#Financial Planning for Gen X

[amaranthmagazine]

Summary: Why Gen X Retirement Is a Wake-Up Call for an Entire Generation

The article “9 Reasons Gen X Retirement Is Sending Shockwaves Through the Generation” highlights the unique challenges Gen X faces as they approach retirement age. From financial instability and delayed savings to shifting economic conditions, the generation known for its resilience and adaptability is finding retirement more complex than expected.

The piece sheds light on key factors, such as the rising cost of living, inadequate pension structures, and changing societal norms, that make Gen X retirement an urgent topic for discussion. For further exploration of these societal shifts, visit the Narrative Journeys section at Amaranth Magazine, where personal and generational stories are given a platform.

This article calls on Gen X to rethink their financial strategies and prepare for the future, emphasizing the need for education and awareness. Dive into the Business Beat section to uncover more insights on how economic trends are reshaping retirement plans and career transitions.

Discover Amaranth Magazine:

Amaranth Magazine provides a thoughtful lens on generational challenges, economic realities, and cultural shifts. Explore Amaranth Magazine to find articles that resonate with today’s most pressing issues.

For discussions on maintaining health and well-being during retirement, visit the Wellness Watch section. Here, you’ll find practical advice on physical and mental health for those navigating major life transitions.

Get Involved:

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If you have a unique perspective on generational issues or financial planning, consider sharing your ideas through the Contribute Your Content page. We value fresh insights that spark meaningful conversations.

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More Resources:

Revisit past discussions on generational and economic topics by browsing the Archive of Amaranth Magazine. For questions or feedback, connect with us through the Contact Us page.

Call to Action:

Understand why Gen X retirement is a defining moment for the generation and what lessons we can all take away. Read the full article in the Narrative Journeys section and join the conversation at Amaranth Magazine.

[fiercemillennial]

Got Your Tax Refund? Here's What You Should Know

Tax refund season is heating up! Did you get yours yet? Here's how to make your refund work for you, not against you #taxrefund #moneytips #financialliteracy #fiercemillennial #financialfierceness

Bigger refunds are rolling in, but don’t blow them. Here’s what the IRS data means and how to put that extra cash to work for you. The news is in! The IRS says tax refunds for the 2024 tax year are trending higher than last year. It might feel too early to think about your tax return, but getting a jump on the good news could give a boost to your financial fierceness. So, How Much Are We…

[burritosandpeppermint]

I tend to come into the office once a week to get out of the apartment and let Noelle have some time to herself. I chose today for this week's visit and it happens to be when the company has set up some time for a financial services company to come in and answer questions and help guide people on their investments, retirement plans, etc.

And I have to say, as someone who tried to be responsible but was ultimately a bit reckless when it came to money until the last five or so years I feel like I'd be a bit silly going in and saying "I don't...money good...help me survive the impending apocalypse?"

And I think that because while I hate to bring a bit of Gen X doomsday into everything, but with fascism encroaching everywhere while the powers that be are just trying to keep the economy afloat, with "the economy" becoming even more and more like the pre-labor laws of the past where the rich will continue to get richer at the expense of the prosperity or well being of anyone else, with wealth equaling health while healthcare costs skyrocket past affordable for more and more people, with war profiteers licking their lips at more wars, and with the environment continuing to show humans - specifically humans who have very little agency in how or where they live - who's really in charge, I just can't see a future where my "retirement plan" won't be me working until arthritis makes my hands unable to type for more than five minutes, buying an RV, fitting it out Mad Max style, and Noelle and I touring the wreckage that was America until we die.

Or maybe if I do tell them all of this they'll just tell me to invest in water futures or something, which shouldn't be a thing, but it is.

[meret118]

Gen X is the only generation in which a majority believe they won’t be financially prepared for retirement, according to Northwestern Mutual’s 2023 Planning & Progress Study. They also report “markedly lower” feelings of financial security than other generations.

. . .

Gen X is also notable because “they are the first generation to rely on 401(k) plans instead of pensions and the next in line to retire,” says Deb Boyden, head of U.S. defined contribution at Schroders. Only about 14% of Gen Xers have a pension; broadly speaking, Gen X is on the hook for saving for a lot more of their retirement on their own than boomers. While millennials get a lot of the attention for this shift in the retirement landscape, Gen X will be the pioneers of managing the changes. “The stakes are higher for Generation X and the margin for error is lower,” Boyden says.

-----

Gen X is the first US generation expected to do worse than their parents.

[curiousquill1]

The Gainers: A Firm in Wealth Management Driven by Long-Term Success

Steer Through the Complex Landscape of Financial Growth

Financial success is not a destination but a carefully charted journey. With unpredictable markets and complex investment landscapes, strategic wealth management has become a luxury and an absolute necessity. The Gainers understands this fundamental truth: sustainable wealth creation requires more than sporadic investment decisions; it demands a holistic, forward-thinking approach that anticipates market dynamics and individual financial aspirations.

Understanding Wealth Management: Beyond Simple Savings

The thing most people misunderstand is wealth management or, rather, saving and investing casually. Nothing could be further from the truth than this. Effective wealth management involves much more than one straightforward aspect; among the most crucial are personal advising, retirement planning, risk management, tax planning, and strategic investment.

