Vermonters saving less than in most other states

first_imgAccording to the results, 58% of those polled say that COVID-19 has completely changed how they approach savings, with 53% saying they’ve started saving for different things since the pandemic started.The average American polled was found to have $17,135 locked away in a savings or investment account, with people from South Dakota leading the way with an average of $24,497 in savings. The states with the least amount of savings were found to be West Virginia ($6,936) and Tennessee ($9,628).Of those surveyed, the top thing they were saving for was found to be an emergency of some kind (32%), followed closely by retirement (31%), with a new car coming in at a distant third (20%).But the results showed that Americans are now making a much greater effort to put money away. Nearly six in ten (59%) say they are officially cutting back on their spending towards this effort.Of those cutting back, taking advantage of deals and discounts instead of buying at retail price (45%) was a popular method, as well as getting less take-out (44%) and making coffee at home rather than getting their caffeine fix from a pricey cafe.”Cutting back on your spending does not always require drastically altering your lifestyle,” said Ryan Tronier, senior personal finance editor at Slickdeals. “Once saving money becomes a priority, you can start to make minor changes that start to add up over time.”One of the more concerning stats to come from the survey was that just over one in three Americans polled (35%) actually think they will be able to retire some day.Younger Americans (Gen Z and millennial respondents) were the least likely to say they feel as if they will be able to retire in the future.Tronier added, “Making smart purchase decisions and looking for deals or coupons is a great way to accelerate your savings. At Slickdeals, we’ve assembled the largest community of savvy shoppers so users can score the best deals on the best products, with insight from millions of real people.”Which States Save the Most?The survey, which polled 5,000 Americans (100 from each state), aimed to see who was the most savings-conscious.So, who saves the most? Drumroll, please…New Yorkers!Yup, they’re officially the most savings-conscious residents, putting away 14.5% of their income towards savings goals or towards investment accounts. Georgia got second place at 12.9% with Texas, Ohio and California close behind.States saving the largest percentage of their incomesNew York: 14.5%Georgia: 12.9%Texas: 12.7%Ohio: 11.6%California: 11.5%Florida: 11.4%Hawaii: 10.8%Arizona: 10.5%Illinois: 10.5%Pennsylvania: 10.3%New Jersey: 10.3%Which States Save the Least?As for the rest of the nation, most residents from the remaining states put away less than 10% of their incomes.Sure, impulse shopping for things that you’ve had an eye on for a while (our May survey(link is external) found that 21% of Americans were doing exactly that) may temporarily relieve anxiety when your stress levels are through the roof. However, if you think about it, having a stash of cash in a bank account in case things don’t bode well can help you sleep better at night.States saving the smallest percentage of their incomesVermont: 6.5%Idaho: 6.7%Tennessee: 7%Maine: 7.1%North Dakota: 7.5%Mississippi: 7.5%Michigan: 7.9%Missouri: 8.0%Wisconsin: 8.1%Delaware: 8.1%Percentage of Income Saved vs Total Dollars SavedNow our survey findings don’t suggest that a lower savings percentage meant saving less overall. In fact, Americans surveyed tucked away an average of $17,135 into a savings or investment account.Residents of the Mount Rushmore State — aka South Dakota — report putting an average of $24,497 into savings. West Virginia, on the other hand, saved the least overall with an average of $6,936. Tennessee residents came in close at $9,628.Credit: SlickdealsAmericans Are Saving DifferentlyNo matter how much those polled saved, what matters is your attitude towards savings. Perhaps many of us didn’t see the importance of saving for a rainy day or for big ticket items. If there is a silver lining during the pandemic, it’s that it’s opened our eyes to ensuring we’re in a better financial position from now on.The good news is that our survey finds a fundamental shift in how Americans are saving differently in the wake of COVID-19. For example, 58% of survey respondents report COVID-19 has completely changed how they approach savings, with 53% saying they’ve started saving for different things since the pandemic began.The survey discovered that the top savings priority was for any type of emergency (32%), followed closely by retirement (31%), with a new car coming in at a distant third (20%) — no impulse shopping here!It also revealed that 58% of Americans are cutting back on their spending to reach their savings goals. That means being seen as frugal is no longer a negative trait — just look at our survey back in August,(link is external) where two out of three respondents considered being called frugal a compliment.Credit: SlickdealsSo what frugal things are survey respondents doing?f those cutting back on spending, taking advantage of deals and discounts instead of buying at retail price (45%) was a popular method, as well as getting less take-out (44%) and making coffee at home rather than getting their caffeine fix from a pricey café.