Doing this when buying a home can ‘put your future at risk,’ expert says

Bankrate polled 2,582 adults, including 789 millennials ages 23-38, and asked participants how they are funding their down payments and closing costs. Over half, or 53%, of millennials say they’re saving. And 13% of millennial respondents say they’re tapping their retirement accounts, as compared to 8% and 7% of Gen Xers and baby boomers. Putting ‘your future at risk'”Tapping into retirement savings is a risky move that can put your future at risk,” says Deborah Kearns, a mortgage analyst for Ba


Bankrate polled 2,582 adults, including 789 millennials ages 23-38, and asked participants how they are funding their down payments and closing costs. Over half, or 53%, of millennials say they’re saving. And 13% of millennial respondents say they’re tapping their retirement accounts, as compared to 8% and 7% of Gen Xers and baby boomers. Putting ‘your future at risk'”Tapping into retirement savings is a risky move that can put your future at risk,” says Deborah Kearns, a mortgage analyst for Ba
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Company: cnbc, Activity: cnbc, Date: 2019-09-13  Authors: alizah salario, bob sullivan, ivana pino, myelle lansat
Keywords: news, cnbc, companies, buying, future, say, long, savings, think, financial, retirement, risk, respondents, money, expert, youre, millennials, doing


Doing this when buying a home can 'put your future at risk,' expert says

To save for a down payment on a new home, some millennials are getting creative, according to a recent survey of prospective homebuyers from Bankrate.com. But one of their strategies in particular, experts worry, may be shortsighted, and even risky. Bankrate polled 2,582 adults, including 789 millennials ages 23-38, and asked participants how they are funding their down payments and closing costs. (Respondents could pick multiple answers.) Over half, or 53%, of millennials say they’re saving. Some are taking more drastic steps: 14% say they’ve moved in with family or friends to cut down on expenses, and 12% are selling personal items such as jewelry, cars, or electronics. And 13% of millennial respondents say they’re tapping their retirement accounts, as compared to 8% and 7% of Gen Xers and baby boomers.

Graphic preview How people find the money to buy homes Millennials tend to use more sources to fund the down payment and closing costs on their first homes than other generations. Social chart title Note: Respondents could choose more than one answer. kiersten schmidt/grow Bankrate

Here’s why experts suggest you think twice before dipping into your retirement fund.

Putting ‘your future at risk’

“Tapping into retirement savings is a risky move that can put your future at risk,” says Deborah Kearns, a mortgage analyst for Bankrate. “By and large, homeownership has long been touted as the way you build wealth,” she says. “While that’s still true to some extent, you can’t overextend yourself to make that happen.” Mark LaSpisa, a certified financial planner and president of Vermillion Financial Advisors in South Barrington, Illinois, agrees. While there may be some cases in which putting equity from retirement savings into a home may make sense, the “psychological, habit-forming” component of drawing down from your retirement savings is a concern, too: “It’s easy to think, ‘I broke the seal, and now I can go in and raid my IRA for any reason,'” he says.

By and large, homeownership has long been touted as the way you build wealth. While that’s still true to some extent, you can’t overextend yourself to make that happen. Deborah Kearns mortgage analyst, Bankrate.com

Generally, when you pull from a retirement account before you reach age 59½, your withdrawal is considered an “early” or “premature” distribution. That means the money is subject to taxes and a 10% penalty. Traditional and Roth IRAs make an exception for first-time homebuyers, letting you avoid those consequences. But even if you’re not incurring additional costs in the short-term, you may well be setting yourself back over the long term. Let’s say you decide to take $10,000 out of your retirement account to put toward a first-home purchase, and you’re 32, the average age of first-time buyers. If you instead left that money in the account and it saw average returns of 8% over the next 33 years until you retire at 65, those funds would have grown to more than $126,700. But growing your retirement savings thanks to compounding interest is only part of why experts recommend leaving that $10,000 alone. If you chip away now at what you’ve already saved, you might find it harder to stay on track later with your retirement goals, should you experience a job loss or other financial emergency that affects your ability to save. For all of these reasons, Suze Orman’s advice is to leave the money in your retirement accounts alone. “Do not take a loan, do not make withdrawals, do not touch your retirement accounts,” Orman told CNBC Make It last year. “Because if you think you need that money now, I’m here to tell you you’re going to need it even more later on in life when you no longer have a paycheck coming in.”