The Four Essential Pillars of Sustainable Wealth

Several critical pillars support successful wealth management:

Strategic Asset Allocation: Spread investments over classes of assets to create risk and maximize returns. It is not about having quick wins but rather the construction of a resilient portfolio which rides on the ups and downs of the market with calculated precision.

Proactive Risk Management: It identifies financial vulnerabilities and builds strategic buffers. Gainers specialize in adaptive strategies to protect and grow wealth at the same time, making uncertainty an opportunity.

Long View: Shunning the siren song of volatility in the short-run market for steady, measured growth. This approach turns investment from transactional activity into a strategic, goal-oriented process aligned with lifetime financial objectives.

The Economic Landscape: Why Sophisticated Wealth Management Matters

The world of finance has become so complex. The change in the market has brought upon technological upheavals, and worldwide economic developments, traditional investing tactics are no longer adequate. Rising inflation, market volatility, and new investing opportunities needs a sophisticated, adaptable strategy that goes beyond traditional knowledge.

Navigating Generational Financial Challenges

Each generation creates its own financial landscape. Millennials have to contend with debt from college and career-change, while Gen X has family obligations to balance with savings for retirement. Baby Boomers want to protect wealth and leave a legacy. The Gainers understand these multifaceted issues and create a customized approach to address specific types of generational dynamics in finances.

The Gainers' Exclusive Approach to Wealth Management

A commitment to personalized, data-driven strategies is what sets The Gainers apart in the competitive wealth management landscape. Unlike other traditional firms that offer cookie-cutter solutions, this company understands that every financial journey is unique.

Tailored Investment Strategies

The Gainers crafts investment plans tailored to individual financial goals, risk tolerance, and personal situation. It could be the new professional seeking to begin his/her accumulation of wealth or an experienced investor looking to achieve higher-level portfolio optimization, with precision and personalization staying consistently constant.

Technology-Enabled, Human-Driven Insights

It is, therefore, a well-oiled ecosystem of wealth management created with the blend of frontline technological tools and deep human expertise. Advanced financial modeling, prediction analytics, and deeper study of the markets informs the recommendations made and are not just a shot in the dark where clients receive insights on what basis and with which amount of evidence.

The Gainers is anchored by transparency. Much unnecessary deterring of the prospect comes from financial jargons. The company brings complexity in investment ideas down into nitty-gritty straightforward languages, thus equipping clients to be knowledgeable enough for any decisive move.

Your Next Step

For professionals and investors in quest of a mature, individually tailored approach to wealth management, The Gainers are more than service-oriented; instead, this is a partnership for putting financial potential into the successful hands of its members.

Experience the opportunity that targeted wealth management could bring to your journey.

Join our complete, custom consultation: Let strategic, sustainable wealth-building change your future.

[alfredmarshall]

How Financial Planning Helps Gen X & Millennials Build Wealth

By prioritizing financial planning, Gen X and Millennials can eliminate debt, boost savings, and make informed investment decisions to steadily grow and maintain their wealth.

[mlsi9]

Why Gen Y & Gen Z Prefer Leasing Over Ownership

Millennials and Gen Z are driving significant disruptions today. From moving beyond the 9-5 work culture to wanting to drive change and sustainability to seeking more options when it comes to transportation. So, what makes this demographic different? Is it the fact that they are digital-first natives and expect flexibility and mobility across all their transactions or more than that?

Let us first answer, who are millennials & the Generation Z? While there may be some debate between the actual birth years, anyone who is born between 1981 and 1997 can be tagged as a millennial. Many also refer to millennials as the ‘Gen Y’ generation or ‘digital’ natives. On the other hand, ‘Gen Z’ refers to anyone born between 1997 and 2015. The reason is primarily due to the year of birth or coming of age at the dawn of the 21st century. These ‘plugged in’ generations were the first people to be born in a digital world where technology is a part of everyday life. According to popular statistics, a typical millennial checks their smartphone at least 150 times a day; the oldest millennial had access to the internet since high school.

Interestingly, there has been a dramatic shift in culture and value for Gen Y and Gen Z generations. They have completely redefined relationships. The difference between the baby boomers and the Gen X generation is quite stark. Whether it is hanging out with friends online, getting married and having children by a certain age, planning retirement, or even buying a house or a vehicle, the traditional yardsticks simply do not apply to this group. Instead of concentrating on the ownership of assets, millennials today are more focused on achieving professional success and giving themselves the time to attain financial freedom.

The power of ownership is wavering on these digital natives. Home ownership among millennials in the United States fell to 34% in 2016, a record low in five decades. In 2020, the figure went up to 47.9%, which was still low. And young consumers, according to the U.S. auto industry is predisposed to leasing vehicles as opposed to owning them.

The scenario is not very different in India. Indian millennials and Gen Z are shying away from long term financial obligations that come with owning high value assets like a home or a vehicle. While convenience and connectivity are definite considerations, the need of the hour is flexibility. And owning assets such as homes and vehicles certainly do not contribute to reaching that objective.

The primary belief among these two generations is in the contemporary pattern of ‘pay as you go’. And leasing falls completely in line with that. At the end of the day, it simply comes down to a shorter commitment.