“Cutting back on your spending does not always require drastically altering your lifestyle,” said Ryan Tronier, senior personal finance editor at Slickdeals. “Once saving money becomes a priority, you can start to make minor changes that start to add up over time.”Even more shocking is that just over one in three Americans polled (35%) think they will be able to retire some day.Gen Z and millennial respondents reported being the least likely to feel as if they’ll be able to retire some day in the future.Residents of Louisiana and Maine were found to be the most likely to think they will never retire, whereas New Yorkers and Georgians were some of the most confident that retirement was in their future.Tronier added, “Making smart purchase decisions and looking for deals or coupons is a great way to accelerate your savings. At Slickdeals, we’ve assembled the largest community of savvy shoppers so users can score the best deals on the best products, with insight from millions of real people.”How You Can Save CashEven if you can’t save five figures like some of our survey respondents have, it doesn’t mean you can’t try. It sounds cliché, but every dollar does count.One of the best ways to start is to track your spending habits. There are a number of popular money-saving apps(link is external) that can help you understand your financial landscape. In fact, Trim(link is external) automatically negotiates lower bills and cancels unwanted subscriptions with a simple click.Once you have an idea of what you’re spending, see where you can cut back — even temporarily — so you can stick some of that savings into a separate account. Consider setting up automatic savings deposits from your paycheck as well.Another way to start saving is to begin earning more money. No, we’re not talking about working at all hours or starting a new side business. There are simple actions you can take like opening a new bank account(link is external). Many banks, in an attempt to get new customers, are paying out cash bonuses as long as you meet certain requirements.For example, Chase Bank is currently awarding new customer bonuses for both checking accounts(link is external) and savings accounts(link is external). If you think about it, opening an account doesn’t take that much effort. Even if you can’t afford to stash away 14% of your income, there are plenty of other bank bonus offers (link is external)that might be right up your alley.Just think about how much better you’ll be able to sleep at night knowing that you’ve got money set aside in case of the unexpected.Slickdeals(link is external) is the leading social platform for shopping, where 12 million users interact to share the most up-to-date information on online shopping deals and coupons. Through the power of crowdsourcing, Slickdeals has saved its users over $6.8 billion by providing a forum for communication; as well as shopping tools such as its free Android or iOS app and its browser extension(link is external) for Chrome, Firefox and Edge. Slickdeals consistently ranks in the Top 100 most visited sites in the U.S. per Alexa.  Source: LOS ANGELES, Nov. 12, 2020 /PRNewswire/ —  https://slickdeals.net(link is external) Vermont Business Magazine New Yorkers are putting away 14.5% of their income towards savings goals or investment accounts, making them the most savings-conscious Americans according to a new survey commissioned by Slickdeals(link is external), a leading social platform for shopping. Vermonters meanwhile not only put away among the least by percentage (6.5%), they’re also pretty low in total amount ($13,573).Georgia came in second place at 12.9%, Texas, Ohio and California close behind, while nearly every other state reported putting less than 10% away for future goals.The survey of 5,000 Americans (100 from each state), conducted by OnePoll on behalf of Slickdeals, aimed to uncover data around how people in different states are reacting to their finances in light of the pandemic.last_img read more

