Posts Tagged ‘financial health’

Young Women Have Better Credit Scores Than Men

Posted on August 21, 2017 by Laura Lam

A recent Lending Tree survey found points of major disparity in the responses from men and women regarding debt and personal financial health.  The survey’s findings suggest that millennial women are trailing their male counterparts when it comes to income, home ownership and financial satisfaction despite having higher credit scores and responsible financial priorities. According to the survey, women find themselves struggling to pay off higher levels of debt compared to men, much of which comes from student loans. The average total debt for millennial men is $53,017, which is almost 30% lower than the average total debt for millennial…

Small-Business Optimism Highest in 10 Years

Posted on August 08, 2017 by Laura Lam

Small business owners are more optimistic than they have been in a decade, according to a new Wells Fargo and Gallup small business survey.  The survey resulted in a Small Business Index score jump to 106, an 11-point increase from April, which was driven by stronger financial situations, healthy revenues, easier access to credit and an increase in hiring.  The last index score is the highest since April 2007 when it was 113. “Our latest survey tells us that small business owners continue to feel confident about their current situation and are optimistic about the future,” said Mark Vitner, managing director and senior economist…

Consumers Grow Pessimistic About Future

Posted on August 07, 2017 by Laura Lam

Consumers grew slightly less optimistic in their future this July, however confidence levels remain historically high, according to the Survey of Consumers conducted by the University of Michigan.  Consumer confidence remained largely unchanged for the month, the survey of consumers  revealed.  But this means Americans appear the most optimistic about the current economic situation in U.S. than they have in 12 years. July consumer sentiment ended up at 93.4, the group said. Meantime, economists expected the July measure of consumer attitudes to fall slightly more, to 93.1, according to a survey from Thomson Reuters.  U.S. consumer sentiment last fell to…

Small Business Borrowing Hits 2 Year High

Posted on August 01, 2017 by Laura Lam

Borrowing by small U.S. companies hit a nearly two-year high in June, driven by restaurants and hotels, PayNet Inc said on Tuesday, as businesses invested to meet customer demand.  The Thomson Reuters/PayNet Small Business Lending Index for June rose to 139.9, its highest since July 2015, from an upwardly revised May reading of 138.3. Small business borrowing is a key barometer of growth because those companies do much of the hiring that drives economic gains.  Still, measured from a year earlier, borrowing was flat, according to the provider of credit ratings on small companies. “It really tells me they are…

Banks Design Apps for Non-Customers

Posted on July 26, 2016 by Laura Lam

A couple of financial institutions have recently created mobile apps available to anyone as a way of engaging with people through their phones. The institutions are hoping that the apps will build trust with their users and those users will eventually become customers. Assuming they have credit scores, any consumer can get their 3-digit numbers using the CreditWise app from Capital One.  Ally Bank has been testing a financial health app called Splurge Alert that anyone could sign up to try. The general apps follow a slew of fintech apps that have entered the market to crunch financial data and…

Credit Score Measures More Than Your Financial Health

Posted on November 21, 2014 by Saldutti

Credit scores – those pesky 3-digit numbers that dictate where you can live, what job you can get, even what cellphone plan you can purchase – are so intimately intertwined with our lives.  A credit score can say a lot more about a person than just giving a snapshot of of their financial stability. The scores can even be used to describe how healthy a person is, according to a report published by the National Academy of Sciences. Researchers looked at a comprehensive study of more than 1,000 people in New Zealand, whose lives had been tracked from the time they were born,…

72% of Americans Say the Recession is Still On

Posted on September 25, 2014 by Saldutti

Americans have a bleak outlook about both the nation’s financial health and their own, according to the 2014 American Values Survey released by the Public Religion Research Institute. The Ford Foundation-funded study revealed nearly three out of every four Americans (72%) believe the recession is still on.  This really doesn’t come as much of a surprise – given the lasting effect the recession has had on long-term unemployment. Fewer than one out of 10 Americans (7%) say they are in excellent financial health themselves. About a third of the people in the survey said they or someone else in their…

5 Simple Ways to Boost Your Credit Score in 2014

Posted on January 03, 2014 by Saldutti

It’s the New Year! If you’re like many Americans, one of your resolutions for 2014 might be getting your finances in order.  After a holiday season chocked full of buying and spending, it’s no wonder so many people want to buckle down in the new year and manage their money. While sticking to a budget or vowing to spend less are noble, short-term fixes for your finances, there’s one strategy that could seriously boost your financial outlook for 2014 and beyond: improving your credit score. A bump in your credit score can save you hundreds or even thousands of dollars…

How Will the Affordable Care Act Cut Health Spending?

Posted on October 02, 2013 by Saldutti

Now that several provisions of the Affordable Care Act have gone into effect, how will the new health care law reduce spending? The law has created several ways to stem the growth of health care spending.  Millions of Americans are now attempting to sign up for health insurance on the new marketplaces, albeit with some technical issues. Many provisions of the Affordable Care Act, which have already gone into effect, aim to reduce the growth of health care spending – about one-fifth of the overall U.S. economy The Affordable Care Act will still cost the federal government $1.36 trillion over…

Are We Raising a Nation of Spenders or Savers?

Posted on July 16, 2013 by Saldutti

It’s not exactly a secret that kids look to their parents for money, starting with allowances when they’re young and sometimes escalating to loans when they’re older.   But kids want more from their parents than just cash. They want financial guidance, too, and they count on their parents as mentors on the subject. T. Rowe Price took a long look at the issue of kids and finances with its Parents, Kids and Money Survey. According to the survey, 73% of parents are having regular conversations with their kids about money.  Interestingly, kids think the money conversations are taking place less…