Category: Brandpoint Business & Finance

2024-12-18T17:01:00

(BPT) – As you look ahead to the new year, you may think about ways to help your kids succeed in life as they navigate their way through school — whether that means elementary school, high school or college — and eventually into adulthood. While money can be a tricky topic to navigate, especially if it was a taboo topic when you were younger, start the conversation to help them benefit from your experiences. Finding tools together that can help kids learn how to best manage their own finances as they grow and mature will help set them up for financial success in the years to come.

To help you get started, here are tips that make it easier for kids of all ages to learn how to save, budget and begin managing their finances more independently.

1. Start the conversation

Even when kids are in elementary school, start talking about money in a realistic way so they can understand how it’s used to support your lifestyle. Begin the conversation in an age-appropriate way that highlights ideas such as knowing the difference between needs and wants, saving for something special and tracking the money you earn as well as the money you spend. For example, young children can understand the idea of saving up money from their allowance or lemonade stand to buy something they want in the future.

2. Take notes and use tools

As your kids get older, explain the budgeting basics — even as simple as listing what you earn and what you spend, so you can ensure you won’t spend more than you have. Any leftover money is best put in savings first, then they can consider working toward items or experiences they might want to buy. There are many budgeting resources out there, so you can find the one that works for you, including budget worksheets to track spending. The Snapshot feature in the Chase Mobile app provides a daily digest of spending, highlighting top categories to help them plan accordingly.

3. Get organized and go digital

Financial confidence starts with getting organized. You can find easy-to-use budgeting tools that work for kids and parents both, with different levels of parental oversight and management suitable for different age groups.

For example, accounts like Chase First Banking are designed with students ages 6-12 in mind (and available for kids 6-17) with parents having full ownership. The account gives kids tools, tips and safety features to help them learn money basics — all with no monthly service fee.

Students ages 13-17 can opt for Chase High School Checking^SM — a checking account co-owned with a parent to provide oversight and monitoring — which offers tools and resources for students to learn how to manage their money with confidence, all with no monthly service fee. This is ideal for kids with jobs who need direct deposit, and they can pay friends with Zelle. This checking account helps high school students with these firsthand digital transactions and account balances which can help with budgeting and saving.

Chase College Checking^SM is available to students ages 17-24 in college, university, community college, or a vocation or technical school, providing access to digital banking tools to help them stay on top of their finances throughout the semester. Chase College Checking gives students the tools and resources to manage their money independently, with no monthly service fee for up to five years while in school.

4. Plan for the future

According to Bankrate, 59% of Americans are uncomfortable with the amount of emergency savings they have, and 27% have no emergency fund at all. It’s important for kids of all ages to know that unexpected events in life can happen, and planning ahead may help reduce stress and better cope with whatever may occur. For this reason, building an emergency fund or saving for a rainy day is a crucial skill to learn. Features like AutoSave will help them set, track and meet savings goals to help them prepare for the future.

Throughout their formative years, your kids can start learning and practicing vital money skills that will stay with them for life, as well as how to use financial tools so they will be able to stay on top of their finances and achieve their goals.

Learn more about all the options available to get your kids started on the right financial footing at Chase.com/studentbanking.

Bank deposit accounts, such as checking and savings, are subject to approval.

Chase Mobile^® app is available for select mobile devices. Message and data rates may apply.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC.

2024-12-16T07:01:00

(BPT) – When you look at your 5-to-10-year life plan, is a new car, wedding, or buying your first home on your vision board? There is one key behind the scenes that you need to unlock access to funds to reach these goals: a good credit score.

A good credit score can make accessing credit easier and less expensive. But how do you build one? Applying for and obtaining a credit card can be a good first step.

“Credit is a powerful tool to help young people manage daily expenses and reach important life milestones,” says Max Axler, Chief Credit Officer of Synchrony. “That is why it is important to learn responsible credit habits well before you apply for your first credit card.”

Here are five tips for responsibly building credit for first-time credit card holders from the experts at Synchrony:

#1. Think of your credit score like a GPA

Credit scores are like grades in school. Just as good study habits can lead to a good GPA, responsible credit habits lead to a good credit score. A higher credit score is like a ticket to financial freedom that can make it easier to qualify for loans and to purchase things you want and need down the line. And just like you improve your grades in school, you can improve your credit score by staying on top of your spending, your payment due dates and staying within your means. You can even set up autopay to make sure you don’t miss a payment just as you would set up specific times each week to study.