Taking the long view


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US companies are canceling investment into China at a faster clip, survey shows

However, survey respondents did note an overall improvement in nearly all issues of concern — including intellectual property protection and forced technology transfer. The proportion of businesses that said the Chinese government treats foreign and local companies equally also rose from 34% to 40% in the latest survey. But retaliatory tariffs from both sides are hitting revenues and causing some American firms to change their China strategy, the AmCham survey showed. Just over half of the surve


However, survey respondents did note an overall improvement in nearly all issues of concern — including intellectual property protection and forced technology transfer. The proportion of businesses that said the Chinese government treats foreign and local companies equally also rose from 34% to 40% in the latest survey. But retaliatory tariffs from both sides are hitting revenues and causing some American firms to change their China strategy, the AmCham survey showed. Just over half of the surve
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Company: cnbc, Activity: cnbc, Date: 2019-09-11  Authors: evelyn cheng
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US companies are canceling investment into China at a faster clip, survey shows

Chinese shipping containers are stored beside a US flag after they were unloaded at the Port of Los Angeles in Long Beach, California on May 14, 2019. – Global markets remain on red alert over a trade war between the two superpowers China and the US, that most observers warn could shatter global economic growth, and hurt demand for commodities like oil. (Photo by Mark RALSTON / AFP) (Photo credit should read MARK RALSTON/AFP/Getty Images) MARK RALSTON | AFP | Getty Images

Some American companies in China are speeding up their move away from the mainland as increasing tariffs continue to hurt their businesses. That’s according to a survey released by the American Chamber of Commerce in Shanghai on Wednesday. More than a quarter of the respondents – or 26.5% – said that in the past year, they have redirected investments originally planned for China to other regions. That’s an increase of 6.9 percentage points from last year, the AmCham report said, noting that technology, hardware, software and services industries had the highest level of changes in investment destination. The research, conducted in partnership with PwC, surveyed 333 members of the American Chamber of Commerce in Shanghai. It was conducted from June 27 to July 25 — during the period when U.S. President Donald Trump and Chinese President Xi Jinping agreed to resume trade talks, and before the latest escalation in retaliatory tariffs. U.S. firms in the mainland also said restrictions to accessing the local market have made it difficult for them to carry out their business, the report said. Asked about the best possible scenarios in ongoing trade negotiations, more than 40% of respondents said greater access to the domestic market would be the most important outcome to help their businesses succeed. That was followed by more than 28% that ranked improved intellectual property protection as key. The third most hoped-for outcome of the trade talks was “increased purchases of U.S. goods,” at 14.3%, the survey showed. That’s in contrast to the Trump administration’s latest efforts to pressure China into buying more American products, especially in agriculture.

Barred from market access

One of the longstanding complaints U.S. companies have about operating in China is that many industries are closed to foreign businesses. In the sectors that are open, it is difficult to compete with state-owned enterprises or privately owned companies that may benefit from local connections or policies, they say. Allegations of forced transfer of critical technology to Chinese partners and lack of intellectual property protection are just some of the challenges U.S. businesses cite for operating in China. The latest AmCham survey found accessing the local market remained one of the key problems companies faced, with more than half the respondents — or 56.4% — saying that obtaining licenses was not easy.

Still, with no sign of a trade agreement, 2019 will be a difficult year; without a trade deal, 2020 may be worse. AmCham Shanghai and PwC survey

By industry, the one that most sought improved market access was the banking, finance and insurance sector. The high 81% of respondents in that sector seeking a better business environment contrasts with Beijing’s announcements in the last 18 months that it will be relaxing foreign ownership rules in the financial sector. Some measures include allowing majority foreign ownership of a local securities venture and increased foreign ownership of local stocks. However, survey respondents did note an overall improvement in nearly all issues of concern — including intellectual property protection and forced technology transfer. The proportion of businesses that said the Chinese government treats foreign and local companies equally also rose from 34% to 40% in the latest survey.

Tariffs hurting US firms

The U.S. business presence in China remains strong, with American companies and their affiliates raking in more than $450 billion in sales in the Asian country, according to an August report from research firm Gavekal Dragonomics. The analysis also pointed out that sales figure is more than twice the value of U.S. exports of goods and services to China. But retaliatory tariffs from both sides are hitting revenues and causing some American firms to change their China strategy, the AmCham survey showed. If Washington were to impose all the duties as threatened, essentially all Chinese goods exported to the U.S. will be subject to tariffs by the end of the year. In response to the increasing American duties, Beijing has countered with tariffs of its own on U.S. exports to China.