The 3 major trends that are influencing Gen Y and Gen Z towards leasing and subscription models today are gratification, commitment, and affordability.

A Stanford University study touted that delayed gratification is a significant precursor to success. In today’s on-demand world, the term ‘delayed’ is subjective. Millennials and Gen Z, on the other hand, are people who seek instant gratification that can be easily attained through leasing and subscription models and with much less financial planning.

Gen Y and Gen Z today are more interested in spending their hard-earned money on experiences rather than investing in ownership of assets. Only about 30% of millennials live with a spouse and child are married compared to 46% of baby boomers when they were of the age that millennials are now. This simply goes on to show that this generation is not big on commitment at all – something that is closely associated with asset ownership.

A key consideration among millennials when it comes to ownership of assets is affordability. Moreover, many such purchases require financial down payments that a lot of the Gen Y and Z generation people have not had time to create. In such situations, renting or leasing seems like a more attractive option.

All these trends drive in the same direction to make it clear how leasing fits in perfectly with the millennial lifestyle. Depreciating assets like vehicles are not something that millennials and Gen Z want to invest in at all. In fact, they look for freedom of choice combined with minimizing any long-term financial obligations. This frees up capital that they can use elsewhere - an idea that fits in with the Gen Y and Z lifestyle completely.

According to Deloitte's 2019 Global Automotive Consumer Study, 51% of Indian millennials are reevaluating their need to own a vehicle. On the other hand, leasing makes it possible for the Gen Y and Z generations to access the convenience of a private vehicle along with tax benefits minus the responsibilities of regular maintenance, insurance, etc. Moreover, if one is a vehicle buff, changing over to the latest models as they arrive in the market is a real possibility that cannot happen frequently if one owns the vehicle.

For the auto sector, the idea of leasing is a gamechanger. Many in the automobile sector even believe that lease penetration is correlated to long term customer loyalty. From a consumer perspective, it shows the inclination towards the concept of shared mobility powered by digital solutions ensuring a safe commute for those availing of the service.

The feeling is not just limited to leasing vehicles. Given that demand is increasing, the concept is slowly spreading across multiple product categories and is predicted to explode in the next few years. So long as the model caters to the fuss-free lifestyle of these two generations, leasing is here to stay.

If you are in the market for innovative vehicle leasing solutions, explore our bouquet of services by logging onto www.quiklyz.com.

[theprojectreneblogger]

STUDIO ANNOUNCEMENT PRESS RELEASE

Former Developers of XCOM and The Sims Launch Midsummer Studios to Reinvent the Life Sim Genre

After two decades with Firaxis, Jake Solomon and Will Miller Launch Midsummer Studios, alongside co-founder Nelsie Birch and former Maxis Director, Grant Rodiek; team plans to revitalize the Life Sim genre, empowering players to create and share meaningful stories through play

HUNT VALLEY, Maryland (May 14, 2024)—Today a team of veteran developers behind legendary games such as Sid Meier’s Civilization, XCOM and The Sims, announced the launch of Midsummer Studios, teasing their upcoming next-generation entry to the Life Sim genre. Founded by Creative Director Jake Solomon and Game Director Will Miller (both formerly of Firaxis Games), and COO/CFO Nelsie Birch (with 25 years in financial and operations management), Midsummer Studios launches with $6 million raised from major investors. Transcend Fund led the round, joined by Tirta Ventures, Betaworks Ventures, 1 Up Ventures, F4 Fund, Krafton, and Day Zero Productions. Alongside this studio reveal, the co-founders shared the concept for their unannounced debut project: a next-gen Life Sim that emphasizes player-driven narratives, allowing communities to share memorable moments that grow out of the creativity of players themselves.“ The best stories in games are written by the players,” said Jake Solomon, CEO and Creative Director of Midsummer Studios. “At Midsummer we’re making a life sim focused on the drama of modern life, where our players will write meaningful stories just by playing, and then share those stories with the world.”

"Leading the Seed for Midsummer was a natural fit for Transcend. As a Producer on The Sims myself nearly twenty years ago, I am well acquainted with the power that meaningful player-driven stories can unlock. I also have an abiding respect for how hard it is to deliver the alchemy of community, systems design, gameplay, and user generated content necessary to do so. The Midsummer founders are industry veterans with the rare experience and design artistry required to deliver against this massive opportunity. I am delighted to join the board and support their journey to redefine the LifeSim category." said Shanti Bergel, Founding Partner at Transcend.

The burgeoning new studio has already added acclaimed talent to their roster, including Grant Rodiek, following his 18-year career with Maxis Studios as a Producer and Director on various installments and expansions of The Sims. Jake Solomon launches Midsummer after 23 years at Firaxis Games, where he was the Designer and Director of the XCOM franchise and Marvel’s Midnight Suns. Co-founder Will Miller joins Midsummer after 16 years at Firaxis as a Lead Designer of Civilization: Beyond Earth and Lead Engineer on Marvel’s Midnight Suns. While new to games, Nelsie Birch has had several high profile jobs over two decades leading the financial and operational performance for cities and counties. This veteran team is also joined by experienced talent behind many beloved Firaxis titles.