Accident at 75th and Lamar sends 6 to hospital

first_imgA head on collision near the intersection of 75th Street and Lamar Avenue Tuesday afternoon sent six people to the hospital and damaged four vehicles.Prairie Village police report that at approximately 4:40 p.m. Tuesday a vehicle traveling westbound on 75th Street struck an eastbound vehicle. The westbound vehicle was carrying five people, all of whom were transported to the hospital with non-life threatening injuries. Drivers of two of the eastbound vehicles involved in the crash did not appear to sustain any injuries, while the driver of the third eastbound car was transported to the hospital for precautionary reasons.Police are still investigating the cause of the crash.The accident closed the intersection Tuesday evening, where police remained on the scene for more than two hours.On Saturday, an accident at the intersection of 79th Street and Roe Avenue sent two people to the hospital.last_img read more

Credit union CEO compensation grew by over 8 percent in 2013

first_imgby. Keith LeggettAn article in the Long Island Business News (LIBN) (paid subscription) looked at the pay increases at credit unions.Citing results from Credit Union Executive Society survey, the LIBN stated “total credit union CEO compensation rose 8.18 percent in 2013, up from a 5.83 percent increase in 2012 and a 5.07 percent increase in 2011.”According to the article, the average total CEO compensation for all credit unions was $256,339; but the average CEO compensation package at credit unions with more than $1 billion in assets was $552,318.However, the article noted that “[w]hile most other nonprofits are compelled to disclose their executive compensation levels, multiple credit unions declined to disclose their numbers to LIBN.”The time is now for the National Credit Union Administration to adopt regulations requiring federal credit unions to disclose the salary of their highest paid employees as recommended by the agency’s Outreach Task Force report on February 26, 2008. This would treat federal credit unions just like other nonprofit and not-for-profit organizations, including state chartered credit unions. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Marken adds cryogenic storage services

first_imgIn addition, Marken announced the integration of its cryogenic storage services which went live in June in both Frankfurt and Philadelphia. These latest additions to the Marken GMP network service portfolio further reinforces the company’s dedication to serving its clients as a complete, end-to-end service provider. Future cryogenic storage locations will include the APAC region. Offering a comprehensive cryogenic transport and storage solution enables cell and gene therapy companies to simplify their supply chain by allowing them to consolidate processes with Marken, an established and trusted service provider. Fewer handoffs mean fewer variables, less risk and an unbroken chain of custody.“Cell and gene therapies are a strategic focus for Marken due to their high complexity and the exacting quality standards they require, both in transport and storage,” said Marken President Ariette van Strien.“In addition to the growing need for cryogenic storage, Marken’s expansion of the Frankfurt facility is driven by the high demand to provide up to -80C storage for future vaccines and treatments.”last_img read more

VIDEO: GDF SUEZ Looks into Marine Renewables

first_imgOffshore WIND Staff; Image: gdfsuez Faced with increasing scarcity of  natural resources some companies strive to find sustainable and environmentally friendly alternatives to meet energy needs.As ocean and seas look promising, GDF SUEZ is looking into wind, tidal and geothermal as a  new marine renewable energy sources.Check out the following video about their plans for renewable energy.last_img

Should lawyers welcome the end of the 50p tax rate?

first_img Eduardo Reyes is Gazette features editor Follow Eduardo on Twitter There will be plenty of Gazette readers who do not benefit from the scrapping of the 50p rate of income tax on earnings over £150,000 – though a decade spent covering the City and corporate parts of the legal market means I know very great numbers who are set to gain. At a client event I attended at a Magic Circle firm yesterday, most of the guests and hosts will benefit, many earning a multiple of £150,000. A partner on £1m a year will gain some £42,500 on the £150,000 to £1m part of their income. Should they be happy with the cut? Will it change what they can do, and will it boost their business? Should other lawyers, earning less, be happy for them, and look forward to a legal trickle-down effect? These questions are not put in sarcasm. The micro-economics of the legal market may provide some answers as to the wisdom or folly of this cut. After all, just because the public do not like something, it does not mean that it is against the public interest. But looking at the business plans of my hosts yesterday, I do not think a cut in income tax will affect the firm’s key strategic plans. The firm’s leadership views the UK as a still-profitable but mature market, and it is looking to international expansion plans to secure the impressive margins it has seen in the past. Many of its clients have comparable plans. The firm estimates that 20% of its work could be outsourced to legal process outsourcers, and that in the future it may even have fewer lawyers than at present, but be active in more countries. It is a vision that its competitors largely share, and when that 20% goes to LPOs in India, or wherever, that work will not have left the UK due to a 50p tax rate. This firm’s strategy was set before the 50p-rate was introduced, and has remained the same through the rate rise. I would be surprised if it changed now. Perhaps the benefit will be less direct for this firm though – creating an incentive for potential clients to settle and invest in the UK. I have to say though, from time spent in the City, the income tax rate has never been mentioned as a problem. Corporation tax, yes – but not income tax. A couple of items figure higher up that list – our divorce and immigration rules. As a private client lawyer once complained to me: ‘You know, this is a very friendly jurisdiction for high-net-worths. Apart from our divorce laws – people are afraid that if a spouse can divorce them here, they’ll lose half their assets.’ (My sympathy is not high on this last point, but I accept its significance here.) And since 2003, the UK’s immigration laws have allowed the need for policies that sound hard-line to complicate life for investors and high-earners – removing, in many cases, any sense of certainty as to their immigration status and their security, and complicating the lives of family members. The firm I spent yesterday with is not entirely composed of people fixated on their tax rate. It has also engaged very seriously with initiatives intended to promote diversity and social mobility – within its own ranks, and in the communities it engages with. There is substance to what they are doing on these issues. And here, though I am sure in the short term its lawyers will enjoy a little extra pocket-money, they should be concerned about the effect of widening income gaps in the UK economy. When Alan Milburn’s report on social mobility was published in 2009, this firm took its findings very seriously, and still does. Taking data on two cohorts of lawyers, one set born in 1958 and another in 1970, the point in the report was simply made. Two in five of the ’58s grew up in families with above-average incomes; for those born in 1970, that figure rises to more than six in 10 (63%). It is hard to see how such income gaps do anything other than damage social mobility. In very straightforward terms there can be no trickle-down effect when rich, poor and middling are competing for exactly the same things, the supply of which is finite. Things with a finite supply include places at the leading university this firm recruits from, and the finite supply of training contracts currently on offer. An income gap too large produces an ever more deeply unfair contest for these. The firm has some enlightened self-interest here – a profession that is not a meritocracy is an inefficient one. It has poorer productivity, and lacks the competitive edge needed in a global economy. Seen like that, from the perspective of the legal economy, at best the income tax cut looks like an expensive gesture. last_img read more

