ALTERNATIVE FINANCIAL SERVICE PROVIDERS ASSOCIATION | |
edition: January 16, 2025 | |
Where median incomes are rising fastest
The largest increases came predominantly in Western states.
The median household in Idaho is earning more than $10,000 more than it did five years ago, the fastest pace of growth in the nation, according to new figures from the U.S. Census Bureau.
The figures, from a five-year survey of the American population, show the median income of households across the country rising 7% since the previous five-year study, adjusting for inflation. The median household income today stands at $78,538 — near an all-time high, according to the Federal Reserve Bank of St. Louis.
Where median incomes are rising fastest
Idaho leads the pack, while energy states suffer
Read more at pluribusnews.com
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Have a tax law question?
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Watch this short video to learn more:
https://youtu.be/y6HkaBkdKdU
IRS announces Jan. 27 start to 2025 tax filing season
Jose L. Santiago
Public Affairs Specialist
Tax Outreach, Partnership and Education
Email: jose.l.santiago@irs.gov
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Minimum wages are increasing in nearly half the states this year
Voters in several states, including deeply red ones, chose to make significant boosts this year.
The minimum wage will increase in nearly half the states this year even as the federal wage floor remains stuck at $7.25 per hour.
In many states, the minimum wage is automatically adjusted upward as inflation rises. But voters in several states, including deeply red ones such as Alaska and Missouri, chose in November to significantly increase their minimum wages this year.
Michigan will see its minimum wage jump from $10.33 to $12.48 on Feb. 21 after the state Supreme Court concluded the legislature subverted residents when it adopted but then significantly amended voter-initiated ballot measures in 2018 to raise the minimum wage and mandate paid sick time.
Michigan’s wage floor is set to rise to $14.97 by 2028 — more than double the federal minimum wage, which has not increased since 2009. That’s the longest period without a federal increase since Congress first set a minimum wage in 1938.
Read more at STATELINE.ORG
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Millions of Americans don't have bank accounts. Here's where they live.
Most financial experts agree that the best time to start using a credit card is 18, as long as one is equipped with the financial education to tackle the responsibility of taking on debt. The sooner someone can begin building a history with banks, the better.
In a country where taking part in the banking system is a necessary tool for economic opportunity, about 1 in 25 Americans still don't participate.
Who are they, and why don't they manage their finances with banks? These adults who don't use traditional credit cards, savings, or debit accounts are known as the "unbanked." Spokeo analyzed data from the Federal Deposit Insurance Corporation to illustrate where in the U.S. the most unbanked Americans live.
Read more at AOL.COM
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$5 cap on overdrafts finalized by Biden Administration: Will it actually happen?
(NEXSTAR) – A new federal rule would cap overdraft fees at $5 beginning late next year. That would be a big drop from the 2023 average of $26, but the policy still faces legal and potential political challenges.
The new rule was released Thursday by federal regulators and is part of President Joe Biden’s campaign against junk fees, which include everything from late fees and overdraft fees to hidden charges on concert tickets.
The Consumer Financial Protection Bureau offered two other options for banks that don’t want to cap fees. They can charge a fee equal to what it costs to cover the overdraft or treat it as a loan and allow customers to open a line of “overdraft credit.”
Regulators say the new rule will save up to $5 billion in overdraft fees for bank customers each year, which works out to about $225 per household.
Read more at WCBD Charleston
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How banks can help customers achieve financial wellness in the new year
Each New Year, prioritizing one’s health ranks among the most popular resolutions. As we enter 2025, many are expanding their focus beyond physical fitness. This year, boosting financial fitness is becoming equally as important, with more people aiming to improve their financial well-being alongside their health goals.
Financial wellness, or the journey to achieve good financial health, has become a trending topic in banking. That’s because more people say finances are the biggest stressor in their lives, negatively impacting their sleep, personal relationships, and mental and physical health, according to a PwC Employee Financial Wellness Survey.
Consumers need more support to tackle their financial stress. Banks can provide this support through a range of products and services that build financial literacy and put their customers on the path to improved financial wellness in the New Year.
Read more at INSIGHTS.SAMSUNG.COM
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State Tax Revenue Declines Again in Fiscal 2024: PEW
The tax revenue trends indicator measures the difference between recent state tax collections and their 15-year trend levels, after adjusting for inflation and seasonality. This approach provides a window into how current conditions compare with a state's long-term trajectory over the previous 15 years and may paint a different picture than recent state forecasts and relatively volatile quarterly and annual percentage changes. A deeper understanding of long-term trends can help state leaders judge whether their budgets are on a sustainable path and allow for better-informed fiscal planning and policy formulation
State Tax Revenue Declines Again in Fiscal 2024 but Shows Signs of Stabilizing
In fiscal year 2024, inflation-adjusted tax revenue fell in 40 states compared with the previous year’s collections, marking the first consecutive years of decline for most states since the 2007-09 Great Recession. Consequently, tax revenue now trails its 15-year growth trends in 38 states.
Read more at The Pew Charitable Trusts
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5 Financial Brands to Watch in 2025
Cash App, SoFi, JPMorgan Chase, Vanguard and PNC Bank are embracing both rapidly changing technology and human-powered decision-making to drive customer growth and retention. With fintech startups nipping at the heels of traditional banks, the race is on.
From deploying fast-changing artificial intelligence tools to hyper-targeting customer demographics while maintaining a single brand identity, financial services companies face a host of challenges. Here’s a look at five retail-focused financial brands to watch in 2025.
Cash App
Legacy banks like Morgan Stanley have long offered their top-tier credit cardholders exclusive perks like special-access tickets to concerts, music festivals and museums, with holders of the luxury cards able to access VIP lounges and artist meet-and-greets. Much of that plastic carries substantial annual fees and requires strong credit scores and high annual incomes, putting it out of reach for millions of ordinary consumers.
Read more at The Financial Brand
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ALTERNATIVE FINANCIAL SERVICE PROVIDERS ASSOCIATION | |
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