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74% of Americans say celebrating life’s big moments interferes with their financial well-being, Achieve survey finds

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Viral loud budgeting trend is reshaping how Americans participate in milestone events for friends and family, Achieve survey finds

SAN MATEO, Calif., July 17, 2024 /PRNewswire/ — Nearly three in four Americans (74%) find that the cost of celebrating major life milestones with their family and close friends affects their financial well-being. Yet most are loath to share their feelings and concerns with loved ones, according to the results of a new survey by Achieve, the leader in digital personal finance.

Achieve’s think tank, the Achieve Center for Consumer Insights, conducted the “Cost of Being There” survey to examine how consumers manage the expense of participating in major life milestone events like weddings, bachelorette/bachelor parties, milestone birthdays, baby showers and graduations. The research found that while most Americans believe participating in these events takes a toll on their financial well-being, less than half (48%) said they are comfortable citing financial reasons for declining to participate in these events.

How ‘being there’ affects financial well-being

Extremely impactful

10 %

Very impactful

20 %

Somewhat impactful

44 %

Not very impactful

17 %

Not impactful at all

9 %

How much does spending money to attend major life milestone events for friends and family affect your financial well-being? n=1,000 Source: Achieve Center for Consumer Insights

When asked how much pressure they feel to spend money attending milestone events for family and friends:

15% feel “extremely” or “very” pressured36% feel somewhat pressured49% said they experience little to no pressure to spend

Compared to older generations, younger Americans, including members of the Gen Z and Millennial generations, were both more likely to say they’re affected financially by participating in milestone events and more willing to share that reason with loved ones. As a result, 67% of Gen Z respondents said they’ve opted out of participating in a milestone event over the past three years because of the cost, compared to 47% of Millennials, 48% of Gen X and 30% of Baby Boomers.

The impact of loud budgeting

“You only have to look at the loud budgeting trend to see that younger Americans are generally more comfortable talking about their financial challenges than older generations,” said Sean Fox, President of Debt Resolution at Achieve. “Millennials came of age during the Great Recession, while their Gen Z peers watched their parents and families struggle through both the 2008 financial crisis and COVID-19 pandemic. So for many, these topics are less taboo because they’ve had a near-constant presence in their lives. Despite the benefits of creating and discussing budgets, the cost of attending oftentimes pricey events can have a lasting impact on finances.”

“Loud budgeting,” a money management technique recently popularized on social media, encourages individuals to be vocal about prioritizing their budgets and commitment to their financial boundaries or goals.

In examining the loud budgeting trend, Achieve found:

Overall, 44% of respondents have tried or currently practice loud budgetingThe trend is more popular among Millennials (48%) than Gen Z and Gen X (45% each) and Baby Boomers (37%).48% of women have loud budgeting experience, compared to 39% of men.Loud budgeting experience was nearly identical among respondents with household incomes of up to $50,000 (43%) and over $50,000 (44%).

Among respondents who currently practice or have tried loud budgeting, 67% of respondents said the people around them are generally supportive of their financial goals and 59% said others are willing to do less-expensive activities in order to spend time together. However, 29% of loud budgeters said they’ve been criticized or ridiculed for the practice and 10% don’t believe people in their lives respect the boundaries they set about spending. In addition, far fewer respondents said that loud budgeting has led to improvements in their physical health (35%) or love lives (24%).

Is loud budgeting effective?

Agree

Neutral

Disagree

Dating and romantic relationships have improved

24 %

54 %

22 %

I’ve been criticized or ridiculed about my loud budgeting habits

29 %

26 %

45 %

Loud budgeting has led to disagreements with friends and family or loss of friendships

31 %

24 %

45 %

I get invited to fewer activities with friends and family

34 %

35 %

31 %

My physical health has improved

35 %

43 %

22 %

I spend more time with friends and family

43 %

35 %

22 %

My mental health has improved

46 %

39 %

15 %

Loud budgeting has helped me reprioritize certain friendships and personal relationships

51 %

36 %

13 %

I do a better job saving money

55 %

31 %

14 %

People in my life are willing to do less expensive activities in order to spend time together

59 %

31 %

10 %

People in my life respect the boundaries I set about spending

63 %

27 %

10 %

Even with loud budgeting, sticking to financial goals is challenging

64 %

23 %

13 %

Loud budgeting makes it easier to stick to financial goals and make ends meet

64 %

27 %

9 %

People in my life are supportive of my financial goals

67 %

25 %

8 %

How much do you agree or disagree with the following statements about loud budgeting? n=437 Source: Achieve Center for Consumer Insights

How much is enough to spend on milestone moments?

