Latest news with #SelfFinancial
Daily Mail
05-05-2025
- Business
- Daily Mail
Major banks close 42 local branches in just a few weeks
By US banks filed to shut 42 local branches in just under a month — leaving dozens of communities with fewer services. Between April 1 and April 26, major lenders including Bank of America, Chase, and U.S. Bank were among the 14 banks to notify the Office of the Comptroller of the Currency (OCC) closure plans. Banks are required to alert the OCC before shutting down a branch. The agency then publishes the filings in a weekly report. Chase and U.S. Bank both closed three locations. The rest were made up of Citizens Bank, Cumberland Valley, Fifth Third Bank, FSNB, KeyBank, Pacific Premier Bank, PNC, Warsaw FS, Well Fargo and Zions Bancorporation. In 2024, banks closed a total of 1,043 branches nationwide. The trend has accelerated in 2025, with 272 closures already logged in the first quarter alone. 'Industry consolidation — both in the number of banks and branches — is a long-standing trend that will continue, especially as more transactions move online,' Bankrate's chief financial analyst Greg McBride told 'Consumers and small businesses in rural areas are the most impacted, particularly business owners that must make a daily bank run to deposit cash or consumers that lack viable transportation,' he explained. The bloodbath is set to accelerate in 2025. Branch numbers are predicted to fall a further 4.11 percent decrease by the end of the year, a recent study from Self Financial revealed. 'Retail bank closures in the US aren't slowing,' Darren Kingman (pictured) from Root Digital — who worked on the Self Financial study — told 'The last time this many people shared a local branch was in 1995.' He warned that while the US edges toward a cashless future, over 200 million Americans still deposit cash — meaning longer lines and worse service as access shrinks. Despite the digital shift, a new GoBankingRates survey found 45 percent of Americans still prefer in-person banking. 'The shift towards online banking is growing more intense in 2025,' GoBankingRates lead data content researcher Andrew Murray told 'Despite the trend towards online banking, our survey data shows more than half of Americans are concerned about the rising number of physical branches that have shut down in the past few years,' Murray explained. 'Meanwhile, a whopping 76 percent says that the current banking system needs small or major changes.' Further to this more than half of respondents said they were concerned about the rising number of physical bank branch closures over the last few years. Meanwhile, new research recently revealed that the last physical bank branch could close in the US in 2041. Experts from Self Financial reached the number by studying the rate of net closures across the country, which has averaged 1,646 each year since 2018. Despite the majority of Americans now opting to do the majority of their banking online, customers still prefer to use physical branches for particular services. It is also a struggle for some older clients to operate services such as mobile banking. Nearly two-thirds of Americans still use a physical branch to make cash deposits, while over half use them to speak to an in-person adviser, the report found. 'Client's banking preferences and behaviors are changing, including a rapid migration toward digital and mobile banking platforms, and a desire for greater simplicity,' a spokesperson for US Bank recently told 'As we evolve along with our clients, we are reevaluating our physical footprint, and in some instances, consolidating branch locations in select markets. 'Although we are closing some branches, we continue to open and enhance others, as well as rapidly enhancing our digital capabilities.' Wells Fargo echoed similar sentiments in a previous statement to 'Branches continue to play an important role in the way we serve our customers in combination with our mobile app, online website, and ATMs,' a spokesperson for the bank said. 'As we optimize our branch network, we are focused on evolving our branch presence based on customer usage and the changing traffic patterns and retail landscape to best meet the banking needs of each community we serve.' Want more stories like this from the Daily Mail? Visit our profile page and hit the follow button above for more of the news you need.
Time of India
03-05-2025
- Business
- Time of India
It's not love, it's rent! American couples are staying together because of the economy
Who would've guessed that the biggest factor keeping some couples together in 2025 wouldn't be love, trust, or therapy, but inflation? A new national survey from Self Financial found that nearly one in four Americans — 24% of over 1,000 respondents — say they're stuck in relationships they can't afford to leave. Between soaring housing prices, inflation, and the everyday cost of living, breaking up just isn't financially feasible for a growing number of people. 'While no one likes the idea of having to stay with a partner for financial reasons, for some this may be the only way to financially keep their head above water,' said Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, in an interview with Newsweek. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like How to earn a second salary with $200 [CFD] TradeLG Undo He explained that couples are relying more on each other to cover essential expenses like rent, groceries, and utility bills, turning what used to be personal partnerships into financial alliances. The financial strain is particularly severe in major cities like New York. According to the data analyzed earlier this year by Frich, a finance app for Gen Z, couples in Manhattan can save over $50,000 annually by living together, rather than splitting up and paying solo rent. That extra financial burden, commonly called the 'singles tax,' has surged 40% in the past three years, per Frich's findings. And for Gen Z, the cost of uncoupling is even steeper. Frich's survey revealed that the average breakup costs $3,862, factoring in spending on new housing, shopping sprees, emotional 'retail therapy,' and rebound vacations. One in five Gen Z respondents admitted to spending up to $2,000 on post-breakup trips alone. A single girl's night out? That'll cost you roughly $92, according to Frich. Nearly 40% of Gen Z respondents also said they'd move in with a partner before they were emotionally ready, simply to save money on rent. And 18% said they've stayed in relationships they weren't happy in for financial reasons. Money is not just keeping couples together — it's also tearing them apart. The Self Financial survey showed that 86% of respondents had argued with a partner about money, and 41% said finances contributed to their breakup. 'While staying together might seem practical in the short term, the longer the delay, the more complicated things can get financially,' Beene warned. 'The economic outlook of both individuals gets more intertwined,' Alex quoted. Masterclass for Students. Upskill Young Ones Today!– Join Now
New York Post
02-05-2025
- Business
- New York Post
‘Too broke to break up': More Americans than ever are staying in relationships — because they can't afford to be single
