mortgages
Home, not health, is biggest expense for over-50 crowdPosted by RJ and Makay on Feb 17, 2012 |
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Home mortgage and property tax outlays are the biggest expenses for Americans over the age of 50, according to a recent study by the Employee Benefit Research Institute (EBRI). The study was based on research data gathered from 5,000 households across the nation between 2000 and 2009. Americans aged 50 to 64 spent a median of $18,828 per year, or 47% of their total expenses, on mortgages or rent, insurance, property taxes and repairs.
U.S. banks have been pushing wealth management personnel to sell investment products to credit card and mortgage customers, but are not getting the results they had hoped for from these cross-selling efforts. Aite Group’s first quarter survey of 75 bank financial advisors found that 33% of financial advisors said they generated no revenue from internal referrals.
