term investment savings. Here’s what we found. Read More...
Apr 10, 2023 Going to a traditional four-year college isn't the only path to a successful career. In fact, there are many well-paying jobs available for those without a bachelor's degree, and average earnings for this demographic hover around $49,206. With that said, some of these jobs may require certifications or relevant experience. Keeping this in mind, SmartAsset examined data from the Bureau of Labor Statistics (BLS) to identify fast-growing careers that don't require a bachelor's degree. Read More...
Mar 08, 2023 The gap between the top 1% of earners and average Americans is stark. In fact, the average American household earns a median income of under $70,000, but in some places, the top 1% can earn as much as $955,000. Those annual earnings can seem far out of reach in a country where less than 10% of all households earn more than $200,000, according to the U.S. Census Bureau. Ultimately, climbing the economic ladder is difficult, but it's less intimidating in some states than in others. Read More...
Jan 12, 2023 In 2023, financial advisors are dusting off their blazers, slapping on fresh name tags and marching back to conferences and professional events. The return to air-conditioned conference rooms and fluorescent-lit exhibitor halls comes three years after the COVID-19 pandemic disrupted professional conferences and events across industries. This year, however, advisors plan to attend old standbys such as Schwab IMPACT and try out newcomers like Future Proof. Read More...
Jan 18, 2023 Despite persistent inflation, the federal minimum wage remains $7.25 per hour. More than 13 years have passed since Congress last raised the federal minimum wage in 2009, the longest such stretch in American history. While many cities, counties and states across the nation enforce their own minimum wage well above the federal minimum, the cost of living in each can greatly impact just how far those wages can go. Read More...
Jan 05, 2023 Social Security plays a critical role in the retirement plans of millions of Americans each year. Average annual Social Security benefits reached $21,152 in 2021, according to the Census Bureau. While higher Social Security is good news for retirees on the surface, median housing costs also continued to climb, jumping 7.6%. Read More...
Jan 06, 2023 The U.S. labor market remained strong in 2022, adding another 223,000 jobs in December. But the Bureau of Labor Statistics predicts that the job market may cool off in years to come, projecting that total employment will grow only 0.5% annually between 2021 and 2031, which is half the growth rate between 2011 and 2021. Read More...
Dec 20, 2022 The housing market has been on a rollercoaster over the past year. In early 2022, prices rose at breakneck speed. In fact, the average price for single-family homes with mortgages spiked nearly 20% between February 2021 and February 2022. Now, Americans are seeing prices cool after the Federal Reserve announced a series of interest rate hikes. This has raised mortgage rates, however, squeezing buyer budgets and making the homebuying process daunting in new ways. Read More...
Dec 16, 2022 From casual neighborhood runners to fitness fanatics, many Americans prioritize exercise. This is especially true at the start of the new year, when getting into shape tends to become a popular resolution. The World Health Organization suggests that adults aged 18 to 64 should complete 150 to 300 minutes of moderate cardio each week, which equals between 2.5 to five hours. This is in addition to at least a couple of muscle-strengthening exercises. Where you live, however, can make it easier or more difficult to get the exercise you need. Read More...
Dec 14, 2022 The hot housing market has shown signs of cooling. Nationally, home prices have declined by 1.3% since their peak in June 2022. And some experts have predicted that housing could fall as much as 20%. Regionally, the majority of housing markets are expected to see price drops toward the end of this year. For prospective buyers and current owners, this could signal opportunities to make the most of the housing market. Read More...
Jan 26, 2023 If you're a die-hard beer lover in the U.S., you're not alone. In 2019, the U.S. beer industry sold around $120 billion worth of beer through retail businesses. That dropped in 2020 due to the COVID-19 pandemic, but the industry is making a comeback. The U.S. is a beer haven. In 2021, the U.S. produced 81% of all beer and imported only 19% from other countries. But where is the best city for beer drinkers to live? Read More...
Dec 20, 2022 Research shows that in some cases, money does lead to happiness. In fact, a 2021 University of Pennsylvania study found a correlation between happiness and income growth, even past an annual income of $80,000. This is in contrast to previous research that found happiness stagnated after an individual earned $75,000. However, not all places can offer the same level of happiness, as some cities offer more economic opportunities and a better quality of life than others. Read More...
