One-third of Americans have no financial plan, a new study by Northwestern Mutual is reporting. The study also reflects that nearly 60 percent of Americans feel their financial planning is deficient. While two-thirds of Americans consider themselves "savers," 54 percent also have a level of debt that is equal to or exceeds their savings, the study found. The problem? Too much information, according to Ameriprise's Sean Michael Pearson. "The overabundance of information makes many people nervous that they'll get something wrong," he told CNBC.
Financial stability for millennial parents is on the decline, with a new study reporting that one in five is impoverished. The research, conducted by the youth advocacy group Young Invincibles, also notes that the poverty rate for that demographic has increased by 40 percent since 2000. The study explains that increased caretaking responsibilities take up more of a young parent’s day than their jobs, and that millennial parents who are students spend one third less time on their studies than their childless peers. Financial burdens are also prevalent, with bachelor’s degree recipients taking on 25 percent more student debt if they have a child.
Many advisors are on the road for business at least a few days every month (for some, it’s much more than that). But those who argue in favor of a road trip as a more efficient way to travel may need to rethink their strategy. Traveling by car in the U.S. was twice as energy intensive as flying, according to a recent article in Wired magazine. Research by Michael Sivak at the University of Michigan’s Transportation Research Institute shows that while cars have become more efficient in recent years, airlines have drastically cut down on fuel use. But for those advisors who love the open road, there’s good news. Hybrid and electric cars (essentially any car that gets more than 44.7 mpg) do beat travelling by plane.