Want to know how different generations spent their money in 2023? There’s a government data source for that. The Bureau of Labor Statistics recently released data from the annual Consumer Expenditure Survey, and here are some of the insights from the Silent Generation to Gen Z. Average incomes change throughout our lives — increasing as we get further along in our careers and then decreasing as we retire and age. Likewise, the things we spend on change depending on our life stage.Housing represents a bigger chunk of total spending for groups with lower incomes such as Gen Z and the…

Voters in Washington State have decided to keep the state’s first-in-the-nation public long term care insurance program. On Tuesday, they easily rejected a ballot initiative that would have killed the far-reaching law. The WA Cares law provides up to $36,500 in long-term care insurance benefits, with the amount increasing with inflation. It is funded with a payroll tax surcharge of 0.58 percent on all workers in the state. For a median income worker, who makes about $78,000, that equals about $450 annually, or about $9 a week. The initiative was one of four ballot measures sponsored by Let’s Go Washington,…

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode: Learn how the presidential candidates’ policies on health care and student loans differ in how they could impact your finances.What impact could presidential policies have on health care and student loans? How might these policies affect your personal finances? Hosts Sean Pyles and Anna Helhoski discuss health care costs and student loan forgiveness to help you understand how upcoming elections may influence your financial future. They begin with a discussion of health care with Richard Frank, director of The Center on Health Policy, about…

Donald Trump’s return to the White House combined with Republican control of the Senate, and perhaps the House, will place taxes high on the policy hit parade. Trump will get much of what he promised during the campaign. But some elements of his agenda likely will be sidetracked, either because he does not seriously pursue them or because of resistance—including from Republicans—on Capitol Hill. Expiring provisions of the 2017 Tax Cuts and Jobs Act (TCJA) almost certainly will be extended, largely intact, though not without a prolonged battle over key details. Trump will enact substantial new tariffs, though at first…

Trump wins the 2024 presidential electionFormer President Donald Trump will be back in the White House come January. In case you missed it, here’s a rundown of his plans for the economy and your personal finances — and what economists are projecting for his second term. Read more.Vice President Kamala Harris is pledging to increase the housing supply and make it more affordable, especially for first-time home buyers. She’s preaching to the choir of voters who rank housing affordability as a top-three issue in the election — about 25%, according to the results of a survey by Ipsos and Redfin,…

More Than 40% of American Households Rely on Credit Cards to Pay the Bills, Leading to a Vicious Debt Cycle Today’s economy has many Americans relying on credit cards to foot the bills for everyday expenses. A total of 41% of U.S. adults say they rely on credit cards to cover purchases throughout the month after paying for monthly expenses such as rent/mortgage, car payments, and childcare, according to CivicScience consumer polling this month. And many are going into debt as a result, adding to the growing amount of national credit card debt, which reached $1.14 trillion this year. New…

November is a great month for bargains. Black Friday happens this month after all, and the supposed single-day sale holiday seems to get stronger and go longer every year. Plus, online retailers like to keep you guessing and may drop a worthy deal on any given day. Your strategy to save money this month? Review your budget, make a list of what you want and remember to ABC: always be checkin’ (or just set deal alerts) for discounts. Consult this Nerdy list of the best things to buy and skip in November, too.Buy: ElectronicsBlack Friday, which falls on Nov. 29…

In advance of Nov. 5th, owners of small businesses–the most trusted institution in America–report record levels of uncertainty. But both parties are playing to their concerns. By Brandon Kochkodin, Forbes Staff Despite the deep divide between the political parties, one patch of common ground remains: Small businesses are likely to benefit, no matter who wins the November 5th election. Politicians have long pandered to the sector, a tradition Ronald Reagan highlighted in 1983 when he joked in a radio address that “every week should be Small Business Week, because America is small business.” It makes sense. Small businesses not only…

Money management in the U.S. for new immigrants Navigating the sometimes-complex United States financial system can be daunting when you’re just starting out. We’ve gathered NerdWallet’s top resources for new immigrants who want to find housing, open a bank account, build credit and ground themselves in their new lives. Once your basic needs are met, take a look at these topics to get a clear understanding of how they work and how you can find the best options for your financial situation. NerdWallet’s top picks In the U.S., navigating the financial system often depends on your credit history, which is…

The American dream is to get an education, get a job, buy a home, and live the good life. When that dream becomes a reality, especially when you own a home, you likely will be able to build a nice nest egg and pass it on to your family. Latino Homeownership And Wealth Accumulation For Latinos, achieving the American dream is harder. Although Latinos are buying homes at an accelerating rate — according to a 2023 report from the National Association of Hispanic Real Estate Professionals, nearly 50% of Latino households have purchased a house — they never really own…