#2. Choose your first credit card wisely

When used responsibly, credit cards are often the easiest and most effective way to build a credit profile. There are many different types of credit cards and picking the right one for your needs is important. A store credit card, that can be used at a specific store, is a great option for those with little or no credit history.

“There is typically more flexibility in approving applications for store cards,” says Axler. “They have lower credit limits and can only be used in-store, which is often more manageable for beginners, and also offer special promotions and perks while shopping at your favorite stores.”

Another option is a secured credit card, which employs a simple, responsible spending concept. To open a secured card requires a cash deposit and the amount deposited becomes your spending limit. Because you are using your own money for purchases, it’s like a debit card, but helps build your credit history.

#3. Make good credit habits a lifestyle

Once you’ve got a card, stick to habits that will help boost your credit over time. The most important habits are:

• Pay on time: Missing payments can seriously hurt your score, so setting up autopay for the bills to automatically withdraw payment from a bank account monthly is a good option. But don’t just set it and forget it. “It’s important to still monitor account activity to keep track of spending,” said Axler.
• Keep your balance low: Stay below 30% of your credit limit, as this shows you are managing credit wisely and not spending beyond your means.
• Only spend what you can pay off each month: It might be tempting to splurge, but a credit card is not free money. Carrying a high balance means more incurring interest charges which will cost you more for your purchase.

#4. Use free credit checks to stay on track

Check your balance frequently to track spending and monitor for any errors or potential fraud on your accounts. Balances can creep up quickly if you are not paying attention.

And, checking your credit status is free and simple! The three large credit bureaus — Equifax, Experian and TransUnion — offer access to your credit reports on their websites for no charge. You can also get a free copy of each of your credit reports from the three credit bureaus on AnnualCreditReport.com.

Even if you’ve never used a credit card, it’s a good idea to check what’s currently in your credit file to ensure you have not been a victim of identity theft.

#5. Learn responsibility as an authorized user

Not ready for your own card yet? You could ask a parent or family member to become an authorized user on their account. This means you get a card in your name, but it is linked to that family member’s account. It’s a lower-risk way to start using and building credit.

This approach is advisable on a card with a low credit limit, because it is a safeguard from racking up too much debt — which would hurt both of your credit histories.

If you go this route, make sure you understand the boundaries with your family member and spend responsibly. Check in with them and review your spending together to avoid any surprises.

Remember, your credit score is based on a lifetime of transactions. By starting your credit journey on the right foot today, you will pave the way for a healthy financial future and achieving your dream purchase goals of tomorrow.

2024-12-12T08:31:00

(BPT) – The end of the year provides a natural moment for reflection. Millions of individuals take this time to make resolutions and set themselves up for a productive new year, and your business can benefit from the same approach. An annual review of your business can set the stage for a successful year ahead. From assessing goals and staffing needs to reviewing processes and identifying potential gaps, the new year is an ideal time for strategic alignment and planning.

According to research from Bridges Business Consultancy, 48% of leaders spend less than one day per month discussing strategy. It’s no surprise, then, that 48% of organizations fail to meet at least half of their strategic targets.

“With 2025 just around the corner, now is the perfect time to look back on the past year and recalibrate,” says Brittney Passini, director of commercial lines product development at Acuity Insurance. “What have you accomplished this year? Have you made any changes you need to account for in your planning for next year?”

Passini emphasizes that the new year is not only a time to evaluate performance and set business goals but also an opportunity to ensure your insurance coverage reflects your evolving business needs. Below, she offers four tips to help position your business for success:

1. Review Last Year’s Performance. By analyzing your business’s financial performance, project completion, employee and client relationships, and more, you can identify the best next steps for your business. Reflect on your successes and setbacks to identify operational areas needing attention. Also important, evaluate how changes — such as increased property value, expanded operations or new risks — may impact your insurance coverage. A review of your performance should go hand in hand with a review of your risk exposures.
2. Update Your Business Plan. Without clear goals, progress is difficult to measure. If you don’t already have specific business goals outlined, consider setting short- and long-term objectives. Rank and prioritize them based on return on investment, efficiency or productivity metrics so you can visualize progress and set priorities. Consider how trends and changes in the market, including shifts in consumer behavior and potential new regulatory requirements, could impact your goals.
3. Conduct Your Annual Insurance Review. Expanding your business, changes to your operations and increasing property values can all impact your insurance needs. An annual policy review is a great idea to ensure your coverage reflects the realities of your business. Confirming your business has the right coverage can mean the difference between bouncing back from a loss and having to close your doors. This review provides a great opportunity to check if you have enough coverage for your growing business and are covered for risks you may not consider as often, including cyberthreats and supply chain disruptions. Partnering with your local insurance agent during this review can help ensure you have the right coverage tailored to your specific needs.
4. Put an Emphasis on Safety. Operating safety can benefit your bottom line and retention as well as help maintain your reputation. Engaging with your insurance provider to identify risk management strategies for your business can amplify the benefits. Providers like Acuity offer loss control services that help you identify potential risks and take steps to mitigate them before they become accidents. Some techniques that can improve safety include updating training, completing risk assessments and implementing new safety measures. Working with loss prevention and risk management professionals from your insurance company can help you identify which strategies to take.