After successfully securing initial investment from notable partners, Midsummer Studios is focused on growing their studio sustainably. The founders hope to champion the health and happiness of their team members, offering shared equity in the company and unlimited paid time-off.

The Midsummer Studio team is eager to share more details about their upcoming Life Sim title as development progresses. To stay informed on the new studio and its debut project, follow Midsummer Studio on X (Twitter), Instagram, and TikTok, and visit their website.

About Midsummer Studios

MidsummerStudios is an independent game development company headquartered in HuntValley, MD (Baltimore region) and led by a team of accomplished developers behind legendary game franchises like Civilization, XCOM, and The Sims. Midsummer is a well-funded start-up that is passionate and eager to create a next generation entry into the life sim genre. Midsummer is a collaborative environment where everyone has a voice and the work/life balance of our team is cherished. Every employee at Midsummer gets equity in the studio when they join, because we all succeed together.

About Transcend

Transcend is a top performing early stage venture capital firm that partners with the boldest founders in the industry to collaboratively build the future of interactive entertainment. Founded in San Francisco by gaming veterans, the Transcend portfolio features a preeminent group of high growth digital entertainment companies around the world.

Links

● PressKit

● Website

PressContact:

EVOLVE PR

● SarahDawson: Sarah@evolve-pr.com

● Dakota Burgin: Dakota@evolve-pr.com

[eschakravarthy]

Es. Chakravarthy

As you scroll through LinkedIn, are you thinking about how the next comment you write will increase exposure for your profile? Are you planning how your next post will resonate with your followers? Social media allows financial advisors and business owners to reach prospective clients from many demographic groups, from Gen Y and Xers to Baby Boomers, which is why intentionally building a social media presence for your business is crucial. Even if not all of your current or prospective clients are active on social media, many of the spheres of influence around them are likely to engage with these platforms. For example, while retired people may not be frequent users of LinkedIn, their CPAs and estate attorneys may be, along with their children, many of whom are of the Gen X or millennial demographic. Additionally, if you’re looking to gain brand awareness through press appearances, understand that social media has transformed PR. Many reporters who formerly would have been only accessible to well-connected PR agents are now reachable through their Twitter and LinkedIn accounts. Here are some tips to get you started.

[qwertydded]

Are Gen Y and Gen Z the Leasing Generation?

Millennials and Gen Z are driving significant disruptions today. From moving beyond the 9-5 work culture to wanting to drive change and sustainability to seeking more options when it comes to transportation. So, what makes this demographic different? Is it the fact that they are digital-first natives and expect flexibility and mobility across all their transactions or more than that?

Let us first answer, who are millennials & the Generation Z? While there may be some debate between the actual birth years, anyone who is born between 1981 and 1997 can be tagged as a millennial. Many also refer to millennials as the ‘Gen Y’ generation or ‘digital’ natives. On the other hand, ‘Gen Z’ refers to anyone born between 1997 and 2015. The reason is primarily due to the year of birth or coming of age at the dawn of the 21st century. These ‘plugged in’ generations were the first people to be born in a digital world where technology is a part of everyday life. According to popular statistics, a typical millennial checks their smartphone at least 150 times a day; the oldest millennial had access to the internet since high school.

Interestingly, there has been a dramatic shift in culture and value for Gen Y and Gen Z generations. They have completely redefined relationships. The difference between the baby boomers and the Gen X generation is quite stark. Whether it is hanging out with friends online, getting married and having children by a certain age, planning retirement, or even buying a house or a vehicle, the traditional yardsticks simply do not apply to this group. Instead of concentrating on the ownership of assets, millennials today are more focused on achieving professional success and giving themselves the time to attain financial freedom.

The power of ownership is wavering on these digital natives. Home ownership among millennials in the United States fell to 34% in 2016, a record low in five decades. In 2020, the figure went up to 47.9%, which was still low. And young consumers, according to the U.S. auto industry is predisposed to leasing vehicles as opposed to owning them.

The scenario is not very different in India. Indian millennials and Gen Z are shying away from long term financial obligations that come with owning high value assets like a home or a vehicle. While convenience and connectivity are definite considerations, the need of the hour is flexibility. And owning assets such as homes and vehicles certainly do not contribute to reaching that objective.

The primary belief among these two generations is in the contemporary pattern of ‘pay as you go’. And leasing falls completely in line with that. At the end of the day, it simply comes down to a shorter commitment.

The 3 major trends that are influencing Gen Y and Gen Z towards leasing and subscription models today are gratification, commitment, and affordability.

A Stanford University study touted that delayed gratification is a significant precursor to success. In today’s on-demand world, the term ‘delayed’ is subjective. Millennials and Gen Z, on the other hand, are people who seek instant gratification that can be easily attained through leasing and subscription models and with much less financial planning.

Gen Y and Gen Z today are more interested in spending their hard-earned money on experiences rather than investing in ownership of assets. Only about 30% of millennials live with a spouse and child are married compared to 46% of baby boomers when they were of the age that millennials are now. This simply goes on to show that this generation is not big on commitment at all – something that is closely associated with asset ownership.

