Quartz/First Republic Bank •

The "renter generation" is a myth: Young people lead US in buying homes

There is an oft-repeated fiction of debt-doomed millennials perpetually dwelling in parental basements, or bunking up with a dozen friends in a half-dozen rooms. These images emerge from a disheartening fact: Today’s 25-34 year olds have a homeownership rate 8% below what Baby Boomers and Gen Xers achieved at an equivalent age. Though student debt still dogs many Gen Yers, rebounding employment rates and suburban revival have finally provided young people a path toward homeownership. In fact, i
Quartz at Work/Prudential •

Seven things millennials can actually look forward to in their future

The prospect of a financially healthy future at age 80 feels elusive for many millennials. They have more debt and fewer assets than preceding generations did at the same age. They’re finding their footing in the increasingly multigenerational workplace, but their employment security is slipping away as unions dissolve and a gig economy emerges. By 2034, when the oldest millennials turn 54, Social Security is expected to be insolvent. It’s hard for millennials to be optimistic about their octog
Prudential/Quartz at Work •

Millennials’ desire to kill the penny reflects their attitude toward managing finances

A recent BuzzFeed poll asked, “millennials, what should we kill next?” There were over 60,000 respondents and 50 categories, and in second place, winning 13% of votes: pennies. In multiple ways, millennials’ desire to kill the penny reflects their general approach to finances. The penny is wasteful: The 1¢ coin costs 1.7¢ to produce, whereas millennials have hardened into thrifty, thoughtful investors post-Recession.
3D PERSPECTIVES •

Biometric banking

The next frontier for security is likely to arrive at your bank soon: biometric verification of your identity—and you may or may not be aware of it. The global banking sector is expected to spend $2.2 billion (€1.9 billion) on biometrics this year. Fingerprints, facial recognition and iris patterns are among the methods that could be used, thanks in large part to smart phones that already use fingerprints and that have cameras that can capture information.
WSJ •

Europeans Get Their First Glimpse Of New Notes at Dawn of New Year

More than 300 million Europeans saw in the new year with new money, and the first day went more or less as planned. At midnight, 12 countries adopted the euro as their legal tender. In the midst of New Year's Eve revelries, people for the first time were able to hold the pastel-colored banknotes that architects of the common currency believe will become compelling symbols of unity. Many on the Continent were tickled to at long last be able to get their hands on it.