The new year is an ideal time to set your business up for success. Strategic planning should involve all aspects of your operations — including your insurance coverage. For help confirming your insurance is adequately serving your business, and to optimize risk management strategies, reach out to an independent insurance agent.

2024-12-10T13:15:00

(BPT) – The creator economy has revolutionized the way individuals monetize their content, skills and passions. To thrive in this dynamic landscape, creators must adopt strategies that enhance productivity, streamline financial management and foster engagement.

There are more than 50 million artists, musicians and creators who are publishing content full or part time[1]. But creators face the same challenges as small and medium-size businesses: macroeconomic uncertainty, lack of timely access to working capital and competition from established players. To overcome growth hurdles, Visa recognizes creators as small businesses, unlocking access to Visa solutions that will help them grow with ease. Here are three pivotal tips for success in the creator economy.

Get Paid Faster to Help Cash Flow

Break free from slow payouts hindering growth. Many leading social platforms now offer real-time payments to creators. This means creators spend less time waiting for their earnings, improving cash flow and reducing reliance on pending transactions. Yet more than two-thirds of creators cite slow payments as a barrier to growth.

Fast access to earnings also enables creators to make timely financial decisions, invest in growth opportunities and manage expenses effectively. Visa Direct is addressing slow payouts through collaborating with social media networks and marketplaces to help creators get payouts in real-time[2] to their eligible card.

Utilize Small Business Tools for Streamlined Operations

Bridge the gap between creativity and commerce. Tools like project management software, accounting apps and social media schedulers automate tasks, freeing time for creative pursuits.

It’s not just social media tools that help creators grow — it’s also business tools built specifically for small businesses. Creators have not always had access to these financial products and solutions, but that is changing. Acknowledging the impact of creators on the digital economy, Visa is recognizing creators as small businesses. Creators can easily and securely pay and be paid with Visa’s products made available through its clients to small businesses worldwide.

“Creators drive the digital economy. We’re proud to empower their growth through financial inclusion,” says Jonathan Kolozsvary, Global Head of Small Business at Visa.

Utilizing business tools enhances credibility, ensures timely deliveries and maintains organized records for tax purposes and financial tracking.

Foster Authentic Engagement for Loyal Communities

Interacting genuinely with the audience builds trust and loyalty, encouraging consistent support and word-of-mouth promotion. Creators should leverage engagement metrics to glean valuable insights into audience preferences, guiding content creation and business strategy adjustments.

Another way creators can build authentic relationships is by brand differentiation — distinguish yourself from competitors, securing a loyal fanbase that advocates for their work.

By incorporating real-time[3] payments, leveraging small business tools and cultivating genuine audience connections, creators can solidify their presence, ensure financial stability and drive sustainable growth within the creator economy. Join Visa’s creator-focused initiative. Explore how Visa is supporting this new wave of creators here.

2024-12-09T07:01:00

(BPT) – Technology is impacting every aspect of our lives — including our cars. And as technology reshapes the automotive industry, from the advancements in electric vehicles (EVs) to increasingly sophisticated safety features like blind-spot sensors and lane-keeping assistance, American drivers’ relationships with their vehicles are evolving in distinct ways. Hankook Tire’s latest Gauge Index Survey combines new data from 2024 findings with a decade of insights to reveal key trends shaping the modern driving experience, focusing on evolving perceptions of EVs, how car safety technology boosts confidence on the road, and consumers’ increasing confidence in vehicle maintenance.

