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New Delhi, The per capita monthly household expenditure more than doubled in 2022-23 as compared to 2011-12, according to the latest study of <keyword id="20720109" type="General" weightage="20" keywordseo="national-sample-survey-office" source="keywords">National Sample Survey Office</keyword> (<keyword id="20411472" type="General" weightage="20" keywordseo="nsso" source="keywords">NSSO</keyword>). NSSO, under Ministry of Statistics and Programme Implementation, conducted Household Consumption Expenditure Survey (<keyword id="20462990" type="General" weightage="20" keywordseo="hces" source="keywords">HCES</keyword>) during August 2022 to July 2023, an official statement said on Saturday. The survey aims at generating estimates of household Monthly Per Capita Consumption Expenditure (MPCE) and its distribution separately for the rural and urban sectors of the country, for states and Union Territories, and for different socio-economic groups. As per the survey, the average MPCE at current prices (without imputation) more than doubled to Rs 6,459 in urban areas in 2022-23 from Rs 2,630 in 2011-12. Similarly in rural areas, it jumped to Rs 3,773 from Rs 1,430 at current prices. As per the study, the average MPCE at 2011-12 prices (without imputation) also increased to Rs 3,510 in 2022-23 from Rs 2,630 in 2011-12 in urban areas. Similarly, it rose to Rs 2,008 from Rs 1,430 in rural areas at 2011-12 prices. It showed that the average MPCE also increased (with imputation) to Rs 6,521 in 2022-23 from Rs 2,630 in 2011-12 at current prices in urban areas. Similarly, it rose to Rs 3,860 from Rs 1,430 in rural areas. The average MPCE at 2011-12 prices (with imputation) increased to Rs 3,544 in 2022-23 from Rs 2,630 in 2011-12 in urban areas. It increased to Rs 2,054 from Rs 1,430 in rural areas. The estimates of MPCE are based on the data collected from 2,61,746 households (1,55,014 in rural areas and 1,06,732 in urban areas) in the central sample spread over all states and Union Territories. In HCES:2022-23, the usual practice of imputation of the value figures for consumption out of home-grown/home-produced stock and gifts, loans, free collection and goods received in exchange of goods and services etc. has been continued; and accordingly, estimates of MPCE have been generated. Besides, a provision for collection of information on the quantity of consumption for a number of items, received and consumed by the households free of cost through various social welfare programmes has been made in HCES:2022-23. Consequently, the value figures for food items: rice, wheat/atta, jowar, bajra, maize, <keyword id="20347236" type="General" weightage="20" keywordseo="ragi" source="keywords">ragi</keyword>, barley, small millets, pulses, gram, salt, sugar, edible oil and non-food items: laptop/PC, <keyword id="19986587" type="General" weightage="20" keywordseo="tablet" source="keywords">tablet</keyword>, mobile handset, bicycle, motorcycle/Scooty, clothing (school uniform), footwear (school shoe etc.) received free of cost by the households through these programmes, have been imputed using an appropriate method. Accordingly, another set of estimates of MPCE considering imputed values of these items and of consumption out of home produce, free collection, gifts, loans etc. has also been compiled for HCES: 2022-23.