They've got 99 problems — and rent is one. Nearly one in four Americans say they're stuck in a relationship they can't afford to leave, according to a new national survey from Self Financial. Turns out, love isn't what's keeping some couples together — it's the shared Wi-Fi bill. The poll of more than 1,000 people found that 24% of respondents admitted they'd like to break up with their current partner — if only it wouldn't break the bank. Rising rent, sky-high grocery bills and inflation have made coupling up more of a financial strategy than a romantic one. 'While no one likes the idea of having to stay with a partner for financial reasons, for some this may be the only way to financially keep their head above water,' Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek. 'Whether it's sharing the rent, utility bills, groceries or any other expenses, couples are increasingly having to lean on each other financially to manage the cost of living,' he added. 4 The new poll of over 1,000 people found that 24% would call it quits with their partner — if doing so didn't blow up their bank account. It's a trend that's especially brutal in high-cost cities like New York, where data analyzed by the finance app Frich earlier this year indicated that Manhattan couples can save over $50,000 per year by shacking up — instead of splitting up. That so-called 'singles tax' has soared 40% in the last three years. For Gen Z, breaking up is especially expensive. 4 The dreaded 'singles tax' has spiked 40% in just three years — and for Gen Z, splitting up can come with a seriously steep price tag. Ievgen Chabanov According to the recent Frich survey, the average cost of a breakup for a Zoomer is $3,862, thanks to post-split spending on retail therapy, rebound trips, and, of course, suddenly footing solo rent. A 'single girl's night out' costs the average person about $92, while one in five Gen Z-ers admit to dropping nearly $2,000 on a post-breakup vacation to heal their broken hearts — and bank accounts. It's no wonder, then, that 18% of Gen Z told Frich they stayed in relationships they weren't happy in, and nearly 40% said they'd move in with a partner before they were ready just to save on housing costs. 4 A solo girl's night sets the average wallet back $92 — and 1 in 5 Gen Z heartbreak survivors confess to blowing nearly $2K on a getaway to cry (and cope) in style. Gorodenkoff Productions OU Not surprisingly, the aforementioned Self Financial survey found 86% of respondents had argued with their partner over money — and in many cases, it led to a breakup. Roughly 41% said finances were a factor in their split. And delaying the inevitable might only make things worse. 4 The Self Financial survey found that 86% of couples have clashed over cash — and for about 4 in 10, money drama was the dealbreaker. Konstantin Postumitenko 'While that may seem like a smart move at the moment, the longer the separation can be kicked down the road, it can actually produce bigger, more complicated financial issues,' Beene told the outlet. 'The economic outlook of both individuals gets more intertwined.' Bottom line? Love may not cost a thing — but a breakup sure does.
Newsweek
01-05-2025
- Business
- Newsweek
1 in 4 Are Staying In Relationships Because They Can't Afford To Be Single
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Nearly one in four Americans in relationships are remaining with their partners primarily due to financial constraints, according to a new national survey. The data highlights a growing link between economic pressure and personal decision-making in modern relationships. Why It Matters The study from Self Financial underscores how deeply money impacts romantic choices. It suggests that economic pressures not only shape when and whom people marry but also whether they remain in relationships that no longer serve them emotionally or psychologically. The findings come amid rising living costs across the United States, which can make single living or separation prohibitively expensive. For many, shared rent, utilities, and other joint expenses are the only way to maintain financial stability. Spring training baseball game between Oakland Athletics and Seattle Mariners at Phoenix Municipal Stadium in Phoenix, Arizona. Spring training baseball game between Oakland Athletics and Seattle Mariners at Phoenix Municipal Stadium in Phoenix, Arizona. Jim Sugar/Corbis via Getty Images What To Know The survey from Self Financial, which polled over 1,048 U.S. residents, found that roughly 24 percent of people currently in a relationship said they would leave if they could do so without suffering a financial loss. "If the situation were truly unbearable, most people could adjust their lifestyle. They'd downsize, simplify, and make it work. However, many stay because it feels safer to endure a bad relationship than to risk being untethered from their tribe," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. The survey also found that an overwhelming number of respondents, 86.6 percent, said that they've had a conflict with their partner over finances. Those conflicts caused breakups in some instances. 41.4 percent of respondents said that money was a factor in a past breakup, including 18.6 percent who initiated the breakup and 22.8 percent who cited it as a "contributing factor." This dynamic is reflected in broader social trends. Research from Cornell University earlier this year found that couples facing high financial stress are more likely to avoid meaningful conversations about their problems. According to the study, this stress "not only creates conflict but also depletes cognitive resources, making it harder for individuals to engage in constructive conversations with their partners." What People Are Saying Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "People often say they 'can't afford' to leave a relationship, but that's not the root issue. The real reason is fear. We're tribal by nature, social creatures who crave connection, and we'll latch onto any justification, even financial, to avoid being alone. Saying, 'I can't leave because of money,' is easier than admitting, 'I'm afraid of what's next.'" Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "While no one likes the idea of having to stay with a partner for financial reasons, for some this may be the only way to financially keep their head above water. Whether it's sharing the rent, utility bills, groceries, or any other expenses, couples are increasingly having to lean on each other financially to manage the cost of living. We've seen in the past how times of recession decrease divorce rates, as the cost involved isn't feasible for many who have lost a job or had their income take a hit." What Happens Next As financial pressures grow due to inflation, rising housing costs, and economic uncertainty, experts suggest more couples may delay separation, not out of emotional attachment but for the sake of financial survival. "While that may seem like a smart move at the moment, the longer the separation can be kicked down the road, it can actually produce bigger, more complicated financial issues, as the economic outlook of both individuals gets more intertwined," Beene said.