Electric Vehicles Gain Traction

EVs are increasingly shaping the American automotive landscape as consumers’ attitudes continue to evolve. In its latest Gauge Index, Hankook reports that 20% of consumers plan to buy or lease an EV within the next year, a notable increase from only 8% in 2022. Millennials are leading this shift toward hybrid and EV ownership, with 36% considering a purchase in the future, followed closely by Gen X at 35% and Gen Z at 32%.

This surge in EV interest reflects growing environmental awareness, technological appeal, and a willingness among younger generations to embrace new forms of sustainable transportation. To address this shifting demand, tiremakers are developing new solutions to meet the specific performance and durability needs of electric vehicles, such as Hankook Tire’s iON line.

Despite growing interest, cost remains a significant hurdle for EV adoption. For 36% of respondents, price is the top reason for not yet making the switch. Concerns over affordability have long been a barrier. In fact, in 2021, only 26% of consumers associated EVs with affordability. However, there are signs that cost is becoming less of a barrier for many potential purchasers.

While gas savings historically attracted potential EV buyers, its influence is waning. The appeal of fuel savings dropped from 58% in 2022 to 36% in 2024, indicating that while these economic considerations still matter, consumers are becoming more motivated by other factors, such as technological advancements (10%) and environmental impact (18%).

Tech Enhances Perceived Safety

Advanced safety features such as blind-spot sensors, lane-keeping assist, and automatic braking are now a quintessential part of the driving experience, contributing to a sense of security on the road. Hankook’s survey reveals that 30% of Americans feel safer thanks to these technologies, though they also say these features don’t necessarily alter their driving behavior. For many, the presence of these aids may bring peace of mind, especially for individuals navigating congested urban environments or long highway stretches.

The perception of safety technology varies by gender, with women (26%) more likely to report feeling more cautious on the road compared to men due to these aids (17%). This suggests that safety technology might appeal differently based on individual driving styles and preferences, which is valuable information for automakers striving to address diverse consumer needs.

While these features offer an additional layer of confidence, drivers recognize that technology complements rather than replaces attentive driving. The combination of human skill and technology-driven support represents a balanced approach, one that highlights the crucial role technology plays in reducing stress for those who may otherwise feel apprehensive behind the wheel. Hankook reinforces this balance by engineering tires that seamlessly integrate with advanced safety systems, enhancing both reliability and peace of mind on the road. For example, the Hankook Weatherflex GT tire is designed to provide year-round control and confidence, performing exceptionally well in harsher weather conditions like snow and ice.

Confidence in Car Care on the Rise

As car technology has advanced, so too has the confidence of American drivers in maintaining their vehicles. Over the past decade, drivers have become more proficient in handling essential maintenance tasks, Hankook found. By 2024, 65% of Americans feel comfortable changing a tire, up from just 52% in 2015. Likewise, confidence in changing brake fluid has increased from 35% to 49% over the same period. This trend extends to other routine tasks as well, with significant increases in confidence seen for replacing air filters (61% from 53%), car batteries (64% from 51%), oil changes (58% from 45%), and even spark plugs (50% from 39%).

This boost in self-reliance isn’t just about handling maintenance tasks independently but also reflected in a broader commitment to timely vehicle care. Checking tire condition should be a regular part of any maintenance routine, as well-maintained tires are critical for safety and performance. In 2014, 33% of drivers admitted to delaying tire rotations until the last minute; that figure dropped to 20% by 2024. Similarly, instances of drivers delaying oil changes beyond recommended mileage decreased from 31% to 22%. These improvements suggest that Americans are taking vehicle care more seriously, potentially driven by a desire to extend vehicle lifespan and save on costly repairs. When tire replacements are needed, offerings such as Hankook’s annual rebates can help drivers keep this essential maintenance within budget.

A Roadmap for the Future

The convergence of these three trends reflects a broader shift in how Americans view and interact with car technology. Growing enthusiasm for EVs, despite cost challenges, demonstrates a readiness for cleaner, more advanced transportation. At the same time, safety technologies are boosting confidence on the road, especially among those who may otherwise feel cautious, while the rise in self-sufficiency in car maintenance suggests consumers are increasingly invested in their vehicles’ care.

The Hankook Tire Gauge Index offers actionable insights for drivers, dealers, and tiremakers alike to navigate these shifts. Together, these markers signal a promising future where American drivers not only embrace cutting-edge car tech but also take greater ownership of their automotive experience. As the industry continues to innovate, consumers can look forward to a driving landscape that is safer, more sustainable, and more empowering.