Just over half of the survey respondents said revenue has decreased as a result of the increased tariffs. One third of them attributed a drop of between 1% and 10% of revenue to the higher duties. Overall profitability did not decline in 2018, the report said. But more respondents said revenue and margins declined last year, especially compared with operations in other countries. Pessimism levels shot up by 14 percentage points to about 21% — respondents felt less optimistic about the outlook for 2019 due in part to a slowing domestic economy.

Bright spots remain in China

The survey, however, did find some areas of optimism among respondents in China. The pharmaceuticals, medical devices and life sciences category ranked among the industries with the most respondents reporting revenue growth last year. That sector also came in second among those most optimistic about 2019. The AmCham report said the positive outlook was “likely due to government policy changes, including accelerated approvals of foreign drugs.” More than two-thirds of companies in food and agriculture planned to increase investment in 2019, the most of any industry, the report said. Retail and consumer companies also intended to invest more in China, especially in smaller cities where many analysts still see a major growth opportunity. However, businesses are getting ready for a drawn out trade war between the two economic giants. Of those surveyed, 35% expect trade tensions to continue for another 1 to 3 years, while nearly 13% say it will go on for 3 to 6 years. About 17%, however, were even more pessimistic, and predict that the trade conflict will drag on indefinitely. The report added: “Still, with no sign of a trade agreement, 2019 will be a difficult year; without a trade deal, 2020 may be worse.”


Company: cnbc, Activity: cnbc, Date: 2019-09-11  Authors: evelyn cheng
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Survey finds that student debt holders spend 20% of their take-home pay on loans

But for the millions of Americans with student debt, a significant portion of those wages go straight back into paying off loans. In the second quarter of 2019, the amount of student debt held by Americans surpassed $1.6 trillion for the first time. The results of the Student Debt Impact Survey highlight the ways in which student debt is holding borrowers — and the economy — back. The average debt payment was $579 a month and the average monthly take-home pay was $2,689. This means that these bo


But for the millions of Americans with student debt, a significant portion of those wages go straight back into paying off loans. In the second quarter of 2019, the amount of student debt held by Americans surpassed $1.6 trillion for the first time. The results of the Student Debt Impact Survey highlight the ways in which student debt is holding borrowers — and the economy — back. The average debt payment was $579 a month and the average monthly take-home pay was $2,689. This means that these bo
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Survey finds that student debt holders spend 20% of their take-home pay on loans

In 2018, college graduates earned weekly wages that were 80% higher than those of high school graduates.

But for the millions of Americans with student debt, a significant portion of those wages go straight back into paying off loans. In the second quarter of 2019, the amount of student debt held by Americans surpassed $1.6 trillion for the first time. This massive total is having an impact on how borrowers live their lives.

A study released today by TD Bank of more than 1,000 Americans between the ages of 18 and 39 who paid off or are currently repaying student loan debt found that on average, borrowers are spending 20% of their take-home pay each month on student debt.

The results of the Student Debt Impact Survey highlight the ways in which student debt is holding borrowers — and the economy — back. But the survey also indicates the ways in which borrowers may be becoming more responsible.

Today 45 million borrowers owe student debt in the U.S. Among respondents to the survey, the average student debt total was $26,495. The average debt payment was $579 a month and the average monthly take-home pay was $2,689. This means that these borrowers are allocating more than 20% of their take-home pay to repaying student debt.

Just over 60% of respondents said they expect to repay their student loans in four or more years and 24% said they expect to repay their loans after 10 or more years. Sixty-one percent of respondents said they save 10% or less of their income each month and 20% say they are not saving anything each month.

As a result, these borrowers are forced to delay long-term savings. Over 40% of respondents said they do not contribute to a 401(k) plan because of student debt and 43% say they do not contribute to a rainy day fund.

“Any slight bump in the road for some of these folks, even well into their 30s, is going to be troublesome for them and that’s a major, major concern,” Mike Kinane, head of U.S. Bankcard at TD Bank, tells CNBC Make It.

