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Merrill Edge® Report Finds Nearly 9 in 10 Americans Believe How They Manage Their Money Would Make Their Parents Proud

Business Wire



Reading Time: 6 minutes

Mind on My Money, Money on My Mind: Report Also Shows Finances Take a
Toll on Mental and Physical Health – Even More so Among Women

NEW YORK–(BUSINESS WIRE)–Bank of America today announced findings from the latest Merrill
Edge® Report
, which reveals people are feeling simultaneously
optimistic and overwhelmed by their finances. Merrill is committed to
empowering clients and helping them plan for the future at every age and
in every stage of their financial lives through a combination of tools,
people and know-how across Merrill
Edge Self-Directed
, Merrill
Guided Investing
, and Merrill Lynch
Wealth Management

The report is a biannual study of more than 1,000 mass affluent1
Americans’ evolving financial concerns and priorities. It found that 85
percent believe how they manage their finances today would make their
parents proud. This may be thanks to savvier spending habits and the
fact that 85 percent of Americans improved their financial lives in
meaningful ways in the last year:

  • Forty-five percent worked at improving their credit score, 43 percent
    worked toward paying off some or all of their credit card debt, and 35
    percent established an emergency fund by setting enough aside to live
    on for three months without an income.
  • Far fewer people are paying only the minimum balance on their credit
    card (17 percent), spending more than half of their paycheck on a
    single purchase (14 percent), or dipping into their retirement savings
    (11 percent).
  • For parents, 81 percent would like to leave an inheritance to their
    children, and many (38 percent) are making sacrifices to their
    lifestyle today to do so, including cutting back on dining out and
    entertainment (31 percent) and reducing their travel and vacations (26
    percent). Others are even delaying retirement (18 percent), taking on
    a second job or working longer hours (15 percent) in order to do so.
  • These positive steps may be leading to a higher level of confidence
    about one’s financial future. Gen Zers and millennials – 44 percent
    and 48 percent – believe they’ll be millionaires one day, and the
    majority of Americans across generations are confident in their
    ability to retire when they want (80 percent), leave money behind for
    their children (80 percent), pay off student loan debt (77 percent),
    and even buy a second or vacation home (57 percent).
  • Many are also putting their money where their mouth is, with 42
    percent willing to spend more at a retailer whose values align with
    their own, and 40 percent would stop buying products from companies
    whose values fundamentally conflict with theirs.
  • And for all this great work, Americans feel they deserve a treat –
    upon reaching a financial goal, 56 percent like to reward themselves,
    including 71 percent of Gen Zers, 66 percent of millennials, 42
    percent of Gen Xers, and 43 percent of baby boomers. The most popular
    rewards across all age groups include material purchases such as
    clothing, shoes or jewelry (48 percent); taking a vacation (48
    percent); eating at a nice restaurant (40 percent); and indulging in
    spa/beauty treatments (24 percent).

Mind, body, and toll
While Americans are becoming more
conscientious about money and mindful of their spending, many report
that their financial life weighs heavily on their minds, affecting both
their mental (59 percent) and physical (56 percent) health – even more
so among today’s younger generations and women of all ages:

  • Gen Z: mental health – 73 percent, physical health – 69 percent
  • Millennials: mental health – 69 percent, physical health – 66 percent
  • Gen X: mental health – 58 percent, physical health – 54 percent
  • Baby boomers: mental health – 40 percent, physical health – 38 percent
  • Women: mental health – 64 percent, physical health – 60 percent
  • Men: mental health – 52 percent, physical health – 51 percent

The study found that 51 percent are worried about their finances over
the next five years, with top concerns including the potential for an
inadequate amount of savings (55 percent), political instability (53
percent), a looming recession (47 percent), and market volatility (45
percent). Another source of worry – debt (39 percent):

  • Excluding their mortgages, 73 percent of respondents are carrying some
    form of debt. The types of debt respondents are dealing with the most
    include credit cards (43 percent), auto loans (36 percent), student
    loans (20 percent), and personal loans (15 percent).
  • Forty-six percent of respondents with debt owe more than $20,000,
    while 18 percent owe $50,000 or more.
  • In order to pay off debt, 68 percent of respondents are putting
    certain activities and milestones on the back burner, including going
    on vacation (43 percent), buying a car (37 percent), buying a home (30
    percent) and having children (19 percent).

“On the bright side, Americans are prioritizing their financial goals,
and taking steps towards improving their futures,” said Aron Levine,
head of Consumer Banking and Investments for Bank of America. “However,
many find managing their money today causes them a great deal of stress.
The key is to find the right balance of short- and long-term planning,
and always to take steps forward without placing a heavy burden on one’s
current financial situation or well-being.”

