In what could be the most unpatriotic report ever, Fidelity reports that average IRA contributions for tax year 2013 reached $4,150 - an all-time high. That's great news, right? Not if you ask Janet Yellen as Fidelity notes younger investors, those in their 20s, 30s and 40s, are adopting the strongest savings behaviors as Americans are "saving more, paying off debt, and spending less." This is not acceptable in the new normal, don't they know debt is the bridge between hard work and play [5]?
Fidelity Investments today [6] released its second annual analysis of over seven million Individual Retirement Accounts (IRAs), which revealed that average contributions for tax year 2013 reached $4,1501, a 5.7 percent increase from tax year 2012 and an all-time high. Average balances were $89,100, a nearly 10 percent year-over-year increase.
“Saving more, paying off debt and spending less were the top three New Year financial resolutions cited in a recent Fidelity study and our IRA analysis indicates that Americans are taking those financial resolutions seriously,” said Ken Hevert, vice president, Fidelity Investments.
...Younger investors, those in their 20s, 30s and 40s, are adopting strong savings behaviors and have made strong increases with overall average contributions—3.9 percent, 6.7 percent and 6.2 percent, respectively from 2012 tax year to 2013 tax year.
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We leave it to Steve Liesman to put these unpatriotic saving-not-spending young people straight [5]...
"debt is always pointed out as a negative thing, when in fact debt is the great bridge between working hard and playing hard in this country."
"this country has been built on consumer debt," he proudly states
And for Mark Cuban to correct him!!!
. @CNBC [7] you couldn't be any more wrong in your advice to millennials. First pay off debt. Then invest in yourself. The stockmarket is last
— Mark Cuban (@mcuban) July 23, 2014 [8]