TD Bank’s survey also echoes previous reporting that student debt is forcing borrowers to delay traditional markers of adulthood. Respondents say that because of student loans they have delayed buying a home (36%), getting married (21%) and having kids (26%).

Delaying these milestones also impacts the wider economy, says Kinane. “If you’re not buying a home, you’re also not buying all of the things that come with a home, so economic impact is a fairly large.”

While the inability of these borrowers to save is troubling, Kinane also points out that millennials with student debt may be more responsible in their spending than previous generations — even if they are still spending money on lattes. He notes that about a fifth of respondents said they were trying not to spend on coffee, but 62% said they were putting off vacations.

“They’re shopping less, they’re going on vacations less, they’re splurging on gifts less, they’re dining out a lot less,” says Kinane. “There’s this perception about millennials but we’re finding they may be a little bit smarter than people think — especially folks that have this kind of debt. They are college educated and they appear to be more careful about how they’re spending their money and they’re careful about what they think they can do and more importantly, what they can’t do.”

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84% of millennials and Gen Z failed this retirement quiz. See how you compare

In fact, when employers offered ongoing financial education, employees were 66% more likely to stay with that employer, per the report. That said, Fisher believes employers could make it easier for employees to take advantage of retirement options offered to them. Select all the statements below that describe what a mutual fund is. You can select all of the statements or a mix of some of the statements to answer this question. If you are not sure what a mutual fund is you can select “I’m not sur


In fact, when employers offered ongoing financial education, employees were 66% more likely to stay with that employer, per the report. That said, Fisher believes employers could make it easier for employees to take advantage of retirement options offered to them. Select all the statements below that describe what a mutual fund is. You can select all of the statements or a mix of some of the statements to answer this question. If you are not sure what a mutual fund is you can select “I’m not sur
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Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: alicia adamczyk
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84% of millennials and Gen Z failed this retirement quiz. See how you compare

“Participants can fall behind in their retirement savings simply because they don’t know how much to save, and because they don’t understand the impacts of choosing an investment mix or how compound interest works to their benefit,” notes the report. In fact, when employers offered ongoing financial education, employees were 66% more likely to stay with that employer, per the report. Nathan Fisher, founder and senior executive vice president of Fisher Investments 401(k) Solutions, tells CNBC Make It that it’s not surprising that retirement knowledge is lagging for younger workers, who are likely not thinking about 30 to 40 years down the road when they have more imminent financial considerations — like making rent and paying off student loans — to deal with now. “I personally believe that our brains are wired to deal with things right here, right now,” says Fisher. “There’s so much to pay attention to and [retirement planning] really gets drowned out.” That said, Fisher believes employers could make it easier for employees to take advantage of retirement options offered to them. In fact, he says a company with a well-run retirement program probably does offer educational opportunities like financial planning sessions, if employees know how to take advantage of them. He recommends reaching out to your human resources department to see what’s available.

What workers don’t know about their 401(k)s

Here are the two questions Fisher Investments 401(k) Solutions asked that tripped up the most respondents: Based on rules defined by the Internal Revenue Service at what age can you withdraw money from your retirement plan without a tax penalty? 62 61.5 61 60.5 60 59.5 58.5 Correct answer: 6. Just 27% of respondents answered correctly. Select all the statements below that describe what a mutual fund is. You can select all of the statements or a mix of some of the statements to answer this question. If you are not sure what a mutual fund is you can select “I’m not sure what a mutual fund is.” A mutual fund is an investment vehicle that is made up of a pool of funds collected from many investors The decisions to buy and sell securities in a mutual fund are made by one or more portfolio managers A mutual fund is limited to no more than ten different financial securities in the portfolio There are no fees associated with owning a mutual fund I’m not sure what a mutual fund is Correct answers: 1 & 2. Just 23% of respondents answered correctly. Don’t miss: Here’s how to figure out how much money you need to retire early Like this story? Subscribe to CNBC Make It on YouTube!


