Gen X Anxious and Fearful for Financial Future

first_img  Print This Post The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Subscribe About Author: Staff Writer FICO conducted an online survey of about 1,000 US consumers over the age of 17 in February and March 2017. Data was weighted by age and region to reflect U.S. Census data. Home / Daily Dose / Gen X Anxious and Fearful for Financial Future Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Tagged with: FICO Financial Future Generation X Millennials Related Articles Previous: Detroit Tops Single-Family Investments List Next: GSEs: Where Should the Money Go? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Gen X Anxious and Fearful for Financial Future The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago FICO Financial Future Generation X Millennials 2017-06-06 Staff Writer Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago June 6, 2017 1,709 Views Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Headlines, Market Studies, News Over a third of consumers aged 28-52, known as Generation X, have a bleak outlook for their financial future. Gen X-ers were hit hard between 2007-2010, losing nearly half of their wealth and leaving them with crippling debt.FICO’s latest consumer trend research has uncovered that 38 percent of Gen X-ers believe that we are headed for another financial crisis in the next 10 years, an outlook higher by 5 percent than that of other generations. This is coupled with 41 percent of Gen X-ers also feeling the need to save more for the future. “Generation X are clearly concerned about what the future might hold,” said Tim Van Tassel, vice president of FICO’s credit lifecycle business line. “The survey confirms genuine anxiety about debt and saving levels in the aftermath of the 2008 recession. The ‘sandwich generation’ is often financially overwhelmed by the competing obligations of having to care for both kids and aging parents. This obstacle to saving means they have a real concern about a potential retirement income shortfall.”In a stark contrast to 45 percent of older millenials, only 32 percent of Generation X reported feeling confident they would reach long-term financial goals. Gen X fared especially poorly after taking on debt to purchase real estate just before the market plummeted in 2007. “For this reason, many are paying down their mortgages to reduce payments and guard against possible foreclosure in a downturn,” said Van Tassel. The survey also revealed that 32 percent of Gen-Xers carry an ongoing balance on their credit card with only 18 percent expressing interest in getting assistance to help manage debt. Generation X has the highest dissatisfaction rate for their primary bank at 12 percent, citing negative experiences and fees as top factors. “There appears to be growing apathy around debt, with numerous people in the survey mentioning a drop in real income levels along with high credit card debt as the drivers of this resignation,” Van Tassel added. “It’s important that lenders look at how they engage Generation X across the credit lifecycle. For financial institutions, the task is to try and banish apathy.”Van Tassel explains that in order to reach this market, the approach will have to change. “Simple customer engagement strategies focused on cross-selling additional products aren’t going to be effective with these consumers. They want intelligent, personalized recommendations that will help them meaningfully improve their financial security.” Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

What Country Is HUD Partnering With on Housing?

first_img Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Pamela Hughes Patenaude, the Deputy Secretary of U.S. Housing and Urban Development (HUD), signed a Memorandum of Cooperation with Yitzhak Cohen, the Deputy Finance Minister of Israel. The stated goal of the memo is to increase collaboration between the U.S. and the State of Israel on a myriad of issues involving housing, community development, and mortgage finance.Both parties signed the memo in Jerusalem during a meeting of the U.S.-Israeli Joint Economic Development Group (JEDG). Steven Mnuchin, the U.S. Treasury Secretary, heads the U.S. delegation. According to HUD’s website, the memo establishes an open dialogue and exchange of information and research involving low- and moderate-income housing, mortgage and housing finance, management of public housing, and community development.Deputy Secretary Patenaude’s trip to Israel and the signing of the memo are the culmination of much planning stemming from last year’s JEDG meeting, which occurred in Washington, D.C. Patenaude will participate in a panel discussion on affordable housing with Zeey Bielski, the Head of the Israel Housing Administration, as well as take part in a roundtable hosted by the Urban Clinic at Hebrew University. Afterward she will tour an affordable housing development as well as another development built to minimize damage from earthquakes. Neither site are specified in HUD’s press release. “This cooperative agreement will serve as another building block in strengthening the close ties between our nations on a number of common issues that impact our citizens,” said Patenaude.  “We plan to share research and best practices for addressing the affordable housing challenges facing our nations. I am convinced that working together, we will be able to learn from each other to improve the lives of those we serve.”“The Memorandum of Cooperation on housing is an opportunity to deepen the close ties between Israel and the United States on an important issue that preoccupies both countries,” said Cohen. “Israel and the United States are facing very different housing challenges, but we can learn from these differences and cooperate on sharing acquired knowledge for the benefit of the next generations.”According to the memorandum itself, the pledge “is an expression of intent only and does not obligate funds, personnel, services, or other resources of either Participant, nor does it create any binding obligations under international or domestic law.” Nevertheless, the memo reads, the “Participants may contract out the research work partially or entirely to outside entities and/or researchers with the consent of both Participants.” Tagged with: Affordable Housing Housing Market HUD HUD Deputy Secretary Mortgage Industry Pamela Hughs Patenaude About Author: Staff Writer The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Equifax Joins Forces with Freddie Mac Next: FormFree & Freddie Mac Announce Collaboration What Country Is HUD Partnering With on Housing? Demand Propels Home Prices Upward 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Home / Daily Dose / What Country Is HUD Partnering With on Housing? Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Subscribe October 22, 2018 1,616 Views Affordable Housing Housing Market HUD HUD Deputy Secretary Mortgage Industry Pamela Hughs Patenaude 2018-10-22 Staff Writerlast_img read more