Monthly household consumer spending more than doubled in last decade

A <keyword id="22223243" type="General" weightage="20" keywordseo="player-survey" source="keywords">player survey</keyword> has revealed that the <keyword id="19921630" type="General" weightage="100" keywordseo="T20-World-Cup" source="keywords">T20 World Cup</keyword> is closing the gap in the race to become the "most important" <keyword id="21493847" type="General" weightage="20" keywordseo="ICC-event" source="keywords">ICC event</keyword> to players around the world, marking a shift from the dominance of the <keyword id="19921632" type="General" weightage="20" keywordseo="ODI-World-Cup" source="keywords">ODI World Cup</keyword>. According to a survey conducted by the <keyword id="22223543" type="General" weightage="20" keywordseo="World-Cricketers-Association" source="keywords" meta.keywordsubtype="org" meta.entityname="World Cricketers Association" meta.hostid="153" meta.entityid="World Cricketers Association">World Cricketers Association</keyword> (<keyword id="20895828" type="General" weightage="20" keywordseo="WCA" source="keywords">WCA</keyword>), formerly FICA, an overwhelming 85 percent of players viewed the 50-over <keyword id="19930296" type="General" weightage="20" keywordseo="world-cup" source="keywords">World Cup</keyword> as the most important in 2019, compared to 15 percent for the T20 World Cup. In 2024 however, those figures have changed with 50 percent of the players considering the ODI showpiece as the most important and 35 percent favouring its T20 equivalent. The ongoing edition of the T20 World Cup, jointly hosted by the USA and West Indies, will conclude with the title clash between <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> and <keyword id="19899437" type="General" weightage="20" keywordseo="South-Africa" source="keywords">South Africa</keyword> in Barbados on Saturday. As per the survey done by the re-branded body, for players under 26, the inclination towards the T20 World Cup rose significantly, with 41 percent preferring it over the 50-over World Cup at 49 percent in 2024. Overall, there has been a sharp increase in the popularity of the T20 format. Compared to 2019 when 82 percent of players picked <keyword id="19935483" type="General" weightage="20" keywordseo="Test-cricket" source="keywords">Test cricket</keyword> as the most important format, it's only 48 percent right now. As many as 30 percent of the players picked T20 as the most important format. Players from India, Pakistan and Afghanistan are among those who are not represented by the WCA since they are not unionised. Responses were sought from players of other major cricket nations, including Australia, England, New Zealand, South Africa, Bangladesh and West Indies. According to the WCA, the sample size for this year's survey was around 330 professional players from 13 different countries, with the majority of them being current internationals. There is a higher proportion of female respondents in 2024. In the current edition of the T20 World Cup, the much-awaited clash between arch-rivals India and Pakistan garnered a staggering 256 million viewing hours in India alone.

T20 World Cup on course to become the most important ICC event, reveals player survey

Gender discrimination is the reason for 98 per cent of employment gap between males and females in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, according to a new report of <keyword id="69945" type="General" weightage="50" keywordseo="oxfam-india" source="Orion">Oxfam India</keyword>. The report highlighted that woman in India despite their same educational qualification and work experience as men will be discriminated in the labour market due to societal and employers' prejudices. The Oxfam India's 'India Discrimination Report 2022' shows that discrimination causes 100 per cent of employment inequality faced by women in rural areas in labour market and 98 per cent in urban areas. The report said self-employed males earn 2.5 times more than females, 83 per cent of which is attributed to gender-based discrimination and 95 per cent of the gap between the earnings of male and female casual wage workers is due to discrimination. According to the report, gender discrimination is the reason for 98 per cent of the employment gap between males and females. Woman in India despite their same educational qualification and work experience as men will be discriminated in the labour market due to societal and employers' prejudices, it said. The report further said that 93 per cent of the gap in earnings of males and females is due to discrimination. Rural self-employed males earn twice of what females earn in rural areas. Male casual workers earn Rs 3,000 per month more than females, 96 per cent of which is attributed to discrimination, it said. As high as 91.1 per cent of the gap in earnings between males and females is explained by discrimination. The academically recognised statistical model applied in the report is now able to quantify the discrimination women face in the labour market. The lower wages for salaried women are due to 67 per cent of discrimination and 33 per cent due to lack of education and work experience, the report said. Oxfam India called on the government to actively enforce effective measures for the protection and right to equal wages and work for all women. The Government of India should also incentivise the participation of women in workforce, including enhancement in pay, upskilling, job reservations and easy return-to-work options after maternity, the report said. What the report finds is if a man and woman starts on an equal footing, the woman will be discriminated in the economic sphere where she will lag behind in regular/salaried, casual and self-employment, said <keyword id="1594237" type="General" weightage="50" keywordseo="amitabh-behar" source="Orion">Amitabh Behar</keyword>, CEO of Oxfam India. "The inequality in the labour market for gender and other social categories, the report finds, is not just due to poor access to education or work experience but because of discrimination," he said. These findings are based on the government data on employment and labour from 2004-05 to 2019-20. The Oxfam India report refers to unit level data from 61st round <keyword id="179132" type="General" weightage="50" keywordseo="national-sample-survey" source="Orion">National Sample Survey</keyword> (NSS) data on employment-unemployment (2004-05), the <keyword id="3429286" type="General" weightage="50" keywordseo="periodic-labour-force-survey" source="Orion">Periodic Labour Force Survey</keyword> in 2018-19 and 2019-20 and All India Debt and Investment Survey by the government. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/online-education-platform-upgrad-acquires-centum-learning-to-upskill-enterprise-workforce/articleshow/94216993.cms">Online education platform upGrad acquires Centum Learning to upskill enterprise workforce</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/fitch-slashes-indias-fy23-gdp-growth-forecast-to-7-from-7-8-earlier/articleshow/94213633.cms?utm_source=google_newsstand&amp;utm_medium=google_rssfeed&amp;utm_campaign=news_referral">Fitch slashes India's FY23 GDP growth forecast to 7% from 7.8% earlier</a>