May 27, 2023 Make no bones about it: 2022 has not been kind to investors. Persistent inflation, rising interest rates and the Russia-Ukraine war have all driven major stock market indexes down throughout the year. Read More...
Dec 07, 2022 While the youngest Gen Zers are age 10 today, the oldest of the generation are reaching their mid-20s and are growing their careers. By 2025, Gen Zers are expected to account for a quarter of the workforce in the U.S. Additionally, a recent survey by McKinsey shows that Gen Z workers are more likely to work multiple jobs (9% more than older generations) and do independent work (15% more than older generations). However, the Gen Z growth rate in the workplace differs from city to city. Read More...
Dec 01, 2022 One way for taxpayers to save money on their tax bill is via a strategy called “bunching deductions.” This technique, in which taxpayers accelerate or defer income in order to exceed the standard deduction in a given tax year, took on renewed importance after the 2017 Republican tax overhaul. That tax reform essentially doubled the standard deduction, making it less likely that taxpayers would benefit from itemizing. But for savvy taxpayers, bunching deductions is a strategy that can work around this increased standard deduction. Read More...
Dec 01, 2022 Travel is top of mind as Americans navigate into the new year. According to the U.S. Travel Association, nearly one-third of Americans will make taking a vacation one of their highest priorities. And so far, travel spending for September 2022 has hit its highest ceiling since the pandemic. With prices up across the board with rising inflation, getting the most out of a vacation budget is important and some cities offer a better opportunity to do so. Read More...
Dec 02, 2022 Economic uncertainty has been a top concern for most Americans over the past several months, and many experts predict that financial struggles will continue into the new year. However, despite the many challenges Americans have faced nationwide, there are some U.S. cities that have managed to grow in recent years. Read More...
Nov 29, 2022 Historical returns and underlying investments aren’t the only metrics to consider when selecting mutual funds. A fund’s expense ratio, the internal operating costs paid by investors, is also an important component to keep in mind. Expressed as a percentage, an expense ratio is the portion of your total account value removed annually in fees. The difference between small percentages often appears innocuous, so we too seldom take action to move our money to investments with lower expense ratios. But here's a huge wake-up call: those built-in fees could be costing you thousands of dollars in the long run. If you need help picking cost-efficient investments, a financial advisor can help. Find an advisor today. Read More...
Nov 17, 2022 With many Americans driving around winter holidays, average gas prices will be at their highest seasonal level ever, according to new data from GasBuddy (a website that tracks local gas prices). The national average is projected to stand at $3.68 per gallon on Thanksgiving Day, which is $0.30 higher than last year and $0.20 higher than the previous record of $3.44 set in 2012. Read More...
Nov 16, 2022 During the start of the COVID-19 pandemic, many seniors rethought their working or retirement arrangements, with some seniors opting to leave the workforce while other retirees chose to rejoin it. In fact, the nation’s senior labor force participation rate, perhaps surprisingly, stayed consistent between 2019 and 2021. About 19% of those over the age of 65 continued to work or were looking for work between 2019 and 2021, amid the pandemic. Read More...
Nov 15, 2022 Allocating a higher percentage of your salary toward retirement is an effective pathway to grow your savings – and improve your shot at financing your post-work life. But is that true for investors in their 50s? Can folks in middle age significantly impact their retirement outlook at the eleventh hour of their careers? To answer those questions, SmartAsset crunched the numbers. We looked at three sample savers. They all have the same amount saved at age 50, but each makes a different decision about whether to increase savings at that point. What we found: It’s never too late to ramp up your retirement savings. (And if you’re looking for help planning for retirement, consider working with a financial advisor.) For a look at the data, read on. Read More...
Dec 15, 2022 While Americans are still facing economic challenges, monetary generosity has also increased. Charitable giving grew by 9% in 2021 for both traditional donations and online giving, according to the non-profit research division at Blackbaud Institute. This is the largest increase in a decade. Read More...
Nov 10, 2022 Local manufacturing can provide high wage jobs, be essential for innovation, help reduce the national trade deficit and contribute to environmental sustainability, according to The Brookings Institute. However, it’s no secret that U.S. manufacturing jobs have been shrinking over the past few decades (down more than 35% between 1995 and 2020). Given this trend, it’s important to highlight the areas of the country that have been and continue to be strongholds for manufacturing. Read More...
