Consumer spending is still being driven by savings that built up during the pandemic, Bank of America President of Regional Banking Dean Athanasia said Tuesday (June 11). Speaking at a Morgan Stanley financial conference, Athanasia said consumers’ checking accounts are still 23% larger than they...
Through scores of reports on the paycheck-to-paycheck economy, PYMNTS Intelligence has found that there’s a commonality across income levels and demographics: Most of our collective paychecks are earmarked to meet expenses, with a little — if anything — left over to put into savings. And...
Rising investment income, high household wealth and strong employment rates are keeping Americans spending. It’s a phenomenon chronicled Wednesday (June 5) in a report by The Wall Street Journal (WSJ), which notes that the changing economy is placing “unprecedented” amounts of money into consumers’ wallets, driving asset...
Among consumers who expect to have to dip into their savings this year, most expect to do so to afford items and services they need, rather than to treat themselves to nonessential purchases. By the Numbers “The Pessimism About Pay Rises Offsets the Effect of Falling Inflation” installment of...
July 25, 2024
The newest reading on gross domestic product (GDP) — for the second quarter, only a few weeks in the books — shows a quickening pace of growth. And, yes, consumers are still spending, but the pace is slowing. Savings and disposable income growth rates are slowing, too, indicating that the 2.8% annualized pace seen in […]
May 24, 2024
Generation X consumers, baby boomers and seniors all allocate more than 60% of their monthly incomes to housing, supplies and other regular bills. Generation Z consumers, meanwhile, allot just 47%...
March 04, 2024
Consumers are now saving less money for the proverbial rainy day than they were a year ago. The personal savings rate in January was 3.8%, which was higher than December’s 3.7% but...
March 01, 2024
The rise of the gig economy has transformed work for millions of individuals. From freelance creatives to ridesharing drivers, gig workers are pursuing financial independence on their terms, redefining the...
June 11, 2024
Consumer spending is still being driven by savings that built up during the pandemic, Bank of America President of Regional Banking Dean Athanasia said Tuesday (June 11). Speaking at a Morgan Stanley financial conference, Athanasia said consumers’ checking accounts are still 23% larger than they were before the pandemic, Bloomberg reported Tuesday. Athanasia also said […]
June 05, 2024
Rising investment income, high household wealth and strong employment rates are keeping Americans spending. It’s a phenomenon chronicled Wednesday (June 5) in a report by The Wall Street Journal (WSJ),...
April 29, 2024
Credit card delinquency rates fell last month as consumers continued to spend. As Seeking Alpha reported Sunday (April 28), the average delinquency rate dipped from 3.09% in February to 2.92%...
April 28, 2024
For America’s biggest banks, deposit costs are exceeding interest income. That’s the first time that’s happened since the Federal Reserve began increasing rates two years ago, the Financial Times noted...