2024-12-05T16:27:00

(BPT) – Generative AI is everywhere, especially in the workplace. In fact, many aspiring leaders in the workplace are excited about the widespread adoption of AI and recognize it as a valuable tool for their careers.

Google Workspace — the productivity platform that includes AI-powered tools like Gmail, Docs, Drive, Meet and more, relied on by over 3 billion users and more than 10 million paying customers — commissioned a survey with The Harris Poll to get a sense of how rising leaders view and use AI.

The study surveyed workers ages 22-39 years old who currently have or aspire to hold a leadership position at work. The result? The research found that 82% of young leaders surveyed are already embracing AI tools in their work. And, looking further out, almost all (98%) of those surveyed anticipate that AI will have an impact on their industry or workplace within the next five years.

“Our research shows that emerging leaders are adopting AI to increase their impact at work,” said Yulie Kwon Kim, VP of Product, Google Workspace. “Rising leaders are not simply using AI as a tool for efficiency, but as a catalyst to help grow their careers.”

The findings show it’s clear — aspiring leaders are adopting AI to increase their impact at work. Here are five key ways AI is transforming the way young leaders work.

1. Overcome task paralysis

Getting started on a task, big or small, can feel incredibly challenging and can lead to task paralysis. Luckily, AI can help employees navigate the difficulties of task initiation, with 88% of survey respondents saying they would use AI to start a task that feels overwhelming. Consider using AI to brainstorm ideas, help write an email, outline a blog draft, and more.

2. Improve writing

In the era of hybrid work, strong communication is more important than ever. When sending emails, conveying the proper tone and content can be anxiety-inducing, especially for those earlier in their careers.

To that end, many (88%) young leaders say that AI can help them strike the right tone in their writing. Even more telling, 70% have used AI for tasks like drafting email responses, writing challenging emails from scratch, or helping overcome language barriers.

3. Increase work flexibility

Hybrid work is becoming the new normal for many organizations, so it’s important that people have tools to support more flexible collaboration from anywhere, across any device. A whopping 87% of respondents believe AI can make them more comfortable composing lengthy emails on their phones and 90% also believe they would feel more confident joining meetings on-the-go if they knew AI was taking meeting notes for them.

4. Improve management capabilities

It’s important that managers have strong communication and interpersonal skills, can think strategically, and more. The survey found that these are areas where AI can help in meaningful ways. When considering how to improve their management capabilities, 79% of respondents said they are interested in using AI to become better managers. This includes 47% who said AI can help enhance communication to improve problem-solving and facilitate better relationships.

5. Create a bigger impact

Rising leaders want to drive real impact in their workplace. Oftentimes, however, routine tasks can bog down young leaders and keep them from focusing on strategic, career-defining work. To better prioritize their time, many young leaders are using AI. Fifty percent recognize the current and potential impact of AI to automate routine tasks, so that they can spend more time focused on strategic work.

These are just five ways rising leaders are using AI to aid their professional development and get ahead in the workplace. With AI as an impetus to help young leaders grow their careers and drive more impact, AI will undoubtedly have a ripple effect on organizations around the world.

“The future of work is here — and it’s AI-powered,” said Yulie Kwon Kim.

To learn more about AI and its uses, visit Workspace.Google.com/Solutions/AI/.

2024-12-05T08:01:00

(BPT) – Every day on the news, we hear about another data breach. Ticketmaster recently reported that 560 million customers had their data stolen — names, addresses, email, payment information, etc. AT&T noted that 73 million records were hacked, but their breach also included Social Security numbers. Early in the fall of this year, a hacking group claimed to have stolen 2.7 billion personal records, including Social Security numbers, and sold the information on the dark web. That number is mind-boggling.

The high cost of fraud

Data stolen and used by bad actors is a financial nightmare. But it’s not only that. According to the 2024 Trust Index Report by customer identity and engagement solutions provider Telesign, 47% of global fraud victims experienced financial repercussions, including lost savings and stolen bank information, but they also suffered emotionally. The study found that 34% of victims experienced anxiety, depression and stress. Additionally, 21% faced social repercussions, and 20% experienced physical safety concerns.

Nearly half of all fraud victims (49%) considered the experience life-altering or very impactful. It changed their use of social media, payment services and e-commerce, and it also changed their view of the hacked brands.

Some 64% of global consumers report that fraud incidents negatively impact their perception of the brand responsible for the breach. Many sever ties completely with the brand, but even more damaging, they often take their grievances to social media and discourage friends and family from engaging with it.

