Top Story
Americans saved trillions during the pandemic — but now it’s gone
In recent years, Americans’ collective $2 trillion in savings has transitioned into $72 billion in debt. What does this mean for consumers, corporations, and the economy?
US stocks were mixed on Tuesday as Treasury yields continued their descent, falling for the fifth consecutive day
• After pushing above 4.7% in late April, the U.S. 10-year yield is now below 4.5%.
• Shares of Disney and Palantir tumbled on lackluster guidance, while Peloton’s stock surged on news of a potential buyout.
• Used car prices fell 2.3% in April and 14% annually, according to the Manheim Index.
What to be on the lookout for today
• The weekly update to the 30-year mortgage rate.
• In earnings, Airbnb, Anheuser-Busch InBev, Shopify, Toyota, and Uber will report.
Why saving for retirement is still harder for women
There’s a gender divide when it comes to saving for retirement.
Men have a median retirement savings nearly $40,000 to $60,000 more than women, the SoFi 2023 Ambitions Survey showed.
There are several reasons why that’s a problem, including women tend to live longer than men, which increases their living expenses and health care costs. Women are also more likely to be caregivers, again adding more strain to their budgets.
Hurdles of building a nest egg
The persistent gender pay gap plays a role, as lower earnings can make it difficult for women to save as much, or more, than men. In turn, lower contribution rates to retirement accounts also weigh on the potential for compounding growth.
Historically, women have also been less likely to invest any extra money, which meant they potentially missed out on investment gains. But that’s changing with more women investing, and younger generations leading the way.
Today’s top stories
Workplace AI is on the rise, but how exactly are workers using it?We’ll take a look at some common uses of AI on the job, as well as employee sentiment around the technology.
Read more >> Women-owned businesses and mom entrepreneurs are more prevalent in America than everSoFi surveyed 1,000 mothers who are also business owners to understand what motivates them and what unique challenges they face. Here’s what they had to say.
Read more >> College on the horizon? There’s no time like now to start saving.Here are a few options for setting up a college fund.
Read more >>Other news that caught our eye
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Nintendo plans to announce the successor to its Switch console by March 2025.
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Social Security and Medicare funds are expected to begin reducing benefits in 2035 and 2036, respectively, later than previously estimated.
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Last quarter, Disney’s Disney+ and Hulu streaming services turned a combined profit for the first time.
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California is increasingly relying on giant batteries to deliver solar power after dark. During peak consumption hours, these batteries have supplied as much as one-fifth of the state’s electricity.
Financial planner tip of the day
"How do parents save for college? Early and consistently. Those are two crucial elements to creating and sustaining a plan to meet your child’s college education costs. By starting as soon as possible, you’ll have more time to potentially help your hard-earned savings grow."
Brian Walsh, CFP® at SoFi