So just how much are Americans willing to spend to attend milestone events, and are they ok taking on debt to pay for it? Achieve found that willingness to spend money or incur debt to take part in milestone events frequently comes down to relationships. Nearly half of Americans were more likely to spend over $500 on milestone events for their spouse/significant other, their dependent children and their adult children, including approximately 30% of survey respondents who said they’re willing to spend over $1,000 on the milestones of their immediate family members.

How much will we spend?

Total

$0

Up to
$500

$501 to
$1,000

$1,001 to
$5,000

Over
$5,000

Work colleagues

32 %

59 %

6 %

1 %

2 %

Other adult friends outside of your work and family

22 %

66 %

9 %

1 %

2 %

Members of your extended family

17 %

66 %

11 %

3 %

2 %

Your spouse or significant other’s close friends

25 %

57 %

11 %

4 %

3 %

Your best friend

13 %

65 %

14 %

5 %

3 %

Your spouse or significant other’s family members

16 %

58 %

15 %

8 %

3 %

Your siblings

13 %

59 %

16 %

8 %

5 %

Your parents

14 %

46 %

16 %

14 %

11 %

Your adult children

16 %

40 %

17 %

14 %

13 %

Your dependent children

15 %

39 %

17 %

14 %

15 %

Your spouse or significant other

10 %

40 %

19 %

13 %

17 %

How much money would you be willing to spend to participate in a major life milestone for the following people in your life? n=1,000 Source: Achieve Center for Consumer Insights

Achieve found that 79% of Americans typically need more than a month to save money or make other financial arrangements to attend milestone events, including 18% who said it typically takes over six months to prepare financially.

“Saving money ahead of time, rather than using credit cards and paying them off later, is a helpful strategy to mitigate the financial strain of attending milestone events because it can reduce or eliminate additional interest charges that can make an expensive event even more costly,” said Fox.

In addition to being willing to spend the largest amounts of money on the milestone events of their significant others and both young and adult children, respondents also said they were more willing to take on debt to cover these expenses. Conversely, respondents said they’re less interested in spending money on events for coworkers and the friends of their spouse or significant other.

Taking on debt to attend milestone events

0 %

1% to
25%

26% to
50%

51% to
75%

76% to
100%

Work colleagues

52 %

33 %

8 %

4 %

2 %

Other adult friends outside of your work and family

51 %

33 %

9 %

5 %

2 %

Members of your extended family

41 %

36 %

15 %

5 %

3 %

Your best friend

36 %

39 %

15 %

7 %

4 %

Your spouse or significant other’s family members

36 %

35 %

19 %

5 %

5 %

Your spouse or significant other’s close friends

44 %

30 %

15 %

6 %

5 %

Your siblings

31 %

37 %

19 %

8 %

5 %

Your parents

26 %

30 %

20 %

11 %

13 %

Your adult children

26 %

24 %

22 %

14 %

14 %

Your spouse or significant other

23 %

27 %

22 %

13 %

15 %

Your dependent children

21 %

23 %

24 %

14 %

18 %

How much of the amount that you would spend on milestone events would you be willing to take on as debt that takes more than one month to pay off? n=1,000 Source: Achieve Center for Consumer Insights

Methodology

The data and findings presented are based on an Achieve survey conducted in April 2024 consisting of 1,000 U.S. consumers ages 18 and older, and is representative of Census Bureau benchmarks of the U.S. population for age, gender, race and ethnicity.

About the Achieve Center for Consumer Insights

The Achieve Center for Consumer Insights is a think tank that leverages Achieve’s team of digital personal finance experts to provide a view into the state of consumer finances. In addition to sharing insights gleaned from Achieve’s proprietary data and analytics, the Achieve Center for Consumer Insights publishes in-depth research, bespoke data and thoughtful commentary in support of Achieve’s mission of helping everyday people get on the path to a better financial future.