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This small European country has been ranked the world’s best place to live and work

Switzerland has been ranked the best place in the world to live and work, stealing the crown from Singapore which was at the top for five consecutive years. High living standards and competitive salaries have seen the Swiss nation become a regular fixture among the world’s most livable cities. About 82% of people who moved to Switzerland for work also said they enjoyed an improved standard of living compared to their home country. The top ten of HSBC’s “Best places to live and work” was rounded


Switzerland has been ranked the best place in the world to live and work, stealing the crown from Singapore which was at the top for five consecutive years. High living standards and competitive salaries have seen the Swiss nation become a regular fixture among the world’s most livable cities. About 82% of people who moved to Switzerland for work also said they enjoyed an improved standard of living compared to their home country. The top ten of HSBC’s “Best places to live and work” was rounded
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Company: cnbc, Activity: cnbc, Date: 2019-07-04  Authors: karen gilchrist
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This small European country has been ranked the world's best place to live and work

Switzerland has been ranked the best place in the world to live and work, stealing the crown from Singapore which was at the top for five consecutive years. High living standards and competitive salaries have seen the Swiss nation become a regular fixture among the world’s most livable cities. But at a time of growing global uncertainty, Switzerland’s famed political and economic stability helped it climb the ranks of HSBC Expat’s annual survey to score the top spot for the first time. Switzerland jumped up the rankings from 8th place last year after the vast majority of people who had relocated there from overseas said they were happy with its economic (80%) and political (86%) climate. About 82% of people who moved to Switzerland for work also said they enjoyed an improved standard of living compared to their home country.

Mist above Lucerne City, Switzerland in October 2017. shan.shihan | Moment | Getty Images

Seven in 10 (71%) of those who have moved to Switzerland now enjoy higher levels of disposable income with their average salary being $111,587 — well above the global mean of $75,966. Meanwhile, 70% said their surroundings were cleaner and 42% felt physically healthier. This year’s report, which is based on responses from more than 18,000 expats across 163 markets, marks the first time in five years that Singapore was not ranked in first place. The Southeast Asian city-state shifted down one position to take second place. The top ten of HSBC’s “Best places to live and work” was rounded out in order by Canada, Spain, New Zealand, Australia, Turkey, Germany, United Arab Emirates and Vietnam.

Singapore

Best for families

Mother and child walk close to Singapore business district. Leren Lu | Photographer’s Choice | Getty Images

Though Singapore failed to make it to the top of HSBC’s ranking for the sixth consecutive year, it remained a strong performer, especially for those moving abroad with children. Some 62% of respondents said the schooling system in Singapore is better than in their home country, while 69% rated the opportunity it afforded their kids to learn new languages.

Canada

Welcoming to foreigners

Hero Images | Hero Images | Getty Images

A consistently high performer, Canada’s reputation for welcoming foreign visitors saw it take third place this year. The vast majority (80%) of respondents also said they enjoyed a better quality of life in their new home, compared to the global average of 65%.

Spain

High quality of living

View of The Alhambra in Granada City, Spain Gonzalo Azumendi | The Image Bank | Getty Images

While few respondents said they relocated to Spain for their careers, more than two-thirds (67%) said they’d seen an improvement in their work-life balance as a result of the move. That, coupled with the country’s top ranking for mental well-being, saw Spain jump up 10 spots this year.

New Zealand

A long-term destination

View of Queenstown, New Zealand just after sunset. Ramiro Torrents | Moment | Getty Images

Renowned for its stunning scenery and laid back way of life, more than half (57%) of people who moved to New Zealand said they did so to improve their quality of life. And it appears to pay off: 60% of those who moved stayed longer than expected. In fact, those who move to New Zealand are the most likely to stay in their new country for over 20 years. Don’t miss: Working abroad could boost your salary by more than a third Like this story? Subscribe to CNBC Make It on YouTube!


Company: cnbc, Activity: cnbc, Date: 2019-07-04  Authors: karen gilchrist
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People around the world still think English is the most valuable language to learn, study shows

English is universally accepted as the most important language for children to learn — but Mandarin is catching up, according to new research. The most widely spoken language of China came in second place in every country. In the U.S., 73% of adults believed English was the most important language to know, followed by Spanish. In Europe, English was overwhelmingly seen as the most important language to learn, with 91% of people in Poland ranking it first. According to language translating websit


English is universally accepted as the most important language for children to learn — but Mandarin is catching up, according to new research. The most widely spoken language of China came in second place in every country. In the U.S., 73% of adults believed English was the most important language to know, followed by Spanish. In Europe, English was overwhelmingly seen as the most important language to learn, with 91% of people in Poland ranking it first. According to language translating websit
People around the world still think English is the most valuable language to learn, study shows Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: chloe taylor
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People around the world still think English is the most valuable language to learn, study shows

English is universally accepted as the most important language for children to learn — but Mandarin is catching up, according to new research.