Self-employed males earn 2.5 times more than females: Oxfam

<keyword id="22639420" type="General" weightage="20" keywordseo="Giant-Radio-Galaxies" source="keywords">Giant Radio Galaxies</keyword> (<keyword id="22639421" type="General" weightage="20" keywordseo="GRGs" source="keywords">GRGs</keyword>) are <keyword id="22639422" type="General" weightage="20" keywordseo="radio-galaxies" source="keywords">radio galaxies</keyword> that have expanded to sizes spanning megaparsecs. To put this in perspective, while the Milky Way galaxy is approximately 100,000 light-years wide, GRGs stretch across millions of light-years. Ironically, it is their immense size that makes GRGs rare and challenging to detect. One possible formation scenario for GRGs involves the powerful <keyword id="22639424" type="General" weightage="20" keywordseo="radio-jets" source="keywords">radio jets</keyword> from a galaxy extending into relatively empty regions of <keyword id="22639423" type="General" weightage="20" keywordseo="intergalactic-space" source="keywords">intergalactic space</keyword>. In an astonishing leap forward for astronomy, a team of Indian researchers has uncovered 34 new GRSs using the Giant Metrewave Radio Telescope (<keyword id="22632818" type="General" weightage="20" keywordseo="GMRT" source="keywords">GMRT</keyword>). This discovery, not only a testament to India's growing prominence in the field of <keyword id="19929542" type="General" weightage="20" keywordseo="space-exploration" source="keywords">space exploration</keyword>, provides fresh insights into the enigmatic behaviour of the universe’s largest and most mysterious structures. <div type="Article" hostid="261" msid="111810338" title="Noisy neighbour: The Earth randomly blasted Venus with a Missy Elliott hip-hop song last week, because why not?" mstype="2" mssubtype="0"></div> This groundbreaking discovery stems from the <keyword id="21237895" type="General" weightage="20" keywordseo="TIFR" source="keywords">TIFR</keyword> GMRT Sky Survey (TGSS), conducted between 2010 and 2012. Covering about 90% of the sky at 150 MHz, the survey has become a treasure trove for astronomers. The team, comprising PhD students Netai Bhukta and Souvik Manik, and astronomers Sabyasachi Pal and Sushanta K Mondal, delved into the TGSS Alternative Data Release 1, leveraging GMRT’s exceptional sensitivity at low frequencies to uncover these colossal structures. Giant radio sources are cosmic behemoths, stretching millions of light-years across and representing the final stage of radio galaxy evolution. Their sheer size and rarity have long puzzled scientists. The recent discovery of 34 new GRSs, among the most distant ever detected, challenges the prevailing theories about their growth. Notably, two of these objects defy the conventional understanding that GRSs predominantly expand in low-density environments, suggesting that other factors contribute to their enormous size. <div type="Article" hostid="261" msid="111855546" title="Budget 2024: How will budget affect India’s position in the global space race?" mstype="2" mssubtype="0"></div> The GMRT, operated by the National Centre for Radio Astrophysics (NCRA) of the Tata Institute of Fundamental Research (TIFR), is situated near Khodad village, 90 km north of Pune. This state-of-the-art facility has placed India at the forefront of radio astronomy, enabling scientists to peer deep into the universe and uncover its secrets. The success of this discovery underscores India’s growing capabilities and ambitions in space research, marking a significant milestone for the country’s scientific community. The study of GRSs is not merely an academic exercise; it has profound implications for our understanding of the universe. These giant structures provide critical insights into the behaviour of the intergalactic medium and the complex interactions between black holes and their surrounding environments. By examining these massive entities, scientists can better understand the distribution of matter in the cosmos and the forces shaping the evolution of galaxies. With plans to present new GRS samples in forthcoming articles, the researchers aim to conduct detailed analyses based on multiwavelength observations. These studies will further unravel the mysteries surrounding the formation and growth of giant radio sources, contributing to our broader understanding of the universe.

