Banker Urges Latinos to Save for College

Survey: Most in Wis. Have No Savings

More than half of Wisconsin residents are living paycheck-to-paycheck and have no “rainy day” fund that would cover thee months of unanticipated financial emergencies, according to a recently released FINRA survey. Read the Milwaukee Journal Sentinel story.

401(k) Loans, Withdrawals Increase

About 11 percent of people with 401(k) plans with Fidelity Investments have taken loans from them in the last 12 months, up from 9 percent one year ago. Those with outstanding loans from their 401(k) plans has also risen two percentage points in the same time, to 22 percent, according to the company. Hardship withdrawals have increased as well. Read the Small Business Times article.

Talk to College Students About Money

Parents, before kids go off to college, have a conversation about needs vs. wants, credit cards and debt, spending and saving, writes Alan Prahl of the Financial Information and Service Center, a non-profit program of Goodwill NCW, in the Appleton Post-Crescent.

Rates Keep Declining for CD Savers

Since August 2007, the average yield on a CD with a one-year maturity has shrunk from 4.5 percent to 1 percent – a low rate for those that rely on CD savings, and one that is likely to be around for a while. Read the Milwaukee Journal Sentinel article.

Saving for Education Can Be Confusing

Study: Americans More Conservative With Money

Americans appear to believe the era of fast financial growth is over and have become more conservative about managing their money, a study by Northwestern Mutual Life Insurance Co. shows. Read more in the Milwaukee Journal Sentinel.

Home Equity an Option for Building Reserve

One way to build up needed personal reserves “may be to leverage your home and use loan proceeds to populate your emergency reserve,” writes Dick Hensley, CEO of InvestorsBank in Waukesha, in the Milwaukee Small Business Times.

Most Savers Kept Money in 401(k)s

Of more than 1,100 plan participants polled by Francis Investment Counsel LLC between July and December, 68 percent had not changed their 401(k) accounts in response to the financial crisis. Of the 32 percent that changed their 401(k)s, 18 percent reduced the amount contributed or stopped saving completely, the Milwaukee Journal Sentinel reported.

Longtime Savers Doing Fine During Downturn

Perhaps not surprisingly, �a recent survey by online banking business HSBC Direct suggests that people who are longtime active savers are enduring this economic downturn virtually unscathed,� according to an entry on the Milwaukee Journal Sentinel�s Dollars & Sense blog.