About Achieve

Achieve, THE digital personal finance company, helps everyday people get on, and stay on, the path to a better financial future. Achieve pairs proprietary data and analytics with personalized support to offer personal loans, home equity loans, debt resolution and debt consolidation, along with financial tips and education and free mobile apps, Achieve MoLO (Money Left Over) and Achieve GOOD™ (Get Out Of Debt). Achieve has 2,500 dedicated teammates across the country with hubs in Arizona, California, Florida and Texas. Achieve is frequently recognized as a Best Place to Work.

Achieve refers to the global organization and may denote one or more affiliates of Achieve Company, including Achieve.com (NMLS ID #138464); Achieve Home Loans, Equal Housing Lender (NMLS ID #1810501); Achieve Personal Loans (NMLS ID #227977); Achieve Resolution (NMLS ID # 1248929) and Freedom Financial Asset Management (CRD #170229).

Contacts

Erica Bigley
Vice President
Corporate Communications
ebigley@achieve.com 415-710-9006

Austin Kilgore
Director
Corporate Communications
akilgore@achieve.com 214-908-5097

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SOURCE Achieve

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The Mortgage Calculator Delivers Real-Time VA Loan Rates with Advanced Application Tools

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November 16, 2024

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The Mortgage Calculator introduces innovative VA loan calculators and tools featuring live mortgage rates updated by the minute. These tools empower veterans and active-duty military personnel with accurate, real-time insights into VA loan programs.

MIAMI, Nov. 16, 2024 /PRNewswire-PRWeb/ — The Mortgage Calculator, a licensed lender, has launched an advanced VA mortgage calculator platform with real-time mortgage rate integration for all VA loan programs from over 100 banks and lenders. Veterans and active-duty military personnel can now access live VA mortgage rates, updated by the minute, to make precise financial decisions. This technology ensures unmatched accuracy and transparency in VA loan planning.

Offering live mortgage rates is a pivotal enhancement for borrowers. This unique feature allows veterans and active-duty personnel to make well-informed decisions, whether purchasing a home or refinancing with an IRRRL.

The platform also offers tools to calculate VA mortgage loan payments and explore refinancing options like IRRRL loans (Interest Rate Reduction Refinance Loans). These tools simplify the loan application process and provide a complete understanding of financing options available to eligible borrowers.

Key Features of the Real-Time VA Loan Platform:

Live VA Loan Rates: Borrowers can view rates updated every minute, offering precise, real-time market data for all VA loan programs from multiple banks and lenders.Interactive VA Loan Calculator: Helps users estimate monthly payments based on current live rates, including refinancing options like IRRRL.Customizable Financial Tools: Provides tailored insights into VA loan affordability, terms, and eligibility requirements.Seamless Integration Across VA Loan Programs: Supports home purchases and refinancing with clarity and transparency.

“Offering live mortgage rates is a pivotal enhancement for borrowers,” said Jose Gonzalez, CSO of The Mortgage Calculator. “This unique feature allows veterans and active-duty personnel to make well-informed decisions, whether purchasing a home or refinancing with an IRRRL.”

To experience these tools and view live VA mortgage rates, visit the dedicated VA loan calculator page. Borrowers can also calculate savings on VA refinance options with the IRRRL calculator or explore broader resources like the VA mortgage loans guide. For additional information on other mortgage products, such as construction loans, visit the homepage.

About The Mortgage Calculator

The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access both Conventional and Non-QM mortgage loan programs with over 100 banks and partners. Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. Our team of over 500 licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages, P&L Mortgages, Asset Based Mortgage Programs, No Ratio CDFI Loan Programs, DSCR Investor Mortgages, Commercial Mortgages, Fix and Flip Mortgages and thousands more! To apply for a mortgage please visit https://themortgagecalculator.com

Mortgage Calculator Company LLC

NMLS#: 2377459

2125 BISCAYNE BLVD SUITE 220

Miami, FL 33137

Media Contact

Kyle Hiersche, The Mortgage Calcualtor, 1 7867331993, pr@themortgagecalculator.com, https://themortgagecalculator.com

Twitter

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SOURCE The Mortgage Calcualtor

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Norck Expands Custom Manufacturing Services with Enhanced Precision CNC Machining, Engineering Support, and Curated Network of Select Manufacturing Partners

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November 16, 2024

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Norck, a global leader in on demand manufacturing, has expanded its services to include precision CNC machining, custom component manufacturing, and on-demand solutions. The company’s curated network of trusted manufacturing partners and personalized one-on-one engineering support set it apart from automated platforms. Serving industries such as aerospace, defense, robotics, and medical, Norck delivers high-quality, precision-engineered components tailored to specific needs. With capabilities in CNC machining, 3D printing, and hybrid manufacturing, Norck empowers businesses to innovate and scale efficiently. Visit www.norck.com for more information.