What people and brands can do

A straightforward first step everyone can take immediately is to freeze their credit. This doesn’t mean you can’t use your credit cards or lines of credit, but it does mean no new credit can be taken out in your name. It’s simply a matter of contacting the three credit bureaus and filling out an online form. In a few minutes, it’s locked down. When you want or need to get a car loan, mortgage or new credit card, unfreezing is just as easy.

Another step you can take is to avoid engaging with brands that don’t take digital identity protection seriously.

According to the Telesign study, nearly everyone (92%) believes that the companies they engage with are the first line of defense and that brands are responsible for protecting digital privacy.

Christophe Van De Weyer, CEO of Telesign, summed it up. “Companies that neglect to safeguard their customers’ digital identities are putting more than just data at risk — they’re jeopardizing their reputation, customer trust and future growth,” he said. “In today’s landscape, there’s no justification for not implementing stronger security measures like multi-factor authentication, especially since most consumers are willing to embrace additional steps to prevent fraud and feel more secure.”

Multi-factor authentication is one example of an additional step. Receiving a security code or going through a few clicks to ensure you are who you say you are is worth it compared to the repercussions of fraud.

The Telesign study also found that an overwhelming 80% of global consumers believe that security measures such as multi-factor authentication are necessary to protect against fraud.

The 2024 Trust Index underscores the urgent need for businesses, governments and individuals to prioritize trust and security in the digital world. Telesign connects, protects and defends companies and customers and the digital interactions between them. Harnessing intelligence from more than 2,200 digital identity signals, Telesign’s AI models empower companies to transact with their customers free of fear, enabling the promise of the digital economy. Telesign helps its customers prevent the transmission of 30+ million fraudulent messages each month and protects 1+ billion accounts from takeovers yearly.

2024-12-03T08:31:00

(BPT) – As the holiday season approaches, cybercriminals are ramping up their efforts to exploit both businesses and individuals. Cybercriminals know the biggest vulnerability in any organization isn’t the technology — it’s the people behind it. Whether you’re working late to finish up projects or just trying to get some last-minute holiday shopping done, it only takes one slip-up to trigger a costly cyberattack.

Humans remain the weak link in the security chain. According to Verizon data, 68% of breaches involve a non-malicious human element, such as an employee falling for a social engineering attack or making a simple mistake. These human errors can open the door to significant data breaches and financial losses. Even more concerning, a 2022 Statista study found many employees are using their employer-issued devices for personal tasks — 50% checking email and 32% shopping online — creating more entry points for cybercriminals to exploit.

This human factor makes small businesses particularly attractive targets. With fewer resources allocated to cyber security, small businesses are 350% more likely to experience social engineering attacks than their larger counterparts, according to a StrongDM study. Criminals know these businesses are often more vulnerable and easier to breach, plus they hold valuable data worth stealing.

The financial impact can be staggering. According to Acuity Insurance data, the average cyber insurance claim costs more than $20,000. The cost can be much higher than just the immediate financial loss — it can damage a business’s reputation and customer trust.

So how can you protect your business? Start by preparing your employees. Ensure they understand what to look for and how to respond if they make a mistake — like clicking on a suspicious link. Implement multifactor authentication wherever possible and reinforce the message that no business is too small to be targeted by cybercriminals.

Add cyber insurance to your business’s insurance policy. It provides protection for businesses by helping mitigate financial losses and covers a wide range of cyber-risks, including fraud, data breaches, identity theft, cyber extortion and system attacks. Beyond financial reimbursement, cyber insurance gives businesses access to expert resources for incident response, like information technology forensics, legal support and public relations professionals. Cyber insurance provides peace of mind by putting you in contact with experts who know how to manage the aftermath of a cyber event, and the financial backing to know that a cyber incident won’t cost you your business.

2024-12-03T08:01:00

(BPT) – Did you know the cost of a four-year college education has increased 38% at private schools and 32% at public colleges/universities over the past decade?^[1] Between these increasing college costs, lingering inflation and market uncertainties, many families are rethinking the gifts they’re giving for the holidays, birthdays, graduations and more.^[2] Many are asking: Would a contribution to a family member’s college savings account for their children be a more appreciated gift this year?

Apparently, most parents are on board with thinking outside the gift box. According to Fidelity’s 2024 College Gifting Study, a whopping 74% of parents say they would welcome a contribution to their child’s college savings account instead of traditional gifts and 62% would even prefer it. Looking back on their own experience, nearly 7 in 10 parents also say they would have been OK receiving fewer gifts as a child in exchange for more money in their own college funds.

