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Financial advisor Viera Gibbons discusses how new taxes and regulations are changing the way people look at money in the new year.
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-- existing financial trends this year no different of course.
And we're gonna do one of those these little do a lot of this where we do one of the look ahead to the trends of the new year but I'll tell you this once a creative one because -- -- here with us to tell us.
What's in and what's outs.
-- -- -- -- that's fine candidate -- out our credit cards are.
In and cash is out people don't have passed let's.
That's an easy decision and -- the credit card balances are up delinquencies are and this trend has actually expected to continue -- -- check -- the forecast from Trans Union.
Credit reporting agency.
We know putting everything on a credit cards from the everyday purchases to the big ticket items right you know give our cash strapped with taxes going up on homeland -- so.
Credit cards are in cash is up and jobs factor and that the type of jobs part freelance contract all that -- pet that's can't.
So 30% of workers right now are contract freelance permanently answers they do projects -- the case may be.
And that number is also expected to Latin companies like the flexibility.
He had threatened it -- to get structure for them so from a consumer perspective though.
-- no job security no benefits and right.
That's a big one right in -- in a lot of ways -- severe report on the employment numbers every month and we're starting to wonder when that trend but you said it's gonna continue this way when that trend will change.
-- get more people yeah I'm full time jobs again but you don't see it out CME and the labor experts I've talked to set about 30% now and continuing to government it's sort of an enormous right.
On the banking side and this is -- adjusting to be speaking of new norms the big banks are under a lot of pressure for a lot of different reasons but on the consumer side of it.
People are choosing to go in a different direction.
Unions and other seeking alternatives like credit means the unions you get.
Better rates on deposits lower rates on loans and overall better experience -- -- consumers are fed up with.
The fees this week he's sneaking -- -- also like convenience though of -- yes bank branches debut that means some people are mixing and matching data that's good point.
-- the big banks and then some credit unions as well but for the most part consumers -- are disillusioned with the whole experience of the big bank why because -- just like the fees.
Primarily it's not because of any kind of they're not watching the news and seeing all that now.
Nothing I could not looking like that it's still there was one of the that there original two things kick started this trend was right move away from the larger banks and I -- You always wonder whether people.
Make decisions based on that and you know watch things that we're reporting on all the time that are more -- macro issues but most of the time people make decisions based on their own their own interest -- I mean my I guess but -- -- -- distrust of big banks have something to do it as well.
And then homeownership in in seeing -- it.
If you look at the analysis from -- it's actually.
Better more financially reasonable to -- in most markets right now.
Candidates to -- even breakeven and a couple of years a lot of Florida markets Tampa Orlando.
Phoenix and being on when -- can break even past couple of years Las Vegas renting is.
Prohibitively expensive right f.s are the risks I mean look at here in New York -- little -- -- forest several thousand dollars -- them to keep going up.
Another big story again to go back to macro that that -- housing.
Well -- looks like it's been put enemy and you look at the statistics on -- at least looks like we that they started to turn that corner and but you've heard of the larger point that a lot of this is still local and these markets -- getting -- -- welcoming.
Renting makes better sense and some market right I think for the most part.
In most major markets according to this analysis it makes more financials and a resident I read here in New York City is because of the prohibitively high cost.
-- down payment that's the biggest obstacle is looking you're trying to gain a building in Manhattan some people were you won't -- you have a mortgage and then try going into co -- right exactly lot of have a hundred basically 100% -- I want to hit its apparel crazy but you know segments other and one other financial trend that's.
That you've -- -- this year which is really kind of interesting is that.
People or more into buying locally -- they are quote made in China or or buying.
Items on the -- -- definitely more aware of that right now on I think the small business campaigns.
Have made us more aware more interest since the -- supporting.
The local community going to your local specialty shop I mean people like the overall experience.
Not to say we're not still going to double big spot big -- realize we are -- -- -- I think where becoming -- interest it well the reason I think it was interesting is because to go back to your first -- -- -- have a lot of cash for sometimes -- cash -- in this -- -- themselves.
Let me just get the best deal out there and -- and now -- in Timbuktu as long as it is cheaper.
But you're saying that well actually care about there a lot of -- I -- Harrison going on and they of people on the web searching for the best prices on flat screen TVs everything else.
And they are using a lot of these -- as just virtual show routes for the most part but there's still a consumer who wants to support the local community keep the money.
In the local economy aren't a lot of department mixing -- and China their own -- -- you'll find that lot of stuff in -- -- more it's made in other Asian countries some a lot of clothing is made in Eastern Europe tied to assistance on whether it's US vs then.
Thank you very -- thank you so my guidance for parents policies are we have -- our --