U.K. market research firm YouGov polled more than 25,000 adults across 23 countries on which language was the most important to learn in 2019. Participants were able to select up to four responses.

The study showed that English was overwhelmingly seen as the most vital language for children today, with every country polled putting it ahead of Mandarin. The most widely spoken language of China came in second place in every country.

On average, 31% of those polled — excluding people in China — believed speaking Mandarin was an important asset for today’s children.

French and Spanish followed as the next most important languages, with just under a third of respondents in nations excluding France and Spain seeing them as important.

In the U.S., 73% of adults believed English was the most important language to know, followed by Spanish. Mandarin was named the third most useful language, with 28% of participants saying children should learn it.

Brits also saw English, Spanish and Mandarin as the most important languages to learn.

Eighty-four percent of Chinese respondents ranked English as one of the most important languages to be taught, with 81% saying the same about Mandarin.

In Europe, English was overwhelmingly seen as the most important language to learn, with 91% of people in Poland ranking it first.

Thailand and Australia, after China, were the nations where the largest proportion of respondents felt it was important for children to be taught Mandarin.

People in India, Egypt and Germany were least likely to see Mandarin as an important skill to learn.

According to language translating website Babbel, Mandarin was the most widely spoken language in the world last year, used by around 1 billion people worldwide. Spanish is the second-most spoken language, followed by English, Babbel reports.


Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: chloe taylor
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56% of Americans lose sleep over money—here’s the No. 1 reason why

A new survey from Bankrate shows that over half (56%) of U.S. adults lose sleep at night over at least one money-related issue. Of those who are tossing and turning, 18% are doing so because of credit card debt, which is the No. Women, parents and children under the age of 18 are the most likely to lose sleep over credit card debt, according to the Bankrate report. The good news is, survey respondents remain optimistic. If you are someone who stresses over credit card debt, there are strategies


A new survey from Bankrate shows that over half (56%) of U.S. adults lose sleep at night over at least one money-related issue. Of those who are tossing and turning, 18% are doing so because of credit card debt, which is the No. Women, parents and children under the age of 18 are the most likely to lose sleep over credit card debt, according to the Bankrate report. The good news is, survey respondents remain optimistic. If you are someone who stresses over credit card debt, there are strategies
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56% of Americans lose sleep over money—here's the No. 1 reason why

If money is causing you stress, you are not alone. A new survey from Bankrate shows that over half (56%) of U.S. adults lose sleep at night over at least one money-related issue. Of those who are tossing and turning, 18% are doing so because of credit card debt, which is the No. 1 reason people are losing sleep, the survey found.

This isn’t surprising. Money is the second most common source of stress for Americans, according to a 2017 survey from the American Psychological Association (APA). And for both millennials and Gen Z, it’s the most common source of stress overall, according to the APA’s 2018 edition of the survey.

Women, parents and children under the age of 18 are the most likely to lose sleep over credit card debt, according to the Bankrate report. Survey respondents also say they are more likely to stress over credit card debt than other pressing matters, such as climate change, raising children, educational expenses and stock market volatility.

The good news is, survey respondents remain optimistic. Almost two-thirds (63%) of those struggling to get a good night’s sleep due to a money-related problem believe that things will get better and that they will be able to resolve their biggest issue.

If you are someone who stresses over credit card debt, there are strategies to help make sure you spend responsibly and pay off your bills on time. Priya Malani, a founding partner at Stash Wealth, recommends thinking about whether you can truly afford the items that you are buying before charging anything to your card.

“Remember, never put something on your credit card that you can’t pay for in full when the statement is due, or else you’re using your credit card to live a lifestyle you can’t afford,” Malani says.

