The KeyBank 2023 Financial Mobility Survey, released on Monday, finds that Americans are in a difficult financial situation, with 55% facing financial challenges in the last year, a significant increase from the previous year (37%), and more than double the number of respondents citing budgeting issues as their biggest financial faux pas (89% vs. 35%, respectively). Yet, even as Americans face these challenges, the majority (85%) strongly desire to become more aware of their financial picture.
Tag: News
Abu Dhabi Islamic Bank’s Customers Can Now Use Wearables To Make Payments
Abu Dhabi Islamic Bank (ADIB) recently launched the region’s first tokenised, contactless payment methods through the options of clasp and ring ‘ADIB PAY’, in partnership with token enablement service provider Tappy Technologies and global digital payments leader, Visa.
ADB, India Sign $350mn Loan To Improve Connectivity in Maharashtra
The Asian Development Bank (ADB) and the Government of India have signed a $350 million loan to improve the connectivity of key economic areas in Maharashtra. At least 319 kms of state highways and 149 kms of roads in the 10 districts will be upgraded as part of the agreement.
World Bank Chief Warns of Multi-Year Slow Growth
During his opening remarks at the launch of the International Debt Report 2022, the World Bank Group President said, “We identified the stagflation risk early in the year. The deterioration is continuing. This brings three risks: a global recession in 2023; a multi-year period of slow growth; and widespread asset repricing as higher interest rates are applied, and hedges run out. Many of the impacts will be delayed even into 2024 and 2025 including debt restructurings.”
Bank of Russia Continues Measures to Support National Payment System Entities
The Bank of Russia implemented measures to support National Payment System (NPS) entities in 2022. They were approved in response to changes in the conditions of money transfers in the midst of restrictions imposed by foreign states, and they helped in the timely reduction of the burden on NPS entities. These measures will expire on January 1, 2023.
Fed To Revise Payment System Risk policy
The Board of Governors of the Federal Reserve System (Board) is revising part II of the Federal Reserve Policy on Payment System Risk (PSR policy) to add a posting rule to facilitate the implementation of enhancements to the Automated Claim Adjustment Process (ACAP).
Machine Learning: Journal of Econometrics Invites Papers
Machine learning techniques are increasingly being evaluated in academia while also being leveraged by practitioners at policy institutions such as central banks and governments. A themed issue of the Journal of Econometrics aims to present frontier research on machine learning and economic policy.
MAS Encourages Fit Notes, E-Hong Baos for Festive Gifting
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have appealed to the public to use “Fit-for-Gifting” currency notes (fit notes) or e-hong baos this coming Lunar New Year.
Fed Approves United Community Bank’s Merger Application
The Federal Reserve Board has approved the application by United Community Banks, Inc., (United), Greenville, South Carolina, to merge with Progress Financial Corporation, and thereby indirectly acquire Progress Bank and Trust, both of Huntsville, Alabama.
American Household Financial Health Declining After Many Years of Increased Savings
Gen X and Baby Boomers account for 70% of the 84.7 million owner-occupied homes in the United States, so their plans for homeownership in retirement can greatly impact residential home inventory.
New data from Bank of America found that 70% of homeowners aged 45 to 76 plan to or have retired in the home they already own. Among those planning to stay in their homes when they retire, 78% see no reason to move, while 22% say they have put so much work into their home that they don’t want to move. In fact, 61% of Gen X and 69% of Baby Boomer homeowners have renovated or remodeled the home they currently live in, adapting them to fit their lifestyles.