IRVINE, Calif. and MANNHEIM, Germany, Nov. 16, 2024 /PRNewswire-PRWeb/ — Norck, a global leader in advanced manufacturing and custom component production, is proud to announce a major expansion of its services, focusing on precision CNC machining, custom component manufacturing, and on-demand CNC machining. A key highlight of this growth is the enhancement of Norck’s curated network of select manufacturing partners, ensuring clients benefit from the highest quality standards and consistent reliability.

By partnering with only the best manufacturers, we ensure that every project meets our clients’ exacting standards. Combined with our one-to-one engineering support, this approach guarantees a superior manufacturing experience.

Complementing its growing capabilities, Norck reaffirms its commitment to personalized, one-to-one engineering and design support, setting it apart from competitors with automated platforms. With a strategic combination of expert guidance and a carefully vetted partner network, Norck is revolutionizing the way businesses approach custom parts manufacturing.

Norck’s Motto: “Prototype. Manufacture. Scale Up. On Demand.”

This guiding principle reflects Norck’s dedication to delivering seamless, end-to-end solutions that meet the dynamic needs of modern industries. From initial prototyping to full-scale production, Norck empowers businesses to innovate and grow with speed and precision.

Expanding a Curated Network of Trusted Manufacturing Partners

Norck’s curated network of select manufacturing partners brings together top-tier facilities specializing in CNC machining, injection molding, and metal 3D printing. Each partner is carefully vetted for quality, reliability, and expertise, ensuring seamless collaboration and superior results.

Key Benefits of Norck’s Manufacturing Partner Network:

Consistent Quality Standards: Partners are selected based on strict adherence to global certifications such as ISO 9001 and AS9100.Diverse Capabilities: Access to advanced manufacturing technologies, including custom CNC machining, custom component manufacturing, and on-demand sheet metal fabrication.Streamlined Project Management: Norck acts as a single point of contact, managing every aspect of production and ensuring seamless coordination across its network.

“Our curated network is an integral part of delivering exceptional results to our clients,” said Faruk Guney, CEO of Norck. “By partnering with only the best manufacturers, we ensure that every project meets our clients’ exacting standards. Combined with our one-to-one engineering support, this approach guarantees a superior manufacturing experience.”

Personalized Engineering and Design Support

Unlike platforms that rely heavily on automation, Norck emphasizes a one-on-one collaboration model with clients. This personalized approach ensures that designs are optimized for manufacturability, cost-efficiency, and performance before production begins.

Key Features of Norck’s Engineering and Design Support:

Dedicated Design Consultants: Clients work with experienced engineers who understand their unique requirements and industry challenges.

Seamless Iteration: From concept refinement to rapid prototyping, Norck supports clients at every step to perfect their designs.

Material Selection Guidance: Expert advice to choose the best materials for durability, performance, and cost-effectiveness.

Feasibility Analysis: Comprehensive evaluations to ensure manufacturability and optimal production outcomes.

Precision CNC Machining and Custom Component Manufacturing

Norck’s precision CNC machining services are at the forefront of its manufacturing offerings. With a focus on high-quality production and design optimization, Norck delivers custom CNC parts and components that meet even the most complex specifications.

Key Highlights:

On-Demand CNC Machining: Rapid, efficient production tailored to client needs, from prototypes to large-scale production.

Wire EDM Services: Precision machining for intricate designs requiring tight tolerances.

Custom CNC Machining Near Me: Localized support through Norck’s extensive partner network for faster turnaround times and convenience.

Advanced Metal 3D Printing Services

Norck has also enhanced its metal 3D printing services, providing innovative solutions for lightweight and complex custom metal parts. These services are integrated with Norck’s engineering support to ensure clients achieve the perfect balance of creativity and manufacturability.