Yahoo
21-04-2025
- Business
- Yahoo
I'm 61 and recently got laid off. I still want to work, but no one will hire me. What can I do?
Getting laid off can be a harsh blow at any age. But at 61, it can be an extremely difficult thing. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Even if you're well qualified to do what you do, employers may be hesitant to hire someone who's perceived to be on the cusp of retirement. While age discrimination isn't legal, it's a pretty common thing for employers to pass over job candidates due to their older age. Unfortunately, it sounds like you were forced to retire before you wanted. You wouldn't be alone in that boat. A 2024 Transamerica survey of retirees found that 58% ended their careers sooner than they had planned. Among them, 43% cited employment-related issues. The median age of retirement was 62, three years younger than the traditional retirement age of 65. Retiring at 61 could be particularly challenging because you're still a year away from being eligible to claim Social Security (at a reduced rate, no less), and you're also four years away from being able to get health coverage through Medicare. So, rather than resign yourself to a forced early retirement, you may want to explore your options for being able to continue to work. Losing a job in your early 60s can be financially and emotionally devastating. But that doesn't mean you need to accept an early retirement. Thanks to the booming gig economy, you may be able to go out and find work on your own terms. You could try consulting in your former field, starting a new business, or even embracing different side hustles to cobble together an income for a period of time. A survey from Self Financial says that 33% of Americans ages 65 and over are looking into setting up side hustles. And people ages 65 and over earn an average of $581.32 per month this way. You, however, may be able to earn more if you're passionate about what you're doing and can dedicate more hours to it. You may also be able to leverage certain job skills of yours into a new role you find rewarding. For example, if you were an office manager, you're probably very organized. You could look into becoming a personal organizer, where you help clients get their homes in order. This is the sort of role you might find fulfilling and flexible, and it could end up being lucrative. Another thing you can do is try seeking out free career resources to position yourself for a new full-time role. Sites like MyNextMove allow you to enter information about yourself to get guidance on a career pivot. LinkedIn also has free resources you can take advantage of. And speaking of LinkedIn, don't hesitate to try to network your way into a new role. Reach out to former colleagues and managers, friends, and members of your community to see who's hiring or who can refer you. Read more: The US stock market's 'fear gauge' has exploded — but this 1 'shockproof' asset is up 14% and helping American retirees stay calm. Here's how to own it ASAP Losing a job before retirement could be detrimental to your finances. Even though you're old enough to tap an IRA or 401(k) plan without a penalty, you may not want to start dipping into your savings at such a young age. Also, while you may be able to piece together enough of a part-time income to keep your savings untouched until you're 62 and eligible for Social Security, claiming benefits at that age means reducing them by 30% compared to waiting until your full retirement age of 67. So that may not be ideal, either. One thing you should do after getting laid off is put in a claim for unemployment benefits right away. You're typically eligible if you were let go through no fault of your own. You may also be eligible for severance pay from your employer. And if that severance is based on tenure and you were at your company for a long time, you may be entitled to a decent-sized payout. That could buy you some time to figure out your next move without having to dip into your savings. Additionally, you should see if you have accrued vacation or sick time you're eligible to get paid out on. Another smart thing to do following a layoff is to see what expenses you can reduce — either temporarily or permanently. If you've been toying with downsizing, it could be a great time to do so if it saves you money on housing. And if you have a reason to hang onto a larger home, you may want to look at renting out a room for some income. Also make sure to put health insurance in place following a layoff. COBRA might prove expensive, but you can explore options on the health insurance marketplace. It's also a good idea to talk to a financial advisor when you experience a major change in income like the loss of a job — especially if it happens at an age where you may be forced into an early retirement. A financial advisor can help you assess your options and figure out the most efficient way to cover your expenses in the absence of a paycheck. They may, for example, suggest switching to assets like bonds in your portfolio so you can generate income and reduce your risk at a time when you might need the flexibility to tap your investments. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
