Capital Group: Millennials Attitudes on Work, Retirement

Millennials are now the largest generation of American workers and their work contracts and retirement plans are changing from previous generations, according to findings from Capital Group’s latest Wisdom of Experience investor survey.

The survey found a third of Millennials work in the gig or sharing economy, with Gen Xers and Baby Boomers reporting lower numbers in those workforces. The gig economy is the job market where workers have short-term contracts and freelance work as opposed to permanent jobs and the sharing economy is characterized by online transactions. According to the report, two-thirds of Millennials have held two to three or more jobs in the past five years. In addition, 14% earn a supplemental income through a website or app.

The survey also found nine out of 10 Millennials save for retirement. Millennials have a greater expectation that employers and the government should play a role in helping with their retirement than Gen Xers and Boomers. Saving for retirement ranks second in Millennials’ financial priorities, with housing being the most important.

Former US Presidents Want Your Help with Harvey Recovery

All five living former American presidents want you to help victims recover in the aftermath of Hurricane Harvey. Former Presidents Jimmy Carter, George H.W. Bush, Bill Clinton and George W. Bush are joining forces for the One America Appeal.

In a short video all of them ask people to give what the can to help with Hurricane Harvey recovery.

According to the One America Appeal website, all donations will go to help victims of Hurricane Harvey in Texas and later their effort will expand to help Hurricane Irma victims.

Retirement Inequality Has Grown Since Recession, Report Finds

The gap between the retirement “haves” and “have-nots” has grown since the recession, according to a report from the Economic Policy Institute.

According to an EPI chartbook, in 1995, 79 percent of families in the top fifth income percentile has retirement account savings, while only 10 percent in the bottom fifth income percentile had retirement savings. In 2013, the gap widened with 88 percent of families in the top fifth income percentile with retirement savings, compared with eight percent in the bottom income fifth.

The EPI reports the shift from traditional pensions to individual savings had widened retirement gaps. That’s largely due in part to the decline in participation of employer-based retirement plans in the new millennium.

The EPI reports workers who are in the higher income brackets have a higher investment-risk tolerance, receive larger tax breaks for saving and are more likely to work for employers who offer generous plans and matches.

White Christians No Longer Majority in US, Research Finds

White Christians, once the dominant religious group in the U.S., have dramatically lost their numbers. According to new research from the Public Religion Research Institute, White Christians now account for fewer than half of all adults living in America.

PRRI reports as recently as 2007, white Christians were the majority in 39 states, but today fewer than half of the states have majority white Christian populations. Today 43% of Americans identify as white Christians -- in 1976 it was 81%.

PRRI also discovered white Christians have become a minority in the Democratic Party. Today 29% of Democrats are white Christians as compared to 50% a decade earlier. As for the Republicans, 35% are white evangelical Protestant, which has stayed about the same for a decade.

Retailers Release 2017 Top Holiday Toy Lists

Kids may have just started going back to school, but some of America’s major retailers just released their top holiday toy lists.

Amazon has a top 100 list. There’s no clue to how the list was compiled, but robotic and tech toys are popular in Amazon’s list. There’s the FurReal Roarin’ Tiger, which will respond to kids with sounds and motion and Sphero’s Ultimate Lightning McQueen Vehicle, which works through a cellphone app.

Target’s list features more than 25 toys. Target says their list was made based on the latest trends and their partnership with top toy makers. Tech and interactive toys are also a big focus for Target, which includes their exclusive Spider-Man toy. He responds to voice commands with phrases and sounds.

Walmart says they put together their top 25 list with the help of kids who rated toys. According to Walmart, this year’s trend will be ride-on toys and electronics, which includes exclusives like the ride-on Frozen sleigh and Monster Jam Grave Digger.