Indian astronomers have found 34 new giant alien radio sources using the GMRT near Pune!

<ul><li>A leaked draft report from the <keyword id="159763" type="ORGANIZATION" weightage="20" keywordseo="National-Sample-Survey-Office">National Sample Survey Office</keyword> (NSSO) has found that unemployment in the world’s fastest growing economy is at its highest in 45 years. </li><li>“There is enough evidence to show that employment has increased,” Rajiv Kumar, the vice chairman of <keyword id="2665691" type="PERSON" weightage="20" keywordseo="Niti-Aayog">Niti Aayog</keyword>, a government think tank chaired by the country’s prime minister.</li><li>However, to quash the findings of the report, the government has only been able to offer data on a rise in call centre positions, taxi drivers, construction workers and employees working at startups. </li></ul> India’s Narendra Modi government is facing a moment of truth. A leaked draft report from the National Sample Survey Office (NSSO) has found that unemployment in the world’s fastest growing economy is at its highest in 45 years, <a href="https://www.businessinsider.in/unemployment-in-india-is-at-its-highest-in-45-years-says-an-indian-daily-citing-an-undisclosed-jobs-survey/articleshow/67769020.cms" data-type="tilCustomLink" target="_blank">reported</a> <keyword id="189015" type="COMPANY" weightage="20" keywordseo="Business-Standard">Business Standard</keyword>. Obviously, the opposition parties wasted no time in using the news to corner the incumbent government. The defense took its time but what they put out is a different story altogether. While the defendants refused to comment on the undisclosed survey, still, a denial was probably in order . “There is enough evidence to show that employment has increased,” Rajiv Kumar, the vice chairman of Niti Aayog, a government think tank chaired by the country’s prime minister. Kumar went on to substantiate it, not with employment numbers, but something he thought was close enough. “That 11-12% (nominal GDP) growth cannot happen if employment hasn’t grown,” Kumar argued. The point did seem to stump the rather combative press, but not for more than a moment. Soon after the CEO, from the same think tank chipped in with more numbers. In the case of Ola, the number of registered drivers went up from 37,000 to near a million in four years, and Uber has over 1.2 million drivers now, Amitabh Kant said. “14 million jobs were created in the transport between 2014 and 2018,” Kant said. A lot of them are delivery boys and truck drivers working for the big e-commerce companies. Kant cited three million jobs created in road construction, 14.6 million jobs in tourism, and another 1.5 million in the business process outsourcing (BPO) industry. “There are 19,000 startups in the country,” Kant roared right after. In India, numbers can be tricky. The website for Startup India, a dedicated government programme, says 15,649 startups recognised till date. 
	
 Then came the Mudra loans, a programme launched in April 2015 has been a big defence for the Modi government. The state offers loans without collateral for people to start micro and small businesses. Loans worth ₹7.43 trillion have been approved under the Mudra scheme to 154 million applicants, 74% of them are women, according to Kant. However, a recent <a href="https://www.indiatoday.in/india/story/reality-check-how-mudra-missed-its-mark-1441995-2019-01-29">survey</a> India Today published on January 29, showed that many of these small unsecured loans are just waiting to turn sour for various reasons. Far from being a source of livelihood, or a job-creating investment, these loans are at best being used in unproductive ventures. But it remains a fact that the government has facilitated these loans, and may have even arm twisted unwilling bankers to lend more under the Mudra scheme, as found by the same India Today survey. It is a different matter that these loans have failed to produce profit or jobs. So, in 2019 India, it’s great if you have an idea for a startup. If not, there are jobs as drivers for Ola and Uber, vacancies in BPOs, placements in e-commerce deliveries, gigs in road construction and some openings, thanks to tourism. For everyone else, there are Mudra loans, which you may not have to return. The opposition may not have expected this defence from the government after a similar faux pas by none other than the prime minister himself. In an interview in 2018, Modi said, “If someone opens a 'pakoda' shop in front of your office, does that not count at employment? The person's daily earning of Rs 200 will never come into any books or accounts. The truth is massive people are being employed.” His trolls had a field day then. It’s unlikely his critics will miss another opportunity now.