Nov 03, 2022 There are about 18 million veterans in the U.S., of which about 13 million are over the age of 50, according to recent data from the American Association of Retired Persons (AARP). With so many veterans either in retirement or nearing their golden years, SmartAsset looked into the best cities for military retirees to live in. Read More...
Nov 01, 2022 As the year winds down, tax planning takes center stage. The last months before Dec. 31 are prime time for taxpayers to execute various financial moves before certain tax deadlines arrive. So which tax strategies are advisors discussing with clients? Read More...
Nov 01, 2022 Rising costs of jet fuel, delays, cancellations and inflation have created headaches for travelers this year. And, as a result, consumers are seeing much higher airfare prices across the country. With holiday travel around the corner, SmartAsset investigated the places where airfare has increased the most and least. Read More...
Oct 28, 2022 Like most client-facing businesses, financial advisory firms tend to have a strong focus on marketing. Those promotional strategies often serve to both engage current clients and expand their business to bring on new clients. And with the end of the year around the corner, many advisors are assessing their businesses and marketing strategies in 2022, as well as starting to plan for 2023. Read More...
Oct 27, 2022 Millennials are increasingly putting down roots whether that is through buying a home, getting involved in their community or working with a local financial advisor to plan for the future. While less than 4% of millennials moved between states in 2021, new Census Bureau data shows that some cities in particular experienced significant increases and decreases in their millennial populations last year. Read More...
Oct 26, 2022 A recent report on the United Nation's Sustainable Development Goals (SDGs) demonstrates the importance of local measures when it comes to furthering sustainability efforts. Local sustainability means cleaner, more efficient and resilient communities. For residents, that translates into more opportunities for a higher quality of life - specifically, economic growth, a smaller carbon footprint and better health. And while U.S. cities lag behind global cities in their likelihood to meet the SDGs, some cities are making larger strides towards environmental sustainability than others. Read More...
Oct 25, 2022 Rising inflation and high interest rates have made affording basic necessities like housing challenging and it’s easy to spend more than what you are comfortable with. Nationally, renters can expect to pay upwards of $1,800 on average for a two-bedroom apartment. Housing costs in large cities like New York and Los Angeles are especially high, and when you consider the additional costs of living, it can be anything but comfortable. Read More...
Oct 20, 2022 The housing market has increasingly discouraged young people from buying homes. A June 2022 survey by Money and Morning Consult found that given the state of the housing market over the past two years, 48% of Generation Z and 44% of Millennials report that they are less likely to buy a home. This is significantly higher than the 38% of people overall who report wariness. Read More...
Oct 19, 2022 Though Halloween is the scariest holiday of the year, the impact of rising inflation may make it even more terrifying for Americans across the country. Filling the bowl with copious amounts of candy will cost over 30% more than years past. In fact, combined purchasing those sweet treats along with tricking out your house with decorations and buying your best bone-chilling threads will cost an average of $100 this year, up more than 16% from five years ago, according to the National Retail Federation. Read More...
Oct 18, 2022 Equity markets have stumbled in 2022, officially entering bear market territory, and leaving soon-to-be retirees wondering whether they’ll be able to finance their golden years. For these folks, there are a number of ways to approach this new investment reality. One impactful method: cutting down living expenses in retirement. Experts generally agree that reducing spending in retirement is an impactful way to revive retirement savings. In fact, retirees who took a conservative approach to spending in retirement were able to maintain their portfolios and even preserve assets, according to a recent midyear analysis from T. Rowe Price. “Our research indicates that a conservative withdrawal approach is an important way to navigate an uncertain market environment, especially at the onset of retirement,” the report says. To determine how much spending reductions can elongate the lifespan of a retirement portfolio, SmartAsset crunched the numbers. Here's what we found. If you need help saving for retirement, talk to a financial advisor. Read More...
Oct 11, 2022 The share of individuals who work from home has dramatically increased over the past several years. Census Bureau data shows that the estimated percentage of workers in the U.S. who work from home rose from 5.0% to 17.9% between 2016 and 2021. However, some cities are better for working from home than others. Read More...
Oct 05, 2022 There are over two million women business owners, and that number is on the rise. In fact, data from the Census Bureau shows an increase of 17.63% between 2017 and 2021. Compared to 10 years ago, that’s more than a 51% increase. Read More...
Oct 04, 2022 New home buyers are becoming more cautious. Rising mortgage rates and declining home sales have signaled the end of a hot housing market that has plagued buyers for over a year. According to the Census Bureau, home sales are down almost 18% since January 2022. However, some areas have cooled more than others. Read More...