Hypothetically, if given the choice to never have to manage their
personal finances again, Americans would rather:

  • Give up all social media platforms forever (41 percent).
  • Cut carbs, sugar and/or alcohol from their life (37 percent).
  • Lose access to their smartphone for a month (35 percent).
  • Run into their ex every time they’re out with their current partner
    (25 percent).
  • Move back in with their parents (25 percent).

Help wanted
Perhaps the need to tackle debt and overcome the
stress from their finances are why 55 percent of respondents are
currently turning to professional financial guidance, either in person
or online, and why two-thirds plan to do so in the future. A growing
number are also embracing new technology and financial apps to help save
and manage their money, including consumer banking apps (71 percent),
money transfer apps (65 percent), personal finance apps (63 percent),
and automated investment apps (57 percent).

You can’t take it with you – they hope
Meanwhile, in the
midst of the largest generational wealth transfer in history, many
Americans (39 percent) expect to inherit or already have inherited all
or part of their family’s estate, including cash (68 percent), personal
property (57 percent), real estate (53 percent), and securities (41
percent). In fact, 58 percent of Americans believe their financial
stability and lifestyle would benefit significantly or only be made
possible by an inheritance from their family.

The good news is 92 percent plan to leave money and other assets behind,
mainly to their children (59 percent), spouse/partner (54 percent),
siblings (17 percent), and nonprofit organizations (17 percent).
However, that doesn’t necessarily mean they have a plan in place to do

  • Sixty-four percent of Americans have not consulted with a financial
    professional about their estate planning, including 46 percent of
    seniors and 59 percent of baby boomers.
  • One in three parents favor an early inheritance and would rather
    transfer wealth to their children now, instead of waiting until they
    are gone.

“Creating a long-term financial plan with reasonable, achievable goals
along the way is important,” said David Poole, Consumer Investments
Solutions and Client Services executive at Bank of America. “This can
help Americans find a balance between living the lifestyle they want
now, while working toward major milestones and leaving a legacy for
their children.”

For more in-depth information about the financial behaviors and
priorities of mass affluent Americans, read the entire spring
2019 Merrill Edge Report
. A complementing infographic is available here.

1 Merrill Edge Survey Methodology

Concentrix (an independent market research company) conducted a
nationally representative, panel-sample online survey on behalf of
Merrill Edge April 17-May 9, 2019. The survey consisted of 1,000 mass
affluent respondents throughout the U.S. Respondents in the study were
defined as aged 18 to 23 (Gen Z) with investable assets between $50,000
and $250,000 or those aged 18 to 23 who have investable assets between
$20,000 and $50,000 with an annual income of at least $50,000; or aged
24-plus with investable assets between $50,000 and $250,000. For this
purpose, investable assets consist of the value of all cash, savings,
mutual funds, CDs, IRAs, stocks, bonds and all other types of
investments such as a 401(k), 403(B), and Roth IRA, but excluding
primary home and other real estate investments. We conducted an
oversampling of 300 mass affluents in Atlanta. The margin of error is
+/- 3.1 percent for the national sample and about +/- 5.6 percent for
the oversample market, reported at a 95 percent confidence level.

Bank of America
Bank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 66 million
consumer and small business clients with approximately 4,400 retail
financial centers, including approximately 1,800 lending centers, 2,200
financial centers with a Consumer Investment Financial Solutions
Advisor, and 1,500 business centers; approximately 16,400 ATMs; and
award-winning digital banking with more than 37 million active users,
including over 27 million mobile users. Bank of America is a global
leader in wealth management, corporate and investment banking and
trading across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through operations
across the United States, its territories and approximately 35
countries. Bank of America Corporation stock (NYSE: BAC) is listed on
the New York Stock Exchange.

For more Bank of America news, including dividend announcements and
other important information, visit the Bank
of America newsroom
. Click here to
register for news email alerts.

Merrill, its affiliates, and financial advisors do not provide legal,
tax, or accounting advice. You should consult your legal and/or tax
advisors before making any financial decisions.

Banking products are provided by Bank of America, N.A., and affiliated
banks, Members FDIC and wholly owned subsidiaries of Bank of America

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as
“MLPF&S” or “Merrill”) makes available certain investment products
sponsored, managed, distributed or provided by companies that are
affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a
registered broker-dealer, Member SIPC and a wholly owned subsidiary of
BofA Corp.

Investment products:

Are Not FDIC Insured     Are Not Bank Guaranteed     May Lose Value

© 2019 Bank of America Corporation. All rights reserved.