When asked specifically about the holidays, parents in the “sandwich generation” are more likely to say they prefer more money be allocated to a college savings account instead of traditional gifts or experiences, with two-thirds of millennials and more than half of Gen X preferring those contributions for their kids (66% and 59%, respectively). In contrast, 47% of Boomers and 55% of Gen Z say they would prefer this kind of gift.

The study reveals the growing popularity of receiving gifts toward a child’s college fund. Although parents say their friends and family typically spend about 61% of their gifting budget on traditional gifts or experiences, they would prefer gifts be split 54% versus 46% between traditional gifts/experiences and college savings account contributions for their children.

If a contribution to a college fund sounds like a gift you’d like to give or receive, you may want to learn about the advantages of a 529 education savings plan.

Benefits of gifting contributions to a 529 plan

For parents planning for their children’s future, 529 plans are flexible, tax-advantaged accounts designed specifically for education savings. Funds in a 529 plan can be used for qualified education expenses at schools nationwide, including college expenses at postsecondary schools, tuition for K-12 schools, certain apprenticeship costs, vocational schools and student loan repayments. While your money is in a 529 account, no taxes will be due on investment earnings, and withdrawals for qualified education expenses are free from federal income tax.

If you want to contribute to a friend or family member’s 529 plan, contributions up to $18,000 annually are not subject to the federal gift tax, and some states may even offer tax incentives for contributions by state residents.

Even better, in the event that the 529 account is not used for education (such as a child who chooses another path), legislative changes have determined that under certain conditions, 529 plan assets can now be transferred to a Roth IRA for the beneficiary, giving them a retirement boost. Parents can also transfer unused funds to another family member, such as another child, their spouse, extended family, or even themselves.

“A contribution to a 529 plan is a great option for anyone who wants to help give the gift of college this holiday season,” said Tony Durkan, vice president, head of 529 Relationship Management at Fidelity Investments. “It speaks volumes about the importance of education, and helps families achieve their long-term goals in a real, tangible way.”

There are no account minimums required to open a Fidelity-managed 529 account, and you can choose from a menu of portfolios managed by professional fund managers. All five Fidelity-managed plans are also rated Gold or Silver by Morningstar.^[3] Learn more about the firm’s award-winning 529 plans and how to financially prepare your family for college at Fidelity.com.

How friends and family can participate

Ahead of the holidays or for any other special occasion, head to Fidelity.com/CollegeGift to learn more about gifting to a 529 plan.

Need assistance understanding your college savings options? Call Fidelity at 1-800-544-1914 for complimentary access to dedicated college planning representatives or visit Fidelity.com/529-plans/overview for more information.

Methodology

This survey was conducted by Big Village among a demographically representative U.S. sample of 3,008 adults 18 years of age and older. 874 respondents have children under 18 living at home and celebrate the holidays. This survey was live on October 1-10, 2024. Fidelity and Big Village are not affiliated.

The generations are defined as: Boomers (born 1946 – 1964), Gen X (born 1965 – 1980), Millennials (born 1981 – 1996), and Gen Z (born 1997-2012; only those ages 18+ were considered for this study).

Units of the portfolios are municipal securities and may be subject to market volatility and fluctuation. Please carefully consider the plan’s investment objectives, risks, charges, and expenses before investing. For this and other information on any 529 college savings plan managed by Fidelity, contact Fidelity for a free Fact Kit, or view one online. Read it carefully before you invest or send money.

529 distributions for qualified education expenses are generally federal income tax free. 529 assets may be used to pay for (i) qualified higher education expenses, (ii) qualified expenses for registered apprenticeship programs, (iii) up to $10,000 per taxable year per beneficiary for tuition expenses in connection with enrollment at a public, private, or religious elementary or secondary educational institution. Although such assets may come from multiple 529 accounts, the $10,000 qualified withdrawal limit will be aggregated on a per beneficiary basis. The IRS has not provided guidance to date on the methodology of allocating the $10,000 annual maximum among withdrawals from different 529 accounts, and (iv) amounts paid as principal or interest on any qualified education loan of a 529 plan designated beneficiary or a sibling of the designated beneficiary. The amount treated as a qualified expense is subject to a lifetime limit of $10,000 per individual. Although the assets may come from multiple 529 accounts, the $10,000 withdrawal limit for qualified educational loans payments will be aggregated on a per individual basis. The IRS has not provided guidance to date on the methodology of allocating the $10,000 annual maximum among withdrawals from different 529 accounts.