Key Features:

Custom Metal 3D Printing: Production of intricate and durable components for aerospace, automotive, and medical applications.Hybrid Manufacturing Solutions: Combining CNC machining and 3D printing for advanced design possibilities.Injection Molding and On-Demand Sheet Metal FabricationNorck’s comprehensive offerings include injection molding and on-demand sheet metal fabrication, enabling clients to produce high-quality custom parts at scale. By leveraging its curated network, Norck delivers consistent results across all manufacturing disciplines.

Industries Served

Norck proudly serves a diverse range of industries, providing tailored solutions to meet specific sector requirements:

Norck offers specialized manufacturing solutions across various industries, delivering precision-engineered components and services tailored to each sector’s unique requirements.

Aerospace: Norck provides high-precision components that meet stringent aerospace standards, ensuring safety and reliability in critical applications.

Defense: Supplying robust and reliable parts, Norck supports mission-critical defense systems and equipment, adhering to rigorous quality and performance criteria.

Robotics: Norck creates intricate components essential for the efficient operation of robotic systems and automation technologies, enhancing performance and precision.

Automotive: Manufacturing custom parts, Norck enhances vehicle performance, durability, and safety across various automotive applications.

Medical: Producing biocompatible and precision-engineered components, Norck supports medical devices, surgical tools, and healthcare technologies, ensuring safety and efficacy.

Consumer Products: Producing high-quality, durable components, Norck serves a wide range of consumer goods, from electronics to appliances, ensuring product longevity and reliability.

Industrial: Providing durable and reliable parts, Norck supports machinery, tools, and industrial systems, ensuring operational efficiency and longevity.

Hardware: Crafting precision hardware components, Norck caters to construction, infrastructure, and various manufacturing applications, meeting specific project needs.

Electronics: Delivering custom components, Norck supports electronic devices, ensuring compatibility and performance in advanced systems.

Energy: Supplying high-performance parts, Norck serves renewable energy, oil and gas, and power generation applications, contributing to efficient energy solutions.

Norck’s tailored solutions ensure each industry’s unique requirements are met with precision and reliability, reinforcing its commitment to quality and innovation.

About Norck

Norck is a global leader in advanced manufacturing, specializing in precision CNC machining, custom component manufacturing, metal 3D printing, and injection molding. With a strong commitment to innovation, quality, and customer satisfaction, Norck delivers tailored manufacturing solutions to businesses worldwide. By combining personalized engineering support, cutting-edge technologies, and a curated network of trusted manufacturing partners, Norck empowers industries to achieve their most ambitious goals.

For more information about Norck’s services and solutions, visit www.norck.com

Media Contact

Dennis Weiss, NORCK INC – NORCK GMBH, 1 949-232-0251, ed@norck.com, www.norck.com

Ed Braun, NORCK INC – NORCK GMBH, www.norck.com

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SOURCE NORCK INC – NORCK GMBH; NORCK INC – NORCK GMBH

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Intercos Korea Inc. Press Release

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November 16, 2024

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MILAN, Nov. 16, 2024 /PRNewswire/ — Intercos Korea Inc. wishes to provide its position regarding certain information circulated in relation to the lawsuit started in 2019 that was initiated against two former employees of Kolmar Korea, subsequently employed by Intercos Korea Inc. .

The investigation that led to these proceedings concerned actions taken by the two former employees independently when they were not yet employed by Intercos Korea Inc.. Intercos Korea Inc. inevitably became part of the proceedings solely because it was the employer at the time the investigation commenced, despite having taken immediate actions to dissociate the company from these employees’ misbehaviour.

As a result of the conviction of the two former employees, the Court of Appeal—having reviewed the case twice—deemed it appropriate to reduce the fine to Intercos Korea to approximately €3.600 (5 million KRW), thus rendering it a purely symbolic sanction.

Intercos Group has always attached great importance to business ethics as proven by the irreproachable reputation it enjoys globally since decades.

Intercos shareholders and management fully trust the current Intercos Korea managers’ exemplary ethics.

Intercos Korea Inc.

40-38, GAJANGSANEOPSEOBUK-RO, OSAN-SI,GYEONGGI-DO, KOREA (#18103) / www.intercos.com 

Logo – https://mma.prnewswire.com/media/2559811/Intercos_Korea_Logo.jpg

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