Reporters May Contact:
Susan Atran, Bank of America, 1.646.743.0791

Matt Card, Bank of America, 1.617.434.1388

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Business Wire

2019 Super Penguin Celebrity Game Sees a Successful Completion

Business Wire



Reading Time: 2 minutes

Ginóbili and Parker Lead the Highest-standard Game

SHANGHAI–(BUSINESS WIRE)–On September 21st, 2019 (Beijing time), the 2019 Super Penguin Celebrity Game completed successfully at the Shanghai Oriental Sports Center. NBA legendaries Manu Ginóbili and Tony Parker joined hands with Li Chen, Zheng Kai, Xiao Jingteng and other celebrities, and presented a cross-border basketball game for the audience. The game ended at 45-56, team Red Force took the prize from team Blue Energy. YeZhou won the MVP with his excellent performance.

ESPN live broadcasted the game in various countries and regions including Australia, Brazil, Japan, Mexico, New Zealand, Singapore, and the United States. It has spread the fascination of the game to every continent except the Antarctic.

The Super Penguin Celebrity Game is a celebrity basketball event that brings together professional basketball players and hottest entertainment celebrities. Initiated by Tencent Sports (SEHK: 700) in 2016, the Super Penguin Celebrity Game has been successfully held for four consecutive years, attracting more than 160 basketball players and entertainment celebrities, including NBA legends such as Tracy McGrady, Allen Iverson, Paul Pierce, Ray Allen and Chris Bosh, and entertainment stars like Kris Wu, Bai Jingting, Xiao Jingteng.

In fact, the Super Penguin Celebrity Game is composed of a basketball reality show and a basketball game. The basketball reality show involves 32 entertainment stars, which are divided into 16 teams. With the professional guidance from NBA legend Manu Ginóbili and world-renowned trainer Ganon Baker, the players boosted their egos through the tough training and intense competitions lasting 8 weeks. The show has attracted more than 30 million individual users, among who female viewers account for more than 40%, making the show a pioneer in breaking the boundary between sports and entertainment.

Through 4 years of exploration, the Super Penguin Celebrity Game has developed from a single event to a matrix of contents comprising variety shows and sports events. It has become an exemplary IP integrating sports and entertainment, while it also has built the presence of basketball among the mass public.


David Andrew

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Business Wire

IRI to Discuss Advertising Campaign Data Analytics Strategies in Three Sessions at Advertising Week New York

Business Wire



Reading Time: 3 minutes



At the “ The State of AI” session, presenters will be:


Nishat Mehta, President, Media Center of Excellence, IRI®


Jocelyn Lee, Head of AI, Heat

Nate Rackiewicz, Chairman and Co-Founder, METEOR NOW


Sara Robertson, Global Vice President, Product and Engineering, Xaxis


At the “So Much Data…So Little Time” session, presenters will be:

JP Beauchamp, Senior Vice President, Media Center of Excellence, IRI

Christine Frohlich, Vice President Product Marketing, Experian


Duncan McCall, Founder and Chief Executive Officer, PlaceIQ


Elliott Easterling, Co-Founder and Chief Executive Officer, TrueData



At the “Measurement on Demand” session, presenters will be:

Vijoy Gopalakrishnan, Senior Vice President, Media Center of Excellence, IRI

Abishake Subramanian, Director, Digital Advertising, Media Sales and Strategy, Sam’s Club

Adam Gitlin, Head of Data, Annalect

Lisa Hill, Brand Manager, Starbucks At Home Coffee/Personalized Marketing, Nestlé Coffee Partners


Maciej Szczepaniak, Global Brand Measurement, Lead Google




On September 23, IRI’s Nishat Mehta will participate on a panel with the Heat’s Jocelyn Lee, METEOR NOW’s Nate Rackiewicz and Xaxis’ Sara Robertson to discuss the use of AI in technology and measurement mechanisms, the effect on creative and talent resources and risks in brand safety and fraud, during their session titled, “The State of AI.


Later that day, IRI’s JP Beauchamp will serve on a panel with Experian’s Christine Frohlich, PlaceIQ’s Duncan McCall and TrueData’s Elliott Easterling that will cover the endless amounts of data available to brands. The panel will provide advice to brand managers on top methods to integrating online and offline data, executing omnichannel campaigns, reducing media waste through better targeting strategies as well as measuring campaigns effectively, during their session titled, “So Much Data…So Little Time.



On September 26, IRI’s Vijoy Gopalakrishnan will take the stage with Sam’s Club’s Abishake Subramanian, Annalect’s Adam Gitlin, Nestlé Coffee Partners’ Lisa Hill and Google’s Maciej Szczepaniak to discuss the longstanding challenge faced by marketers — on demand advertising effectiveness measurement. The panel will review tools available to marketers such as in-flight optimization, better and less expensive measurement techniques and connecting advertising effectiveness to bottom of the funnel metrics, during their session titled, “Measurement on Demand.