For more advice on how to use credit cards well, check out these tips:

Don’t miss: Drew Barrymore uses a Ziploc bag for a wallet—& here’s the credit card she can’t live without

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Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: anna hecht
Keywords: news, cnbc, companies, credit, lose, stress, according, 56, reason, americans, debt, moneyheres, source, survey, respondents, sleep, card, cant


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Here’s how many Americans have nothing saved for retirement

Americans as a whole aren’t saving nearly enough for retirement. That’s according to new data from Northwestern Mutual’s 2019 Planning & Progress Study, which found that 15% of Americans have no retirement savings at all. Just 17% of respondents say they have between $1 and $74,999 earmarked for retirement, which falls short of the $1 million experts typically recommend. If they don’t, you can look into other tax-advantaged retirement savings vehicles, such as a Roth IRA or traditional IRA. Don’


Americans as a whole aren’t saving nearly enough for retirement. That’s according to new data from Northwestern Mutual’s 2019 Planning & Progress Study, which found that 15% of Americans have no retirement savings at all. Just 17% of respondents say they have between $1 and $74,999 earmarked for retirement, which falls short of the $1 million experts typically recommend. If they don’t, you can look into other tax-advantaged retirement savings vehicles, such as a Roth IRA or traditional IRA. Don’
Here’s how many Americans have nothing saved for retirement Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: emmie martin
Keywords: news, cnbc, companies, northwestern, heres, save, saved, retirement, say, youre, savings, need, americans, 15, respondents


Here's how many Americans have nothing saved for retirement

Americans as a whole aren’t saving nearly enough for retirement. In fact, an alarming number of people have absolutely nothing put away for their golden years. That’s according to new data from Northwestern Mutual’s 2019 Planning & Progress Study, which found that 15% of Americans have no retirement savings at all. Younger generations who have had limited time to save aren’t skewing the numbers either. For both Gen X-ers (defined here as ages 39 to 54) and baby boomers (defined as ages 55 to 73), 14% of survey respondents in each group say they have nothing saved for retirement. Just 17% of respondents say they have between $1 and $74,999 earmarked for retirement, which falls short of the $1 million experts typically recommend.

For many Americans, it comes down to a disconnect between realizing that they need to save more and actually taking steps to do so, Emily Holbrook, senior director of planning at Northwestern Mutual, tells CNBC Make It. Over the past 10 years that Northwestern Mutual has performed the survey, “people feel like their financial habits and security has improved,” Holbrook says. However, despite this perception of growth, “we’re still seeing major gaps and troubling signs” that Americans aren’t following through on their good intentions. For 2019, only 10% of respondents are confident that they’ll have enough put away for retirement, and on average, people say there’s a 45% chance that they’ll run out of money in retirement. However, 41% say that they haven’t taken any action to address the issue. That needs to change, Holbrook says. “They need to become educated, they need to meet with a financial advisor, they need to discuss options and understand what it is they are going to do,” she explains.

To make sure you’re able to live comfortably in retirement, it’s crucial to start saving and investing as early as you can. A simple way to get started is by contributing part of your paycheck directly into your employer’s 401(k) plan, if they offer one. If they don’t, you can look into other tax-advantaged retirement savings vehicles, such as a Roth IRA or traditional IRA. Retirement plan provider Fidelity recommends putting away 15% of your income each year, which can include the percentage, if any, that your employer matches of your contributions. But even if you’re not able to save the full 15%, start with what you can. “It’s something to work towards over time,” Meghan Murphy, a VP at Fidelity, previously told CNBC Make It. “Always make sure you’re getting that company match, then try to increase your savings by 1% annually until you reach that 15%.” Like this story? Subscribe to CNBC Make It on YouTube! Don’t miss: Here’s how much Americans have saved for retirement


Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: emmie martin
Keywords: news, cnbc, companies, northwestern, heres, save, saved, retirement, say, youre, savings, need, americans, 15, respondents


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American businesses in China: Tariffs are hurting us

U.S. President Donald Trump’s latest tariff increase — and Beijing’s plans to counter them — are hitting U.S. companies in China. “The negative impact of tariffs is clear and hurting the competitiveness of American companies in China,” a release from the groups said. The U.S. raised tariffs on $200 billion worth of Chinese goods to 25% from 10% on May 10. The greatest impact of the combined tariffs is decreased demand for products, followed by increased manufacturing costs, according to the join


U.S. President Donald Trump’s latest tariff increase — and Beijing’s plans to counter them — are hitting U.S. companies in China. “The negative impact of tariffs is clear and hurting the competitiveness of American companies in China,” a release from the groups said. The U.S. raised tariffs on $200 billion worth of Chinese goods to 25% from 10% on May 10. The greatest impact of the combined tariffs is decreased demand for products, followed by increased manufacturing costs, according to the join
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Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: evelyn cheng
Keywords: news, cnbc, companies, respondents, american, hurting, tariffs, chinese, china, president, impact, businesses, apply, survey, increased


American businesses in China: Tariffs are hurting us

President Donald Trump waves during joint statements with China’s President Xi Jinping at the Great Hall of the People in Beijing, China, November 9, 2017.