Sep 29, 2022 Mortgage rates have jumped over three percentage points this year, recently hitting new highs above 6.0%. And for new homebuyers, this has dramatically increased the cost of buying a home. Though homebuyers may refinance over the course of their mortgage (thus securing a lower rate), most experts say interest rates are unlikely to drop in 2023. Read More...
Sep 28, 2022 Many people looking for a new job are rethinking their priorities. In fact, from April 2020 to June 2021, the demand for flexible work arrangements grew at a faster pace than any other work priority, according to LinkedIn’s Talent Drivers Survey. For some workers, however, job stability (which can help fund long-term goals like home buying, starting a family and retirement) remains the most important factor. In fact, as of June 2021, compensation and benefits still outranked work-life balance as the top priority for job seekers. Read More...
Sep 28, 2022 Delaying retirement is one impactful way to extend the life of your retirement savings. Waiting several years – or decades – to leave the workforce can grow your investment accounts, increase Social Security benefits and reduce the number of years your money needs to last in retirement. But just how important is delaying retirement to your financial health and longevity? And is retiring early too risky for most savers? Read More...
Sep 22, 2022 Across all generations, millennials spend the most time worrying about money (seven times a day, on average). Additionally, nearly three in four millennials have credit card debt and carry an average balance of $4,576. Tackling that debt can be challenging when you take into account high housing costs and rising inflation that Americans face in some parts of the country. Read More...
Sep 21, 2022 Large cities can be a great option for anyone looking for a walkable, fast-paced environment with easy access to shops and restaurants. However, the hustle and bustle of a large city isn’t a one-size-fits-all proposition for everyone. Large cities are often expensive (average home values exceed $1 million in a handful of places) and may have higher crime rates than their surrounding areas. Suburbs, in turn, can offer more affordable housing, lower crime rates and a variety of entertainment options. Read More...
Sep 15, 2022 Millions of federal dollars are on the way to states as a result of two recent bipartisan infrastructure bills. This has the potential to impact the finances of everyday Americans. Some sources suggest that the average American loses roughly $3,300 of disposable income per year due to poor infrastructure - money that could be put to other use such as retirement planning, housing, family spending and more. Better infrastructure means the creation of millions of jobs and lower commute times among other benefits. Read More...
Sep 22, 2022 Hispanics and Latinos have played a major role in the country's population growth over the last decade. In fact, Hispanics and Latinos made up almost one-fifth of the country’s population in 2020 at roughly 62 million, according to the Census Bureau. That's an increase of nearly 12 million people since 2010, or an increase of 23%. Data from the nonprofit Latino Donor Collaborative shows how this population boom has impacted the economy. Total Hispanic and Latino economic output in 2019 added up to a gross domestic product of $2.75 trillion, which is up from $1.7 trillion in 2010. Read More...
Sep 08, 2022 Consumer prices rose 8.5% in July over the previous year, leaving many retirees and pre-retirees wondering how inflation impacts retirement savings. They have a right to worry. After all, living on a fixed income is tough when the price of everyday goods and services accelerates past the returns retirees can expect on their investments. To illustrate how inflation can erode retirement savings, SmartAsset analyzed the impact of three different inflation rates on savers. Here’s what the data shows. If you need help inflation-proofing your investment portfolio, talk to a financial advisor. Read More...
Sep 08, 2022 Young professionals are generally staying close to home, according to new research. The Census Bureau and Harvard University recently found that 80% of young adults live less than 100 miles from where they grew up. Meanwhile, just 10% had moved more than 500 miles away. This means that while big cities like New York and Los Angeles have been millennial hotspots for years, the tides may be changing. Read More...
Sep 07, 2022 Demand for nurses surged during the COVID-19 pandemic, and for those willing to travel, the field became more lucrative: traveling nurses earn roughly two to three times more per hour than those in traditional hospital-staffing positions. Yet as healthcare across the country begins to stabilize, the demand for traveling nurses has waned dramatically, with a 60% decrease in the number of open positions between January and April of 2022. And as those dynamics might lead to a drop in income, it's increasingly important for nurses to consider stability and affordability, too, when seeking employment in a new city to get a true conception of their earning potential. Read More...