Brands are faced with an immense amount of data, and it is now the job of marketers to decipher the data to find the best product lines, advertising campaigns or social media influencers that most align with that company. In today’s data-focused world, brands must be able to utilize artificial intelligence and machine learning techniques to interpret vast data sets in order to create quality products and target the right customers.



The State of AI


Monday, September 23, 2019

9:15 a.m. – 10:00 a.m. ET


So Much Data…So Little Time


Monday, September 23, 2019

10:45 a.m. – 11:30 a.m. ET


Measurement on Demand


Thursday, September 26, 2019

4:30 p.m. – 5:15 p.m. ET



Advertising Week New York

AMC Lincoln Square Campus

1998 Broadway


New York City, NY 10023

About IRI

IRI is a leading provider of big data, predictive analytics and forward-looking insights that help CPG, OTC health care organizations, retailers, financial services and media companies grow their businesses. A confluence of major external events — a change in consumer buying habits, big data coming into its own, advanced analytics and personalized consumer activation — is leading to a seismic shift in drivers of success in all industries. With the largest repository of purchase, media, social, causal and loyalty data, all integrated on an on-demand, cloud-based technology platform, IRI is empowering the personalization revolution, helping to guide its more than 5,000 clients around the world in their quests to remain relentlessly relevant, capture market share, connect with consumers, collaborate with key constituents and deliver market-leading growth. For more information, visit



Victoria Guimarin

UPRAISE Marketing + PR for IRI

Phone: +1 415.397.7600

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Business Wire

Spirit of Wipro Run Brings Together Participants from 110 Cities Across 34 Nations

Business Wire



Reading Time: 3 minutes

EAST BRUNSWICK, N.J. & BANGALORE, India–(BUSINESS WIRE)–#FurtherTogether–Wipro Limited (NYSE: WIT) (BSE: 507685) (NSE: WIPRO), a leading global information technology, consulting and business process services company, today organized the 14th edition of the ‘Spirit of Wipro’ (SOW) Run in 110 cities across 34 countries.

The theme for this year’s Run was “#FurtherTogether”, which celebrated the spirit of camaraderie and several thousands of Wipro employees, their friends and families, alumni, customers, partners and suppliers came together for the event.

The SOW Run reinforces the core values of the organization-

  • Be passionate about clients’ success,
  • Treat each person with respect,
  • Be global and responsible and
  • Unyielding integrity in everything we do.

This annual global event has people stepping forward together as a community to bring about progressive change in the society.

Commenting on the run, Abidali Z Neemuchwala, Chief Executive Officer and Managing Director, Wipro Limited said, “The SOW Run is our annual, global tradition. This year’s theme of ‘FurtherTogether’ is aimed to inspire everyone to go the extra mile and is a reminder that anyone can achieve anything if they put their mind to it. We celebrate the collective spirit of Wiproites across the world on this special day and appreciate their contributions towards social causes globally.”

Saurabh Govil, President and Chief Human Resources Officer, Wipro Limited said, “The SOW Run celebrates the people of Wipro. Over the years, this annual run has become one of the largest employee engagement events in the world. Every year the run brings together our employees, their families and friends, clients, partners and suppliers. It is a great testament of what the spirit of togetherness and genuine collaboration can achieve.”

The SOW Run 2019 was organized in New Jersey, Portland, Mountain View, Atlanta, Tampa, Boston, Austin, Dallas, Reading, Perth, Melbourne, Sydney, Edmonton, Ottawa, Dublin, Yokohama, Kuala Lumpur, Curitiba, Guadalajara, Mexico City, Cebu, Manila, Doha, Dubai, Dalian, Singapore, Johannesburg, and Zurich among other cities.

In India, the SOW Run 2019 was held in 15 cities, including Bangalore, Delhi, Mumbai, Chennai, Pune and Kolkata. The event saw an officially timed 21K or half marathon in Bangalore, Chennai, Pune and Hyderabad. This apart, timed 10K was held in Bangalore, Pune, Chennai, Delhi, Mumbai and Hyderabad.

Each year the proceeds from the SOW Run are used towards social causes identified by the locations, globally. The funds raised by the runners globally are matched 100% by Wipro Limited and are utilized by Wipro Cares, the community initiatives arm of Wipro Limited. In the United States, where Wipro has a significant presence, the funds will be used to support educational programmes in underserved communities. In India, the 2019 edition of the Run is supporting the educational needs of underprivileged and disadvantaged children.

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 175,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.

Forward-looking and Cautionary Statements

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.


Wipro Media Contact:
Shraboni Banerjee

Wipro Limited

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