A key consideration among millennials when it comes to ownership of assets is affordability. Moreover, many such purchases require financial down payments that a lot of the Gen Y and Z generation people have not had time to create. In such situations, renting or leasing seems like a more attractive option.

All these trends drive in the same direction to make it clear how leasing fits in perfectly with the millennial lifestyle. Depreciating assets like vehicles are not something that millennials and Gen Z want to invest in at all. In fact, they look for freedom of choice combined with minimizing any long-term financial obligations. This frees up capital that they can use elsewhere - an idea that fits in with the Gen Y and Z lifestyle completely.

According to Deloitte's 2019 Global Automotive Consumer Study, 51% of Indian millennials are reevaluating their need to own a vehicle. On the other hand, leasing makes it possible for the Gen Y and Z generations to access the convenience of a private vehicle along with tax benefits minus the responsibilities of regular maintenance, insurance, etc. Moreover, if one is a vehicle buff, changing over to the latest models as they arrive in the market is a real possibility that cannot happen frequently if one owns the vehicle.

For the auto sector, the idea of leasing is a gamechanger. Many in the automobile sector even believe that lease penetration is correlated to long term customer loyalty. From a consumer perspective, it shows the inclination towards the concept of shared mobility powered by digital solutions ensuring a safe commute for those availing of the service.

The feeling is not just limited to leasing vehicles. Given that demand is increasing, the concept is slowly spreading across multiple product categories and is predicted to explode in the next few years. So long as the model caters to the fuss-free lifestyle of these two generations, leasing is here to stay.

If you are in the market for innovative vehicle leasing solutions, explore our bouquet of services by logging onto www.quiklyz.com.

[tannykokane]

Are Gen Y and Gen Z the Leasing Generation?

Are Gen Y and Gen Z the Leasing Generation?

Millennials and Gen Z are driving significant disruptions today. From moving beyond the 9-5 work culture to wanting to drive change and sustainability to seeking more options when it comes to transportation. So, what makes this demographic different? Is it the fact that they are digital-first natives and expect flexibility and mobility across all their transactions or more than that?

Let us first answer, who are millennials & the Generation Z? While there may be some debate between the actual birth years, anyone who is born between 1981 and 1997 can be tagged as a millennial. Many also refer to millennials as the ‘Gen Y’ generation or ‘digital’ natives. On the other hand, ‘Gen Z’ refers to anyone born between 1997 and 2015. The reason is primarily due to the year of birth or coming of age at the dawn of the 21st century. These ‘plugged in’ generations were the first people to be born in a digital world where technology is a part of everyday life. According to popular statistics, a typical millennial checks their smartphone at least 150 times a day; the oldest millennial had access to the internet since high school.

Interestingly, there has been a dramatic shift in culture and value for Gen Y and Gen Z generations. They have completely redefined relationships. The difference between the baby boomers and the Gen X generation is quite stark. Whether it is hanging out with friends online, getting married and having children by a certain age, planning retirement, or even buying a house or a vehicle, the traditional yardsticks simply do not apply to this group. Instead of concentrating on the ownership of assets, millennials today are more focused on achieving professional success and giving themselves the time to attain financial freedom.

The power of ownership is wavering on these digital natives. Home ownership among millennials in the United States fell to 34% in 2016, a record low in five decades. In 2020, the figure went up to 47.9%, which was still low. And young consumers, according to the U.S. auto industry is predisposed to leasing vehicles as opposed to owning them.

The scenario is not very different in India. Indian millennials and Gen Z are shying away from long term financial obligations that come with owning high value assets like a home or a vehicle. While convenience and connectivity are definite considerations, the need of the hour is flexibility. And owning assets such as homes and vehicles certainly do not contribute to reaching that objective.

The primary belief among these two generations is in the contemporary pattern of ‘pay as you go’. And leasing falls completely in line with that. At the end of the day, it simply comes down to a shorter commitment.

The 3 major trends that are influencing Gen Y and Gen Z towards leasing and subscription models today are gratification, commitment, and affordability.

A Stanford University study touted that delayed gratification is a significant precursor to success. In today’s on-demand world, the term ‘delayed’ is subjective. Millennials and Gen Z, on the other hand, are people who seek instant gratification that can be easily attained through leasing and subscription models and with much less financial planning.

Gen Y and Gen Z today are more interested in spending their hard-earned money on experiences rather than investing in ownership of assets. Only about 30% of millennials live with a spouse and child are married compared to 46% of baby boomers when they were of the age that millennials are now. This simply goes on to show that this generation is not big on commitment at all – something that is closely associated with asset ownership.

A key consideration among millennials when it comes to ownership of assets is affordability. Moreover, many such purchases require financial down payments that a lot of the Gen Y and Z generation people have not had time to create. In such situations, renting or leasing seems like a more attractive option.

All these trends drive in the same direction to make it clear how leasing fits in perfectly with the millennial lifestyle. Depreciating assets like vehicles are not something that millennials and Gen Z want to invest in at all. In fact, they look for freedom of choice combined with minimizing any long-term financial obligations. This frees up capital that they can use elsewhere - an idea that fits in with the Gen Y and Z lifestyle completely.

