Small Business is our Business

Archive for August, 2015

BOOMERS SPENDING THE KIDS’ INHERITANCE——ON THE KIDS

According to a new study from the Employee Benefit Research Institute, forty-five percent (45%) of older households (those over 50  years) made money transfers to a  younger family member—– up from 39% in 1998.  Among those aged 50-64 it  averaged  $4,000 annually. For those over 64 the amount averaged $2,000. This trend will most likely continue as boomer  kids continue to be strapped with student loan debt and unable to secure good paying jobs.  No worry about estate taxes for the kids. There will most likely be nothing left in the 401k accounts.

Consumers Sour on U.S. Economy

A June 2015 Wells  Fargo Real Economy  survey of 3, 533  adults found few Americans have a positive view of the economy.

*Only 22% believe  the public education system  prepares youth for the workforce. Recent reports seem to confirm employers’ inability to locate skilled workers

*Only 22% believe they will  have  a financially secure retirement.  The Federal Reserve recently published a survey and found 31% of Americans  have no retirement savings or pension

*Only 17% believe the U.S. has a strong middle class.  Outsourcing of jobs and the decline of unions  are seen as factors in the decline.

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