Americans still feel skittish about the stock market. When it comes to long-term investments, real estate is still preferred over cash or the stock market, Bankrate.com reports in a new study. For long term investments over 10 years or more, 27 percent chose real estate, 23 percent preferred cash investments, and 17 percent opted for the stock market. Gold and precious metals came in fourth at 14 percent, and bonds debuted at 5 percent.
Although the S&P 500 has risen 27 percent over the past two years, Americans were only slightly more inclined to favor stocks in 2015 than they were in 2013.
The only exception to the brick and mortar policy? Households headed by college graduates were the most likely to prefer stocks. In the western U.S., real estate was preferred nearly two to one over any other investment choice.
The survey of 1,000 adults living in the continental U.S. yielded some surprises across gender, age, income, location, and political party. Men were more likely to favor real estate, while women were more likely to favor cash investments.
At 32 percent, the majority of millennials--those between 18 and 29 years old--favored cold, hard cash, while 32 percent of participants between the ages of 30 and 40 stuck with real estate.
Lower-income workers with salaries of less than $50,000 felt “more secure” than their higher earning counterparts, who were making $50,000 to $74,900. And Republicans were three times more likely to say they felt “less secure” about their jobs as Democrats.
Bankrate’s Financial Security Index for July remained positive for the 14th consecutive month. However the July reading was the second lowest in 2015, due in part to a decline in job security with 22 percent feeling “more secure” about their jobs than 12 months ago and 14 percent feeling “less secure.” Sixty-two percent felt “about the same.”
The White House on Friday unveiled plans for a new effort to ramp up testing for Covid-19, which experts say is an essential part of limiting the spread of the virus. This chart from Vox gives a sense of just how far the U.S. has to go to catch up to other countries that are dealing with the pandemic, including South Korea, the leading virus screener with 3,692 tests per million people. The U.S., by comparison, has done about 23 tests per million people as of March 12.
The Air Force has scrapped a planned upgrade of its B-2 stealth bomber fleet — even after spending $2 billion on the effort — because defense contractor Northrup Grumman didn’t have the necessary software expertise to complete the project on time and on budget, Bloomberg’s Anthony Capaccio reports, citing the Pentagon’s chief weapons buyer.
Ellen Lord, the undersecretary of defense for acquisition and sustainment, told reporters that the nearly $2 billion that had already been spent on the program wasn’t wasted because “we are still going to get upgraded electronic displays.”
Bernie Sanders wants to eliminate $1.6 trillion in student debt, to be paid for by a tax on financial transactions, but doing so won’t be easy, says Josh Mitchell of The Wall Street Journal.
The main problem for Sanders is that most Americans don’t support the plan, with 57% of respondents in a poll last fall saying they oppose the idea of canceling all student debt. And the politics are particularly thorny for Sanders as he prepares for a likely general election run, Mitchell says: “Among the strongest opponents are groups Democrats hope to peel away from President Trump: Rust Belt voters, independents, whites, men and voters in rural areas.”
That’s how much Michael Bloomberg is spending per day in his pursuit of the Democratic presidential nomination, according to new monthly filings with the Federal Election Commission. “In January alone, Bloomberg dropped more than $220 million on his free-spending presidential campaign,” The Hill says. “That breaks down to about $7.1 million a day, $300,000 an hour or $5,000 per minute.”