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Source: Business Wire
Millennials — more so than earlier generations — are placing a greater emphasis on planning lifestyle-oriented details when it comes to starting or expanding their family, according to a 2019 study conducted by The Penn Mutual Life Insurance Company (Penn Mutual).
The survey, which polled 2,000 parents nationwide, shows that 41% of millennial respondents planned the season or month when at least one of their children would be born. Only 19% of Generation X and 13% of baby boomers, respectively, planned the month or season of their child’s birth.
At the same time, the survey ranked what millennial parents deem “extremely important or very important to-dos” before a baby’s birth, and the results found that lifestyle decisions, such as decorating a nursery or choosing gender-specific clothing, are more important than some financial elements, such as initiating a 529 college savings plan, purchasing life insurance or creating a will.
“The survey underscores a shift from prior generations. By contrast, parents today dedicate an extensive amount of time to planning,” explains Eileen McDonnell, chairman and CEO at Penn Mutual. “From establishing a childcare solution to decorating the nursery, these details are thought out well in advance. This generation of new parents has shown a natural inclination to embrace preparation, so with this foundation in place, now is the time to capitalize on planning for their financial future by working with an adviser.”
Source: PR Newswire
Retirees from Detroit’s Big Three Automotive companies may feel like they’re on the hot seat as they’re being forced to answer the potential million-dollar question – should I take my pension in the form of a lump sum, or as monthly payments?
Retirement might not even be their choice, as these companies continue to reduce their workforces through layoffs and voluntary severance packages. For example, Ford recently cut 7,000 salaried employees and is likely to continue cutting the workforce over the next few years.
Certified Financial Planner professionals Richard Paul and Steven Paul have released the Autoworker’s Guide to Lump Sum Pensions: 5 Crucial Questions Retirees from Ford, General Motors, and Fiat Chrysler Want to Get Right.
This guide delves into other retirement planning decisions autoworkers will face, such as how to invest for retirement, when to file for social security, and how to find a financial advisor.
Single Women Are Reshaping The Economy
There are now more single women in the workforce and the ever before. This demographic shift is reshaping the economy.
By 2030, 45% of working women aged 25 – 44 in the U.S. will be single. That will be the largest this percentage of this population in history. Already, working women contribute more than $7 trillion to America’s economy, according to research by Morgan Stanley.
In 2018 alone, single women made up 41% of the working women in the 25 – 44 age range.
While this shift is a huge change for the economy, women have always been the principal shoppers of their households, and single women outspend married women, according to the Morgan Stanley research.
Sectors of the economy like apparel, footwear, personal care and even electric vehicles could see a boost from the spending habits of single women, the research found.
Singles, especially women, spend more on personal care than their married friends. Morgan Stanley says Sephora and Ulta Beauty could benefit.
Finally, Morgan Stanley expects more women will buy more cars in the future than they do now. At the moment men represent a bigger group of buyers, but over time, the male-female split of auto buyers will even out, which could give car sales a big boost. The bank’s top pick in the segment is Tesla.