According to Deloitte's 2019 Global Automotive Consumer Study, 51% of Indian millennials are reevaluating their need to own a vehicle. On the other hand, leasing makes it possible for the Gen Y and Z generations to access the convenience of a private vehicle along with tax benefits minus the responsibilities of regular maintenance, insurance, etc. Moreover, if one is a vehicle buff, changing over to the latest models as they arrive in the market is a real possibility that cannot happen frequently if one owns the vehicle.

For the auto sector, the idea of leasing is a gamechanger. Many in the automobile sector even believe that lease penetration is correlated to long term customer loyalty. From a consumer perspective, it shows the inclination towards the concept of shared mobility powered by digital solutions ensuring a safe commute for those availing of the service.

The feeling is not just limited to leasing vehicles. Given that demand is increasing, the concept is slowly spreading across multiple product categories and is predicted to explode in the next few years. So long as the model caters to the fuss-free lifestyle of these two generations, leasing is here to stay.

If you are in the market for innovative vehicle leasing solutions, explore our bouquet of services by logging onto www.quiklyz.com

[mavericsystems]

How are Banks Planning for Gen Z and Millennial Customers?

The banking landscape is transforming significantly as the financial world adapts to Gen Z's and Millennials' preferences and needs. These two generations are shaping the future of banking. To understand how banks are planning for these customers, we'll compare them to Baby Boomers and Gen X customers, delve into what Gen Z and Millennials want from banks, explore the financial barriers faced by Gen Z, discuss digital banking initiatives, and examine the impact of diversity, disruption, and digitization within this demographic.

Consider the following numbers to gauge the GenZ influence.

A TransAmerica 2021 survey notes that this generation begins to save money considerably sooner than their parents and grandparents. 

A recent Morgan Stanley report cites that  50 to 80 percent of smartphone-owning Gen Z members use it for mobile banking. 

Another FinTech research posits that 87 percent of Gen Z financial consumers favor emerging business models such as neobanks over traditional banks.

A new I4CP Research paper says 93% of Gen Z say their job acceptance decisions depend on a company's overall impact on society.

Generational Differences in Banking Preferences

From a banking perspective, Gen Z and Millennials differ significantly from Baby Boomers and Gen X:

1. Tech-Savvy: Gen Z and Millennials are digital natives, relying heavily on technology for banking. They prefer mobile apps, online services, and digital payment methods, while older generations often prefer traditional banking channels.

2. Preference for Personalization: Younger generations expect personalized services and recommendations. They appreciate banks that understand their financial goals and offer tailored solutions.

3. Socially Conscious: Gen Z and Millennials prioritize sustainability and ethical banking practices. They are more likely to choose banks that align with their values and support social causes.

4. Digital Payment Adoption: The use of digital wallets, cryptocurrencies, and peer-to-peer payment platforms is more common among Gen Z and Millennials, who are driving the shift away from cash.

5. Financial Education: Younger customers seek financial education and guidance from their banks. They value resources that help them make informed decisions.

Comprehensive Competencies with Maveric Systems

As GenZ will make up 27% of the workforce by 2025, FIs have to invest in comprehensive technology competencies – so that antiquated jobs are modernized, digital service levels match those offered by BigTech, and emergent tech from AI, Gamification, AR & VR, and Blockchain can receive faster assimilation into the banking mainstream.

Top 5 Things Gen Z and Millennials Want from Banks

Based on their unique characteristics and preferences, Gen Z and Millennials have specific expectations from banks:

1. Digital Convenience: They demand seamless, user-friendly digital banking experiences, including mobile apps, online account management, and digital customer support.

2. Personalized Services: Banks must provide tailored financial products, investment advice, and savings plans that align with their individual goals and values.

3. Ethical Banking: Gen Z and Millennials want banks to commit to sustainable practices and social responsibility. They support banks that invest in eco-friendly initiatives.

4. Financial Literacy: These generations seek educational content, webinars, and tools that enhance their financial knowledge and help them achieve financial independence.

5. Innovation and Speed: Rapid decision-making, quick loan approvals, and innovative financial products appeal to younger customers who value efficiency.

Financial Barriers for Gen Z

Gen Z faces several financial barriers, including limited credit history and student debt. Recent data from leading banks indicates that Gen Z often has lower credit scores and faces challenges accessing credit. Banks are responding by offering credit-building solutions tailored to this demographic, such as secured credit cards and educational resources on credit management.

Digital Banking Initiatives

Leading banks are launching digital banking initiatives to cater to Gen Z:

1. Digital-First Accounts: Banks are introducing mobile-first and app-based banking services for Gen Z and Millennials. These accounts offer unique features like budgeting tools and real-time spending insights.

2. Robo-Advisors: Automated investment platforms, often with low minimum investment requirements, are gaining popularity among younger investors who appreciate the convenience and affordability of these services.

3. Cryptocurrency Services: Some banks are exploring cryptocurrency services, enabling Gen Z and Millennials to invest in digital assets within a regulated environment.

The Three Ds - Diversity, Disruption, and Digitization

Diversity: Today, Gen Z and Millennials are easily the most diverse generations in decades, embracing inclusivity and expecting the same from their financial institutions. Banks are actively promoting diversity in their workforce and leadership.

Disruption: These generations are driving disruption in the banking industry. They challenge traditional models, pushing banks to innovate and adapt.

