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Credit Claims For Kansas Millennials: Legal Insights And Strategies – New H&R Block Insights report looks back at a year of Americans who changed the way they worked and got smarter with money
KANSAS CITY, Mo. December 7, 2021 – H&R Block (NYSE: HRB) today released a new report with insights into American life, based on the 12 million hours of conversations its employees have while helping 22 million Americans file their taxes each year . The report,
Credit Claims For Kansas Millennials: Legal Insights And Strategies
, outlines how Americans have persevered through the COVID-19 pandemic to turn adversity into opportunity and emerge stronger than ever before.
The Millennial Generation: A Demographic Bridge To America’s Diverse Future
“The country and the world have overcome countless obstacles recently, and new challenges every day require renewed flexibility and adaptability,” said Karen Orosco, H&R Block’s president of global consumer tax and services. “Our customers give us a unique perspective on how this extraordinary time has changed our country. Their experiences reveal how strong American resilience is, even in the face of unprecedented pressure.”
As the labor market shifted, during the last tax season, the number of people claiming unemployment jumped four to six times across all income levels, leading people to explore new and alternative job opportunities – such as starting a small business.
Almost a quarter of new small businesses were started by people under the age of 30, including 12% of 19- to 25-year-olds and a further 12% of those aged 26 to 30. In addition to new small businesses, many people started gig work or side hustles. These were most concentrated among men in Colorado, Georgia, and Idaho.
The H&R Block data shows that Millennials and Gen Zers also jumped into the stock market as the pandemic continued. Over the past year, Millennial market participation grew 4.5x, while Gen Z participation doubled.
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Additionally, people under the age of 29 were 55% more likely than older generations to have made money from cryptocurrency. Both Gen Zers and Millennials saw a 155% year-over-year increase in cryptocurrency-linked profits.
H&R Block, Inc. (NYSE: HRB) provides help and confidence to its clients and communities everywhere through global tax preparation, financial products and small business solutions. The company blends digital innovation with the human expertise and care of its employees and franchisees as it helps people get the best results at tax time and better manage and access their money year-round. Through Block AdvisorsandWave, the company helps small business owners thrive with innovative products like Wave Money, a small business banking and accounting solution and the only business bank account to manage accounting automatically. For more information, visit H&R Block News or follow @Newson on Twitter.
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Are you a journalist or media member with a question or request? Feel free to contact our media team about your story. An increasing number of millennials, those born from 1981 to 1996, are in or approaching their first home buying years. Older millennials, meanwhile, are in the age group for a move-up purchase. According to the ® Loan Application Database[1], millennials accounted for 67% of first-time homebuyer applications and 37% of repeat homebuyer applications in 2021.[2]
Household Debt And Credit
Millennials have made up the largest share of home loan applications since 2016 and will account for 51 percent of home purchase applications in 2021, up five percentage points from 2019 (Figure 1). However, the proportion varies across the individual housing markets. Our previous studies have shown that homebuyers’ choices were influenced by housing affordability, employment opportunities, flexibility to work remotely, local tax rates and preference for open space.[3] In general, millennials have more purchasing power in affordable markets compared to high-cost areas. Nevertheless, our data show that their share is also much higher in some high-price metros, especially areas with high-tech job opportunities.
Note: Year of birth by cohort: Generation Z after 1997, Millennial 1981-1996, Generation X 1965-1980, Baby Boomer 1946-1964, Silent Generation before 1946
Figure 2 shows the US metros based on their millennial application share in 2021. Millennials made up a higher share of potential home buyers in Midwestern markets and in metros with high-tech job opportunities. San Jose, California had the highest percentage of millennials applying for a home loan (64%), followed by Austin (61%), Seattle (61%), Pittsburgh (61%), Boston (60%) and San Francisco ( 60 %).[
Salt Lake City, Milwaukee, Minneapolis and Buffalo were also among the 10 metros with the highest percentage of millennial applicants. These cities with the highest percentage of millennial applicants offer either high-tech job opportunities or affordability.
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(Note: Metros are divided into four quartiles by millennial share in 2021. Top 10 metros are marked on the map.)