Unless you want to be a street vendor, a cab driver, or a road construction worker, please start your own business -- because there are no high-paying jobs in India

In the last couple of years India has seen a massive surge in the number of women starting business and contributing to the economic wave that the country is seeing. According to the <keyword id="172005" type="ORGANIZATION" weightage="20" keywordseo="National-Sample-Survey-Organisation">National Sample Survey Organisation</keyword>, 14% of business establishments in India are being run by <keyword id="246957" type="POSITION" weightage="20" keywordseo="women-entrepreneur">women entrepreneur</keyword>s. While it’s still a small number, it certainly brings a fresh wind of change where there are many women entrepreneurs starting their own business and building products for the world. The data also reveals that most of the women-run companies are small-scale and about 79% of them are self-financed which clearly indicates the amount of challenges and struggles a women entrepreneur has to face in order to kick start their own company. But there are women, strong women, who are ready to take on any challenge to bust open the glass ceiling and become a creator rather than being just a consumer. <keyword id="6355629" type="CITY" weightage="100" keywordseo="Google">Google</keyword> has chosen 11 such women entrepreneurs across stages through their <keyword id="4818121" type="UNKNOWN" weightage="20" keywordseo="google-launchpad-accelerator-program">Google Launchpad Accelerator Program</keyword> to help promising startups in achieving success through focused mentorship from Google and Industry Experts. A look at some of the businesses started by these women show just how important it is for women to build for the society.

These 11 promising startups by women entrepreneurs get Google's attention

<ul><li><keyword id="6355033" type="General" weightage="100" keywordseo="bangalore" source="Orion">Bangalore</keyword> saw the highest growth in intent to hire among 14 cities in India, according to a <keyword id="6381892" type="General" weightage="50" keywordseo="teamlease-services" source="Orion">TeamLease Services</keyword> report.</li><li>The intent to hire in the city rose from 91% in April-June to 95% in July-September.</li><li>Manufacturing and service industries have both shown positive growth in terms of intent to hire during the same period.</li></ul>Tech hub Bangalore could see a flurry of activity in the coming months as the city showed the maximum intent to hire, according to a <keyword id="133742" type="General" weightage="80" keywordseo="teamlease" source="Orion">TeamLease</keyword> Services report. The city emerged on top of the list of 14 cities surveyed, with 95% of employers saying that they are looking to hire. This is much higher than the national intent to hire – which came in at 61% – in the July-September period, as per the TeamLease’s Employment Outlook report. For the report, 865 employers across the country were surveyed. The intent to hire by employers in Bangalore rose from 91% in April-June to 95% in July-September, according to the report. Manufacturing and service industries have both shown positive growth in terms of intent to hire during the same period. In manufacturing, the fast-moving consumer goods (FMCG) industry saw the maximum growth in intent to hire at 48%, followed by health and pharmaceuticals (43%) and engineering and infrastructure (38%). In the services sector, technology outshone with 97% intent to hire, followed by ecommerce and allied startups (85%) and education (70%). “Over the last decade, Bangalore as a market has seen exponential growth across industries, especially with the emergence of many new age internet-based companies providing varied value-driven services and products,” said <keyword id="6370367" type="General" weightage="50" keywordseo="mahesh-bhatt" source="Orion">Mahesh Bhatt</keyword>, chief business officer, TeamLease Services. <cmsannotation type="cmsannotation" annotationid="Delhi, Mumbai were looking to hire the most in manufacturing and services" comment="subhead" text="Delhi, Mumbai were looking to hire the most in manufacturing and services">Delhi, Mumbai were looking to hire the most in manufacturing and services</cmsannotation> After Bangalore, other metro cities like Delhi, Mumbai and Chennai witnessed a major spurt in intent to hire in the manufacturing sector. A similar trend was seen in the services sector as well, where Bangalore, Delhi and Mumbai intended to create the most jobs in the country. “This positive growth momentum (in Bangalore) has led to an influx of employment opportunities across roles and sectors. More employers are keen to increase their resource pool and are also inclined to pay higher remunerations. In fact in the coming quarters, hiring intent is further expected to be 97%,” Bhatt added. From a job role perspective, information technology-related roles, sales, engineering and marketing were highly in demand in Bangalore in this quarter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/there-is-a-caste-and-religion-bias-in-salaries-says-an-oxfam-report/articleshow/94219196.cms">There is a caste and religion bias in salaries says an Oxfam report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/oral-nasal-urine-samples-necessary-for-monkeypox-diagnosis-icmr/articleshow/94219524.cms">Oral, nasal, urine samples necessary for monkeypox diagnosis: ICMR</a>