Digitization: The digital world defines Gen Z and Millennials' banking experiences. They expect fully digitized services, and banks invest heavily in technology to meet these expectations.

Recent statistics reveal that over 70% of Gen Z and Millennials prioritize diversity and inclusion when choosing financial institutions. Disruption has led to the rise of fintech partnerships, and digitization has resulted in a surge in mobile banking app usage.

Three Significant Ways Forward

1. Personalization and Education: Banks must continue to invest in personalized services and financial education. Customized solutions and guidance will attract and retain Gen Z and Millennials.

2. Sustainability and Social Responsibility: Banks should commit to sustainable practices and support social causes. Demonstrating a commitment to ethical banking will resonate with younger customers.

3. Innovation and Tech Integration: Staying at the forefront of technological advancements is crucial. Banks must update their digital offerings regularly, adopt emerging technologies, and embrace fintech partnerships to meet evolving customer demands.

Conclusion

The banking industry is amid a generational shift as Gen Z and Millennials redefine expectations. To thrive in this evolving landscape, banks must prioritize technology, personalization, ethical practices, and diversity while addressing the unique financial challenges faced by Gen Z. By doing so; they can build lasting relationships with these influential customer segments and remain competitive in the future of banking.

About Maveric

Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.

Across retail, corporate, and wealth management, Maveric accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.

With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Pune, Dubai, London, Poland, Riyadh, and Singapore.

[the-daily-grind-newsletter]

In today’s newsletter:

Meta’s Threads is in shambles: Threads usage down by 80%

Zepto to a billion: Zepto becomes India’s first unicorn of 2023

S&P 500 earnings beat expectations

and a fudge ton more….

Lets get into some numbers and facts here:

Meta’s Threads rapidly gained one million users in hours, surpassing ChatGPT’s 5 days and Twitter’s year-long efforts.

Instagram’s Threads achieved 100 million sign-ups in 5 days, setting a next-gen app record.

Recent Similarweb report highlights user retention struggles for Threads.

Similar Web analyzed July 7 and August 7 data for daily active users and average time spent.

Threads’ Android app had 49.3 million daily active users on July 7, dropping to 576k by August 7.

Average time spent decreased from 21 minutes to 3 minutes.

In comparison, X platform has 100 million daily active users on Android, spending 25 minutes.

Threads launched on July 5 in over 100 countries, available on iOS and Android with a web version in progress. Similarweb report acknowledges potential future success for Threads but notes the decline.

Zepto, a quick-commerce startup, raised $200 million at a valuation of $1.4 billion, ending India’s 11-month unicorn drought.

The Series E round was led by the StepStone Group, a US asset management firm, and included Goodwater Capital and some existing investors. Zepto’s valuation jumped from $900 million in May 2022.

The funding is of particular importance because Zepto is the first unicorn, or startup valued at over $1 billion, to be minted in India this year. Molbio Diagnostics was the last to achieve unicorn status in September 2022.

Most of the capital from the previous round still sits in Zepto’s bank but the startup has raised more money to build its balance sheet ahead of going public in the first half of 2025, co-founder Aadit Palicha has said.

At the height of the funding boom in 2021, the country added a unicorn almost every week. As many as 44 startups entered the unicorn club in 2021 and 23 were added last year. Since then, investors tightened their purse strings and have been cherry-picking the startups they’re backing.

SNIPPETS

Affirm shares rocket 28% after better than expected results, and even tops apple. Here’s how the company did:

1.Loss per share: 69 cents vs. 85 cents as expected by analysts, according to Refinitiv.

2.Revenue: $446 million vs. $406 million as expected by analysts, according to Refinitiv.

Roark Capital Buys Subway For $9.6 billion.

WeWork is planning for bankruptcy. Once valued at $47 billion, WeWork is now worth nearly zero

DeFi’s total value is now down to $38 billion, its lowest level since the first quarter of 2021.

People are choosing T-bills over DeFi as the former now offers 5.5% risk-free, more than double when compared to DeFi. Plus, there’s no risk of smart contracts or exploits.

But, it’s not over for DeFi just yet because T-bills will not always continue to offer such a high return. Plus, some crypto platforms are working to match the rate.

COOL SHIT

The podcast of the day features Legendary Investor Bill Gurley, discussing Investing Rules, Insights from Jeff Bezos, Must-Read Books, and more on “The Tim Ferriss Show.”

More than one-third of desks globally sit empty all week long.

Check out this Reddit: r/fatFIRE. In this subreddit, they discuss wealth, finance, and strategies for retiring early.

A blog to figure out if entrepreneurship is right for you.