Sep 02, 2022 Stubborn inflation, a sliding stock market and ongoing layoffs in recent months have many Americans on edge. However, financial stress was at a record high even before the market made headlines. Data from an American Psychological Association survey shows that in February 2022, 65% of Americans were stressed about money and the economy - the highest percentage recorded since 2015. And while it's clear that nationwide financial stress has been high for months, people in some cities are in worse shape than others. Read More...
Aug 30, 2022 The number of people moving across state lines is increasing. From 2019 to 2020, a total of roughly 4.2 million individuals moved to a different state while from 2020 to 2021, that figure grew to 4.4 million. As Americans increasingly look to live in different states, state capitals may be ideal locations to reside in if you’re looking for rich culture and history, access to a variety of job opportunities and a front seat to a state’s political happenings. Read More...
Oct 20, 2022 When it comes to the question of whether Americans are in a recession – or headed for one in the near future – financial advisors are pessimistic. In a survey of close to 300 financial advisors who participate on SmartAsset's SmartAdvisor matching platform, 80% of respondents said that Americans are already in a recession or would enter one in the next 12 months. The survey, which was conducted between Aug. 2 and Aug. 16, posed the question “Do you expect the U.S. economy to enter a recession in the next 12 months?” Here’s how the numbers broke down. A financial advisor can help you navigate complicated economic times. Find an advisor today. Read More...
Aug 24, 2022 The tight labor market has made it more difficult for some companies to secure top talent. Even financial advisor firms are struggling to find new advisors as their workforce ages. Data from the J.D. Power U.S. Financial Advisor Satisfaction Study shows that between 2020 and 2022 the average advisor age rose from 54 to 57, increasing the urgency for firms to invest in a new generation of advisors. Read More...
Aug 23, 2022 While the number of virtual events has increased exponentially over the past two years, they are not without pitfalls. A recent survey by video conferencing service BlueJeans and Forrester Consulting shows that 71% of respondents find it difficult to mimic the in-person experience of an event virtually. As a result, many companies are considering how to safely return to in-person conferences. In fact, the volume of in-person events is expected to rise by over 10% in the next year and there are precautions that conference organizers can take to keep face-to-face events safe. Read More...
Aug 25, 2022 In June 2022, U.S. stocks officially entered a bear market as popular market indexes - such as the S&P 500 - fell more than 20% below previous record closes. Those losses have since been met by recent upticks over the past few weeks, though some commentators are warning of a bear market rally, as stocks may be still set to hit new lows. Read More...
Aug 23, 2022 The price of jet fuel has increased by roughly 110% between the first quarters of 2021 and 2022 and as passengers return to the skies, some of those costs are passed on to consumers. In fact, airline fares spiked by 26% over the same time period, bringing the national average flight cost to $328 for Q1 2022. With the average American taking nearly four air trips per year (3.6, to be exact), that works out to roughly $1,200 spent on air travel annually. Read More...
Aug 31, 2022 Union members tend to earn more than their non-union peers. Data from the Bureau of Labor Statistics (BLS) shows that non-union workers have median weekly earnings that are only 83% of the earnings for union workers. And while union membership is declining nationally - declining by 241,000 workers from 2020 to 2021 - unions in some states are more robust than in others. Read More...
Aug 15, 2022 Will I outlive my retirement savings? This question dogs many retirement savers who view their accounts, often far shy of $1 million, with dread and fear. After all, aspiring retirees have to plan for longer lifespans, potentially steep medical costs and the uncertainty surrounding government programs such as Social Security. Meanwhile, the average saver who is 61 or older with a workplace retirement account has $449,228 invested for retirement, according to a recent BlackRock survey. (Workers who are 61 and older with no employer accounts available have just $258,094 saved.) If you need help saving for retirement, talk to a financial advisor. Read More...
Aug 10, 2022 In 2021, over $100 billion was spent on the pet industry in the U.S. alone. While that figure includes pets of all kinds, dogs make up the majority of pet ownership in the U.S. with 48 million households caring for a four-legged friend. While spending on dogs continues to climb with each passing year, more and more cities have also grown in their dog-friendliness, even allowing patrons to enjoy the company of their dogs while they dine or shop. Read More...