Conversely, metros in Florida and Arizona had the lowest percentage of millennials applying for a home loan. Miami and Las Vegas had the lowest percentage (43%), followed by Orlando (44%), Tampa (44%), Phoenix (45%), and Jacksonville (45%).[5]
In addition, metros with a higher share of high-tech jobs saw an increase in the share of millennial homebuyers from 2019. Figure 3 shows the share of millennials for the top 15 metros in 2021 compared to the same period in 2019. Some high-priced metros such as like San Jose, San Francisco and Seattle, which offer high-tech job opportunities, saw a higher increase in millennial shares during the two-year period. In contrast, affordable metros such as Pittsburgh, Salt Lake City, Milwaukee and Buffalo saw only a small increase in the share of millennial homebuyers.
Figure 4 shows the change in the share of millennial homebuyers versus the high-tech share of total employment for the 20 most populous metros in 2020.
November/december 2022 Building Insight By Biaw
There is a positive correlation between the change in millennial share and high-tech employment share. It should be noted that millennial homebuyers in San Jose, San Francisco and Boston had the highest average credit scores, highest average income and paid a larger down payment. This may be a result of higher wages among high-tech industry jobs, which have attracted millennials. Meanwhile, the older generation of homebuyers are selling their houses and moving to cheaper metros with warm weather and amenities, reducing their share of the high-priced areas. Thus, the millennial buyer share is higher in high-tech metros (such as San Jose, San Francisco and Boston) and lower in Florida and Arizona metros.
Despite affordability challenges for many potential millennial homebuyers, especially in the high-end market, millennials with high-tech skills whose compensation is commensurate with local cost of living can buy homes. Falling numbers of older generation home buyers also contribute to a change in the ratio, because as the older generation’s share of buyers falls, the millennial share rises.
This analysis is based on all home purchase applications, accepted or not, from January 2021 to August 2021. Investors and buyers of second homes were excluded in the analysis.
Hurricane Lee is expected to affect New England and eastern Canada. The damage could be similar to Hurricane Fiona in 2022.
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Correct model development and validation is a challenging task, but it is fundamentally necessary to ensure accuracy when investigating the risk of wildfires. According to a new report, social responsibility and ethical practices are among the top priorities for the next generation of Islamic banking customers, but a lack of digital services is holding the industry back.
More than half of young Islamic finance customers would use Islamic banking if it were more accessible, according to a report by the cloud banking platform.
The report ‘Faith and finance: The changing face of Islamic banking’, which surveyed 2,000 millennial and Gen Z consumers globally, illustrates the growing appeal of Islamic financial services around the world, with over half (53%) of young Muslims saying they would choose Islamic banking – if entry barriers were removed.
This reflects a broader demand for ethical banking services in the wake of COVID-19, as consumers seek to make more sustainable and socially conscious choices post-pandemic.
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According to surveys, 74% of young Muslims said they want banks to make investments that align with their religious beliefs, while 75% want them to make investments that ‘do good in the world’. More specifically, nearly two-thirds (62%) were opposed to their banks lending to tobacco companies, and 69% would prefer their banks not to lend to gambling establishments.
Elliott Limb, Chief Customer Officer at , said: “Younger consumers are demanding financial change and the Islamic finance market is no exception. Our research illustrates how Islamic banking trends reflect the demand we are seeing for ethical banking practices more broadly.
“With 1.9 billion Muslims underserved globally, it is clear that there is a huge opportunity for both Islamic and conventional banks to provide compatible solutions for the modern consumer.”
The Islamic finance market is growing rapidly. Total assets in the sector have exceeded $2 trillion in recent years and are expected to reach $3.8 trillion in 2023. However, a lack of digital services can be a major barrier to the spread of services among the next generation of consumers.
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Younger consumers are demanding financial change, and the Islamic finance market is no exception. Our research illustrates how Islamic banking trends reflect the demand we see for ethical banking practices more broadly.
According to surveys, 76% of young Muslims said the availability of online banking options is a dealbreaker. Specifically, 70% said it is important that they can make an investment without having to see someone in person, 74% said it is important that they can access their bank’s services through a
