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Merrill Edge is a investment service offering access to investment insights of Merrill Lynch as well as the convenience of banking with the Bank of America. Clients have access to easy-to-use tools, step by step guidance, actionable tools and competitive pricing for online trading.
William, Bill, Merriam comments on a recent study, “According to the Merrill Edge Report, an average of 20% of Americans rely on inheritance for their financial stability. This is particularly true for 20% of baby boomers, 36% of Gen X, 32% of millennial and 63% of Gen Z. Even though 87% of Gen Z generally approach financial situations with a ‘Do-it-Myself’ attitude, statistics show that most of them are likely to depend on those close to them for financial support.”
According to the Biannual Merrill Edge Report, Bill Merriam explains that unexpected financial dependence can be blamed on uncertainty about the future. According to Aron Levine, head of Merrill Edge, reliance on inheritance has hit an all time high due to shifting priorities and growing lifespans. He also states that the key to financial freedom is having an action plan for future and short term goals instead of just depending on inheritance which is uncertain.The survey which involved 1000 affluent Americans also showed that Americans also depended on input from others regarding major life decisions such as retirement and investment.
Conscious investment has also been cited to be on the rise. 57% of Americans are reported to have invested in stock exchange in the past year in spite of its volatile nature. Also, according to statistics, more than 50% of Americans are more likely to invest in companies that:
* Have equal pay for men and women.
* Advocate for diverse senior leadership.
* Have a strong commitment to environmental stability.
* Offer three or more months of family leave.
A further 60% of the respondents said that they would most likely invest in a profitable business whose values they disagreed with as compared to a struggling company whose values they agreed with.
The report also cited that where, how, and when investors sought financial guidance was influenced by emerging technologies. 40% of the respondents were comfortable seeking financial guidance from artificial intelligence. Despite of this, in-person consultation is still highly regarded. Investors however prefer seeking consultation from both digital and physical platforms.
Merriam says that Bank of America is listed among the world’s leading financial institutions offering services such as banking, investment, asset management as well as a number of financial and risk management products and services. The company offers services to individual consumers, small and middle market businesses and large corporations to clients in over 35 countries.
NOTE:
Before making any financial decisions, make sure to consult with your legal or tax advisors.
Release ID: 393588