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Showing posts with the label global finance

Millennials, Get Off Your Assets To Take Charge Of Your Financial Future

I’m not just picking on Millennials. Well, maybe I am.  We have all read about the financial plight of Millennials, who are not only drowning in student loan debt, but other loans and expenses as well. These loans and expenses include car payments, rents or mortgages, and credit card bills. As a Baby Boomer, who has “been there, done that,” I feel your pain; however, it is time for Millennials to focus on the road ahead and find ways to secure their financial futures. Undoubtedly, the ability of Millennials to save and invest will be met by challenges.  According to a study by the  National Endowment for Financial Education , “Two-thirds of Millennials have at least one long-term debt (student loan, home mortgage, car loan) …” Even more shocking, the study found that “Nearly 30% of those [Millennials] with checking accounts had overdrawn their account in the prior 12 months… [and]… nearly 20 percent of those with a self-directed retirement account either took a loan or made a har

Is the world heading for its third global financial crisis?

IMF issues stark warning of new credit crunch and "triad" of challenges It's another grey day in Lima. The sunless sky hangs over Peru’s capital as a mist forms over the coastline. Across the city, there isn’t a gap in the clouds for miles. While storms almost never materialise, the weather during the International Monetary Fund’s latest annual meeting captures the gloomy mood. This week, the fund said global growth this year would be the slowest since the Great Recession. A separate report by the fund warned that  the world faced a “triad” of challenges  that meant policy missteps could wipe a massive 3pc off global growth. Corporate borrowers in emerging markets could default en masse when the US raised interest rates, it said. A new credit crunch, a fresh financial crisis: these were the risks facing the global economy. •  $3 trillion corporate credit crunch looms, says IMF For Andy Haldane, the Bank of England’s chief economist, recent mark