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Upcoming Trends in Personal Finance

Upcoming Trends in Þersonal Finance After several years of slow economic growth we're finally emerging from the hubris of the Global Financial Crisis and getting the economy back on track. However, the world has changed a lot since 2008- politically, culturally, financially- and though we're leaving the bad times behind, we're not out of the storm yet. In association with: Finance 27 Here are some of the predicted financial trends expected over the coming years. Some are positive, some not so much, but either way, but having this information you should be able to comfortably plan ahéad. Rising Mortgage Rates Less Student Loans The debt placed on students has risen astronomically in recent years, with fees rising by up to 4x as much in circumstances. Payments now stretch out for years, long after the student has graduated some As such, many parents and students are deciding that gòing into massive debt to attend a high-priced school no longer makes sense, and are instead opting to attend community colleges, trade ŝchools or simply bypassing higher education all together fo make ends meet. FOR SALE With the cost of rents rising faster than most can keep up, and with the current mortgage rates so low, many young pẹople who have postponed home-ównership'in favour of be means risimeween 3-5% on real rente More looking to buy soon. Tates, with experts will predicting an increase brokerage. Rising rates and less of a refinance business will have lenders competing for buyers, which means they may loosen their mortgage loan réquiřements too. estate Investment In our increasingly global economy, it makes sense to look beyond U.S borders to find new investment opportunities. Booming economies like China provide ample opportunities for investors. Investing in foreign currencies is also a sound idea. The foreign exchange market is the most liquid market in the world, and investing in FOREX removes risks associated with investing in the U.S alone. Opportunities BANK Easier Access to Credit Cards Banks Engaging In Social Media Credit Card Apps For Smartphones As the economy gradually recovers, banks are turning their attention to their 'fallen angels'- customers who had good credit before the recession hit but destroyed it during the downturn. Bank credit cards are now expected to have longer peřiods of 0% APR, as was common before the recession hit. Now that the economy is recovering, expect to see a comeback. This is already somewhat commonplace, with practically every bank'and financial company currently ruing some of social Whilst financial apps have been steadily gaining popularity over the past few years, it is expected that the next few years will see them grów exponentially. with Google, Paypal and Mastercard teamíng up to create Weve, and Apple working on its own Åpple Pay service, soon it will be commonplace to pay for things by tapping your smartphone on a čárd reader. media presence. updatedgesS can on any Banks' social media keep promotions running at the time, and can also be a good your you company'is place to complain and complaint heard- get especially on Twitter. Because banks need consumers to trust them, they have become very active on social media. That méans if you ask a question or have an issue, in most cases they respond. FREELANCING ON THE RISE LOWER RETIREMENT RATES Many people are știll putting their pensions on the backburner and delaying retirement for as long as pośsible. In 1991, 11 percent of workers expected to retire after age 65. In 2013, 36 percent expected to wait until åfter age 65, and 7 percent said they didn' plan to A recent study by Freelancers Union and Elance-odesk shows that 53 million Americans are currently working as freelancers. That's a whopping 34 percent of the workforce. retire at al. While for some workers this The bottom line: retiring at age 65 is passé. While this personal decision to delay a long-awaited period of relaxation may involve many different factors, for many Americans, it boils down to needing the money – especially since ēveryday costs aré rising and we're living longer. arrangement is a choice, companies are ultimately driving the trend. After all, temp workers and consultants are often cheaper because companies don't have to pay them benefits. Sources:

Upcoming Trends in Personal Finance

shared by AndreClifford on Sep 24
After several years of slow economic growth we're finally emerging from the hubris of the Global Financial Crisis and getting the economy back on track. However, the world has changed a lot since 2008...




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