Bangalore shows the maximum intent to hire among Indian cities – TeamLease survey

<ul class="summary-list"><li>Some <keyword id="11921342" type="UNKNOWN" weightage="60" keywordseo="millennials" source="Orion">millennials</keyword> blame boomers for the starter home shortage, <a href="https://group.legalandgeneral.com/en/newsroom/press-releases/new-legal-general-study-on-millennials-and-housing-takes-on-intergenerational-conflict-over-home-ownership/">a new study found</a>.</li><li>Boomers looking to downsize want those <keyword id="11957055" type="UNKNOWN" weightage="60" keywordseo="starter-homes" source="Orion">starter homes</keyword>, and they're winning most bidding wars.</li></ul>The latest in generational warfare: Some millennials are pointing the finger of blame at boomers for the <keyword id="12078059" type="UNKNOWN" weightage="60" keywordseo="housing-shortage" source="Orion">housing shortage</keyword>.So finds a <a href="https://group.legalandgeneral.com/en/newsroom/press-releases/new-legal-general-study-on-millennials-and-housing-takes-on-intergenerational-conflict-over-home-ownership/">recent study</a> by asset manager and insurer Legal &amp; General, which polled 875 non-homeowning millennials. While this is a small sample size, the report revealed a notable trend in respondents blaming older generations for their housing difficulties.As one respondent wrote, "Boomers need to stop buying starter homes as their retirement homes. It's driving the cost up to where first-time homebuyers can't afford it."Another felt similarly: "It's hard to afford the homes in budget because boomers are also buying them."Nearly half (48%) of millennials who don't own a home are saving for a down payment, the survey found. But 55% of them can't afford to buy yet in today's heated housing market, where record prices have reached a record median high of <a href="https://www.redfin.com/us-housing-market">$386,888</a>, being boxed out of first-time homeownership explains a lot about their resentment."Homeownership is increasingly concentrated in the hands of older generations, which have hoarded wealth and restricted my generation's access to similar economic opportunities," wrote a respondent.Some respondents even feel boomers are contributing to their overall economic plight, marked by <a href="https://www.businessinsider.com/millennials-great-recession-finances-coronavirus-triggers-financial-crisis-2020-4">two recessions before the age of 40</a> and soaring living costs. They said boomers' abuse of the American Dream made millennials' pursuit of the same ideal more difficult, and that boomers got rid of many programs that would have been helpful for millennials to achieve it. Even boomers themselves agree. Billionaire Howard Marks, investor and cofounder of Oaktree Capital management, recently <a href="https://www.businessinsider.com/blame-boomers-for-ruining-economy-for-millennials-billionaire-says-2021-11">took a shot at his generation</a> for leaving younger generations with excessive debt. And demographer Neil Howe, who coined the term "millennial," <a href="https://www.businessinsider.com/how-stimulus-will-help-millennials-student-debt-unemployment-generational-inequality-2021-3">previously told Insider</a> boomers refused to pay for institutional upkeep, which has contributed to the affordability crisis millennials are dealing with.<h2>It's not all boomers' fault</h2>Now, there's some truth to this blame and some major caveats.As the Legal &amp; General study points out, boomers looking to downsize are shopping for starter homes that fall within millennials' budgets. <a href="http://zillow.mediaroom.com/2021-10-14-Baby-Boomers-and-Millennials-Are-Competing-for-Homes,-and-Boomers-Are-Winning">A Zillow report</a> from October found that so many boomers are active in the housing market that it's <a href="https://www.businessinsider.com/boomers-versus-millennials-housing-war-competition-buying-home-2021-10">become more difficult for millennials to buy a home</a>. As longtime homeowners with equity gains to put in an all-cash offer, boomers are more likely to emerge victorious in bidding wars over millennials, who <a href="https://www.businessinsider.com/millennials-great-recession-student-debt-affordability-crisis-2020-1">struggled to save for down payments</a> even before the pandemic.Americans 60 years old and older have been more active in the housing market in the past decade than people in the same age group 10 years earlier. The share of homebuyers in this cohort grew by 47% from 2009 to 2019. Meanwhile, the share of younger buyers ages 18 to 39 in the past decade has shrunk by 13% in the same time frame. But it would be unfair to blame the <keyword id="11909226" type="UNKNOWN" weightage="60" keywordseo="housing-crisis" source="Orion">housing crisis</keyword> on hands of boomers when there are many factors at play. There have been 20 times fewer homes built in the past decade than in any decade as far back as the 1960s, Daryl Fairweather, chief economist at Redfin, <a href="https://www.businessinsider.com/housing-market-forecast-millennials-buying-homes-crisis-2021-4">told Insider back</a> in April.And the pandemic hasn't helped housing scarcity. Some owners haven't been listing their homes as a safety precaution, Gay Cororaton, the director of housing and commercial research for the National Association of Realtors (NAR), <a href="https://www.businessinsider.com/housing-market-forecast-millennials-buying-homes-crisis-2021-4">previously told Insider</a>. Others are wary of putting them on the market for fear of being <a href="https://www.businessinsider.com/the-worst-time-to-buy-a-house-coronavirus-pandemic-2021-3">unable to find an affordable replacement</a> to buy.She added that there might have been more homes on the market absent a historic lumber shortage. Lumber factories <a href="https://www.businessinsider.com/real-estate-homebuying-soaring-lumber-prices-new-homes-construction-2021-3">shut down almost immediately</a> in March 2020 because of safety restrictions. When the housing market opened up, Americans bought more new houses than the lumber industry could keep up with. As lumber prices skyrocketed, the cost was passed down to homebuyers.And with millennials aging into their <a href="https://www.businessinsider.com/housing-market-forecast-millennials-buying-homes-crisis-2021-4">peak homebuying years</a>, their demand is only <a href="https://www.businessinsider.com/millennial-homeownership-driving-housing-shortage-prices-new-builds-2021-4">exacerbating the shortage</a>. Boomers may not be the sole cause of the housing crisis, but they too are intensifying a market that has never been so competitive thanks to many economic forces.