Take the alternative

first_imgSubscribe now for unlimited access Subscribe to Building today and you will benefit from:Unlimited access to all stories including expert analysis and comment from industry leadersOur league tables, cost models and economics dataOur online archive of over 10,000 articlesBuilding magazine digital editionsBuilding magazine print editionsPrinted/digital supplementsSubscribe now for unlimited access.View our subscription options and join our community To continue enjoying Building.co.uk, sign up for free guest accessExisting subscriber? LOGIN Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.Limited access to building.co.ukBreaking industry news as it happensBreaking, daily and weekly e-newsletters Get your free guest access  SIGN UP TODAYlast_img read more

How Taylor Wimpey got back on site

first_imgSubscribe now for unlimited access Get your free guest access  SIGN UP TODAY Subscribe to Building today and you will benefit from:Unlimited access to all stories including expert analysis and comment from industry leadersOur league tables, cost models and economics dataOur online archive of over 10,000 articlesBuilding magazine digital editionsBuilding magazine print editionsPrinted/digital supplementsSubscribe now for unlimited access.View our subscription options and join our community Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.Limited access to building.co.ukBreaking industry news as it happensBreaking, daily and weekly e-newsletters To continue enjoying Building.co.uk, sign up for free guest accessExisting subscriber? LOGINlast_img read more

Last day for regular registration to SC&RA symposium

first_imgAfter today, fees increase by USD50 for all levels of registrations, and attendees names will no longer be included in the booklet distributed at the event.SC&RA urges you to act now to save money and make sure current and potential customers and business partners know you are at the symposium so they can seek you out. You will find details about the schedule, speakers, attendees, exhibitors and more on the SC&RA website. www.scranet.orglast_img

Solicitors still in the dark over waivers granted to rival businesses

first_imgThe Solicitors Regulation Authority says it is near to publishing details of rules waivers granted to businesses in its ‘safe space’ to encourage innovation. The regulator said in June it planned to take a new approach to how it grants and publishes such waivers.Part of the SRA’s proposal involved fuller details on all granted waivers being published on its website. However months later that pledge has yet to come to fruition. Several waivers have been granted to unregulated businesses allowing them to employ solicitors. Among businesses to have benefited is the UK arm of US onlne legal services firm Rocket Lawyer. These agreements come ahead of the SRA attempting to change its rules to formally allow this arrangement.Oliver Price, compliance officer and partner with Wiltshire firm Wansbroughs, told the Gazette that it was ‘surprising’ that the SRA appeared to be ignoring its own guidance and not disclosing details. ‘[The SRA] has no system of publishing waivers and so neither the public nor profession is able to know whether they exist, or if they do, what they provide,’ he said.The regulator has previously said it will grant exemptions to its rules only ‘where there is clear evidence that they are in the public interest, and that users of legal services are protected’.But critics say the ad hoc relaxation of SRA rules creates an uneven playing field, granting waivers which cannot be properly scrutinised. The Law Society has said the granting of waivers ‘allows a fundamental change to the regulatory framework by the back door’.The SRA has said the process must be fair and transparent and the regulator will compile an annual innovation report to make sure decisions are made consistently.last_img read more