Aug 09, 2022 Teachers play an important role in enriching the minds of the next generation. And though the work itself may be rewarding, the pay often isn't. Education jobs consistently fail to keep pace with inflation and are among the least financially-rewarding for positions requiring a bachelor's degree. Once adjusted for inflation, teacher incomes have declined by -3.8% over the past decade. What’s more, issues like a lack of funding and the fallout of the COVID-19 pandemic have made the field more challenging for educators today. Despite this, some areas of the country provide more job opportunities, higher earnings and lower housing costs for teachers. Read More...
Aug 04, 2022 Households that make over $200,000 annually comprise just a sliver of all tax returns that are filed in a given year, but their movement between states can have a significant financial impact. When a state loses more high-earning tax filers than it gains in a given year, tax revenues may decline and the state's fiscal situation may worsen. That’s why despite making up less than 7% of total tax returns filed across the 50 states and the District of Columbia in 2020, the migration patterns of high-earning households continue to make headlines. Read More...
Aug 03, 2022 Contributing to a 401(k) or individual retirement account (IRA) isn't the only way to save for retirement. While most people think of health savings accounts (HSAs) as tools for covering annual medical expenses, they can also be valuable retirement savings vehicles. HSAs are unique because they benefit from a trio of tax advantages. First, contributions lower your income tax liability. Second, an HSA balance grows tax-free and can even be invested in mutual funds, so you won't pay taxes on investment gains. Lastly, you won't have to pay taxes on the money when you withdraw it, provided it's used to pay for qualified health expenses. And unlike flexible spending accounts (FSAs), HSA balances don't need to be spent in a given year. The money is yours forever. If you need help planning for medical expenses in retirement and getting the most out of your HSA, talk to a financial advisor. Read More...
Aug 03, 2022 According to the Census Bureau’s Household Pulse Survey for June 1 to June 13, 2022, a little over one in seven women report being in poorer health, and more challenges are afoot. Recent legal changes concerning abortion have restricted access to women's healthcare in some states. With this in mind, SmartAsset examined data to rank which states are best for women's healthcare. Read More...
Jul 28, 2022 With higher home prices, rising interest rates and a bear market upon us, Americans are struggling to find affordable housing. According to the Department of Housing and Urban Development (HUD) guidelines, residents in cities across the nation are considered severely cost-burdened when their household spends more than 50% of their combined income on housing costs. Nationally, 13.76% of households exceed this threshold. However, in some parts of the country, a larger proportion of households are severely housing cost-burdened. Read More...
Jul 27, 2022 Despite rising inflation and recent stock market instability, it's still a job seeker’s market. There are roughly 11 million job openings available nationwide as of May 2022, according to the Bureau of Labor Statistics (BLS). For the same month, there were 6.5 million hires. Data from June 2022 shows a 4% increase in the percentage of people who voluntarily left their jobs compared with one year ago. Read More...
Aug 01, 2022 The independent wealth management industry has grown significantly over the past decade and many financial advisors think it will continue to grow looking forward. According to a 2022 Schwab Advisor Services’ Independent Advisor Outlook Study, about 93% of firms expect growth over the next five years, with a projected uptick of 17% annually in terms of the average net new assets expected over this time. In fact, more than one in four surveyed advisors expects to grow at a faster rate over the coming years relative to their current growth rate. Read More...
Jul 20, 2022 The median household income is about $65,000, according to the most recent Census Bureau data. And while this can give a sense for what a typical American family is earning, income quintiles can shed light on the disparity between the top and bottom earners. In fact, the minimum threshold to be among the top 20% of earners nationwide ($130,545) is more than two times greater than the median household income and nearly five times greater than the maximum threshold to be among the bottom 20% of earners nationwide ($26,685). Read More...
Oct 13, 2022 Despite nationwide lockdowns and sudden economic instability unleashed early in the COVID-19 pandemic, the U.S. economy showed resiliency, roaring back in the months that followed. But inflation and a bear market are now presenting new challenges that are reshaping the concept of economic resiliency and increasing the likelihood of a potential recession. In fact, SmartAsset recently found that four in five financial advisors believe Americans are already in a recession or will enter one in the next 12 months. Read More...
Jul 15, 2022 The June 13 news that equities had officially entered bear market territory sent some investors reeling. The S&P 500, an index that tracks a broad spectrum of stocks, closed 21% below its January 2022 highs. The last time stocks tumbled so precipitously was during the onset of the COVID-19 pandemic, when markets fell amid mass lockdowns and shuttering businesses. Read More...