U.S. President Donald Trump’s latest tariff increase — and Beijing’s plans to counter them — are hitting U.S. companies in China.

Nearly three-fourths, or 74.9%, of almost 250 respondents to a survey held from May 16 to May 20 said the increases in American and Chinese tariffs are having a negative impact on their business, according to a report released Wednesday by the American Chamber of Commerce in Shanghai and the Beijing-based American Chamber of Commerce in China.

“The negative impact of tariffs is clear and hurting the competitiveness of American companies in China,” a release from the groups said.

The Chinese authorities also appear to be making operations more difficult for some companies.

About one in five said they have experienced increased inspections and slower customs clearance. Roughly 14% of respondents said approval for licenses or other application has been slower — in addition to other complications from increased bureaucratic oversight or regulatory scrutiny.

Of the survey participants, 61.6% were manufacturing-related, 25.5% were in the services sector, 3.8% were in retail and distribution and 9.6% came from other industries.

The trade dispute between the world’s two largest economies had appeared to be nearing a deal — until those hopes were dashed earlier this month.

The U.S. raised tariffs on $200 billion worth of Chinese goods to 25% from 10% on May 10. Beijing responded a few days later with duties ranging from 5% to 25% on $60 billion worth of U.S. goods, set to take effect June 1.

The greatest impact of the combined tariffs is decreased demand for products, followed by increased manufacturing costs, according to the joint AmCham survey. About 35% of respondents are restructuring their China operations to reach the local market by increasing domestic sourcing or production, and roughly a third said they are delaying or canceling investment decisions in the country.

Just 10% said they planned to apply for an exclusion from Chinese tariffs, while 15.1% indicated they would apply for exemptions from U.S. tariffs, the report said. The majority were either unsure or said they would not apply.


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: evelyn cheng
Keywords: news, cnbc, companies, respondents, american, hurting, tariffs, chinese, china, president, impact, businesses, apply, survey, increased


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Majority of Europeans think the EU will fall apart within 20 years, study finds

Most Europeans believe the EU could fall apart within the next two decades, according to a new study. Research published this week showed that levels of support for membership of the European Union are high – but so is pessimism about the future of the bloc. The survey, conducted by the European Council on Foreign Relations (ECFR) and YouGov, had more than 60,000 respondents across 14 EU member states. It found that in every member state except Spain, the majority of voters believe the EU will f


Most Europeans believe the EU could fall apart within the next two decades, according to a new study. Research published this week showed that levels of support for membership of the European Union are high – but so is pessimism about the future of the bloc. The survey, conducted by the European Council on Foreign Relations (ECFR) and YouGov, had more than 60,000 respondents across 14 EU member states. It found that in every member state except Spain, the majority of voters believe the EU will f
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Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: chloe taylor
Keywords: news, cnbc, companies, majority, showed, voters, respondents, spain, fall, member, think, 20, europeans, apart, finds, realistic, eu, european, study


Majority of Europeans think the EU will fall apart within 20 years, study finds

Most Europeans believe the EU could fall apart within the next two decades, according to a new study.

Research published this week showed that levels of support for membership of the European Union are high – but so is pessimism about the future of the bloc.

The survey, conducted by the European Council on Foreign Relations (ECFR) and YouGov, had more than 60,000 respondents across 14 EU member states.

It found that in every member state except Spain, the majority of voters believe the EU will fall apart within the next 10 to 20 years.

In France, 58% of respondents said it was realistic that the bloc would collapse within two decades, with 57% of Italian and Polish voters agreeing to that. Even in Spain, 40% of respondents said it was a realistic possibility that the EU could fall apart.

The data showed that most Europeans saw the collapse of the single market as the biggest loss should the EU break down, followed by free travel across borders and the freedom to live and work in other countries.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: chloe taylor
Keywords: news, cnbc, companies, majority, showed, voters, respondents, spain, fall, member, think, 20, europeans, apart, finds, realistic, eu, european, study


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