Check Donald Trump’s mugshot out:

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

For more subscribe to:

[neyatimes]

Millions of Gen-Xers have almost nothing saved for retirement

Millions of Americans born between 1965 and 1980, collectively known as Generation X, are headed toward retirement woefully unprepared financially for retirement, a recent analysis shows. The typical Gen-X household with a private retirement plan has $40,000 in savings, according to a report this week from the National Institute on Retirement Security (NIRS). The figures are even more more…

[jahid00]

Finance Strategists

This is a tax deferred retirement savings account. This means that money deposited into your account is tax-free until it is withdrawn. This can provide significant tax benefits, especially if the 401(k) plan is funded in pre-tax dollars. It takes its name from the section of the Internal Revenue Code that governs it. 401(k) plans are sometimes called "defined contribution" plans because employers typically limit the amount that employees can contribute. There are two types of 401(k) plans based on the degree of control investors have over how their funds are invested. 401(k) background 401(k) retirement plans have grown exponentially in use since they were first created in the 1970s. Before the ground rules were introduced in 2006, the participation rate was estimated at around 60%. As of the late 2000s, nearly 90% of workers used these accounts for retirement savings, with nearly 50 million workers and their employers contributing $3 trillion in total. A few years later, his pension wealth grew even further, reaching $7.3 trillion in March 2022. They both prefer 401(k) accounts because they allow employers to contribute retirement benefits without liability to the pension. Employers often match your contributions to a percentage of your income or set annual contribution limits based on your income. While attractive to high-income earners, it also benefits the majority of workers. Throughout your life, as a contributor to one or more 401(k) accounts, you invest a portion of your income in some financial instrument (often a combination of the two). As a result, far more Americans have participated in the stock market than ever before. Your company's plan may have a "group rate" available. Payroll Deductions and Savings Rates   For most people with a 401(k) plan, their monthly salary deductions amount to a significant sum in just a few years. However, when employees have the choice to save during a recession, many refuse it. Policies and rules can impact savings rates by making participation more or less attractive for various economic groups. The Employee Retirement Income Security Act (ERISA, section 404(c) in the IRS code) is the legislation that specifies how an employer must handle funds deducted from your pay. Under the rules, your employer must deposit your payroll deductions into an appropriate account within 15 days after you get paid. Your employer is not permitted to keep the money and invest it from a business account. Monies collected from several workers' contributions may be combined and sent to a single fund or program. For quite a while now, savings rates in the United States have been low due to consumer spending. In 2007, for example, accounts were only increasing by 20% annually despite Baby Boomers being nearly retirement age. On average, these individuals were contributing less than 8% of their gross income into a 401(k) plan. Gen X-ers did not fair much better; they are saving at just above 6%. Lastly, juniors' savings rates hovered around 5%. That is up from 2005, when the average savings rate of all employees was near to (or perhaps less than) zero. While regulations that apply and encourage low-income people to save for retirement in 401(k)s and other tax-deferred programs have been in place for several years before the economic crisis hit, these market issues and savings problems have little effect on many who earn hourly salaries or are self-employed. For anyone aiming to retire at 50, the market crash in 2008 set many people back. In order to make up for lost time, savers will have to increase their savings rate (the percentage of each check they put away). This is based on the stock markets bouncing back over time, but even young workers in their 20s will need to save more money to account for future inflation and taxes. The History of 401(k) Plans   The tax code changed in 1978, unintentionally prompting the creation of the 401(k) savings plan that has largely supplanted company-funded pensions. Intended to clarify the legal status of some extremely wealthy investors' existing saving plans, this minor rule adjustment sparked a decade-long financial industry and market boom in the 1990s. Since the 1980s, when the 401(k) plan was established in a single financial institution, these plans have evolved into a government-sponsored private investment intended to help employees save for retirement in order to augment their Social Security income. In the first six years of the program, several hundred thousand businesses provided plans as an incentive to their staff. These savings accounts were offered as an option benefit to individuals of all sorts of professions throughout the 1990s. In 1988, following a series of legislative actions designed to boost participation rates in 401(k) plans among US workers, the Congress passed a legislation that made employee contributions the default option for all firms offering such programs. Employees wanting to opt out of making 401(k) contributions have been required to fill out a form stating their wish to do so. Reasons for Supplemental Retirement Savings   The Federal Government has had a lot of impending and developing reasons to boost personal savings rates. One of the most significant economic challenges for the next decade is anticipated to be caused by retiring Baby Boomers. It is expected that discouraging dependance on federal cash as a sole source of income for older people will prepare US wage-earners for losing benefits. Social Security benefits, in combination with Medicare and Medicaid, are generally not considered adequate alone for sustaining one above the poverty level in retirement. While many persons over the age of 65 continue to work, however many of them are employed part-time on lower-paying jobs. The only way to protect yourself from old age is to save money while you are still working. Everyone should be aware of retirement savings in order to avoid inflation and market forces from robbing you of your carefully accumulated funds that should be paid with reasonable and consistent compounded returns. Although they did not come up with the concept themselves, the IRS and Congress understand the importance of keeping money moving into markets, as well as limiting their responsibility in the long run, if Social Security becomes even less reliable. Tax deferrals are not always in a saver's best interests, but deferred cash that is also part of a high-yielding investment may outpace new taxes in the future and inflation.  

Getting matching contributions from your employer is always an effective motivation, which is why most individuals join 401(k) plans. The 401(k) is a flexible savings instrument that serves as a simple method to encourage new participants. For this group of individual savers, their collective contributions become IRS tax revenue when they withdraw.

In essence, the IRS enables a vast network of employees and firms to invest tax dollars indirectly in the stock market for higher returns throughout the decade and beyond when the Baby Boom generation retir Read the full article