Any earnings on distributions not used for qualified higher educational expenses or that exceed distribution limits may be taxed as ordinary income and may be subject to a 10% federal tax penalty tax. Some states do not conform with federal tax law. Please check with your home state to determine if it recognizes the expanded 529 benefits afforded under federal tax law, including distributions for elementary and secondary education expenses, apprenticeship programs, and student loan repayments. You may want to consult with a tax professional before investing or making distributions.

Under current law, the annual gift tax exclusion amount is $18,000. Annual contributions up to $18,000 from an individual tax filer ($36,000 for married-filing-jointly) per beneficiary are not subject to the federal gift or estate tax consequences.

Investing involves risk, including risk of loss.

Views expressed are as of the date indicated, based on the information available at that time, and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the speaker or author and not necessarily those of Fidelity Investments or its affiliates. Fidelity does not assume any duty to update any of the information.

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2024-11-25T07:31:00

(BPT) – Thanksgiving is late this year, so the holiday shopping season is approaching faster than ever. As you’re making out your gift list, are you concerned about inflation? Amid global uncertainty, what’s the situation with the supply chain? Will the electronics, toys and other must-haves be on the shelves? How are retailers preparing for it all?

The 2024 Supply Chain Confidence Survey, conducted by Manhattan Associates, explores these questions, and more. Spanning over 1,000 consumers and retail and supply chain executives, the survey measured confidence and concerns for the upcoming holiday shopping season.

The results give a unique perspective across all parts of the shopping spectrum — the supply chain, retailers and consumers.

The majority of shoppers, 85%, cited inflation and increased prices as a top concern. In response, nearly 61% of supply chain leaders reported having invested in new technologies and processes to run more efficiently and reduce overall costs this season.

It’s a symbiotic relationship — consumer concerns and retailers respond to help quell those concerns and make holiday wishes come true. The bottom line is, everyone wants to have a happy, and successful, holiday season. People want to find the perfect gifts for their loved ones without overspending and retailers want to have a robust season that for some, especially smaller businesses, defines their entire year.

What did the survey uncover? Here are some of the top findings.

Top findings of the 2024 Supply Chain Confidence Survey

• Inventory Concerns: 62.4% of supply chain leaders worry about inventory shortages. However, 87.2% of retailers have measures in place to ensure trending products are available during peak shopping periods.
• High Price of Holiday Cheer: 93% of consumers say price increases over the past few years have had a negative impact on them. 60% of consumers plan to buy fewer gifts, while 57% will seek less expensive options, and 52.2% will look (and are willing to wait) for sales and deals.
• Technology Comes to the Rescue: 61.2% of retail leaders recently invested in new technologies to improve the efficiency of their supply chain, and 80% are leveraging AI technology to improve inventory management and customer service.

How should consumers react? Recommendations based on the survey results

In short, have confidence, be flexible and shop early.

1. Shop early. People resolve to do this every year, but this year it’s crucial. Get your shopping list handled now and be prepared to spread out the holiday spend to avoid feeling the pinch. Remember, the best deals will come early this season.
2. Shop online. Many of the best deals can be found online. 40.2% consumers surveyed said they plan to do most of their holiday shopping online. It’s important to do your online shopping early so that you don’t have to pay expedited shipping fees.
3. Make technology your friend. Do you have someone on your shopping list that has everything? The latest GenAI tools, like ChatGPT, can be helpful in brainstorming creative gift ideas. 32.6% of consumer are using AI in their holiday shopping, with 14.2% planning to use AI to find the best deals.
4. Shop the sales and do your research. You don’t have to leave the house to take advantage of Black Friday, Cyber Monday or Small Business Saturday. Scour online sites for deals and steals. Remember, retailers are gearing up for these sales early.
5. Be Kind to Santa’s Elves. As stressful as holiday shopping can be, it is extra stressful for all the truck drivers, store associates, shelf stockers, and delivery drivers that move gifts through the supply chain. Please be patient and be sure to thank them for the important role they play.

Patience and flexibility will go a long way. And remember, it’s not really about what’s within that holiday wrapping paper. It’s about spending time with who is unwrapping it.

For more information, visit https://www.manh.com/our-insights/resources/research-reports/the-state-of-supply-chain-confidence-ahead-of-the-2024-holiday-season.