Millennials are blaming boomers for the starter home shortage, survey finds

<ul class="summary-list"><li>Americans are increasingly anxious about their financial futures as they worry about market volatility, inflation, and a recession.</li><li>64% of survey respondents to an Allianz survey would rather hold cash rather ride out market swings.</li></ul>Most Americans are nervous about their retirement portfolios in the face of a potential recession and as inflation still rages hot, and they'd rather hold onto cash than risk losing money in stocks, according to a survey from Allianz Life. With Americans concerned about their financial futures, many are halting retirement contributions and are worried about covering their day-to-day expenses, the financial services provider said Tuesday about findings in its <a href="https://www.allianzlife.com/About/Newsroom/2023-Press-Releases/Majority-of-Americans-are-More-Concerned-About-Paying-Bills-Right-Now-Than-Financial-Future" target="_blank" rel="noopener">Quarterly Market Perceptions Study</a> for the fourth quarter of 2022. 77% of the survey's respondents believe equities will be volatile in 2023, extending the big swings that eventually drove stocks into a bear market in 2022. Stocks were hit hard largely as multi-high year inflation prompted the Federal Reserve to swiftly kick up borrowing rates from zero percent. Here are three big takeaways from the online survey conducted in December. It has a nationally representative sample of 1,005 respondents who were 18 years of age or older. 1. Fretting over (401)k plans If market volatility runs hot through 2023, 65% of respondents said they will adjust their retirement and investment plans, rising from 57% during the same period last year. Meanwhile, 40% of Americans worry that market volatility will spur their employers to suspend matching contributions to their 401(k) accounts. Tens of millions of American workers have employer-sponsored retirement plans, and 80% of 401(k) participants make less than $100,000 per year, according to the <a href="https://www.usaretirement.org/" target="_blank" rel="noopener">nonprofit American Retirement Association</a>. 2. Cash is king Cash is attractive to Americans on the prospect that market volatility will persist. Allianz Life said 64% of survey respondents said they would rather have their money sit in cash rather than endure market swings. Only 19% participating in the survey said they're ready to invest now and are comfortable with current market conditions. That rate is down from 29% a year ago and from 26% in the third quarter of 2022. It's understandable at the start of the new year that people are worried about market risks, Kelly LaVigne, vice president of consumer insights at Allianz Life, said in the report.However, "[this] money, while subject to potential market drops, will also miss out on gains when the market recovers," he said. 3. Stressing over bills While US headline inflation has eased from the peak of 9% in mid-2022, consumer prices are still elevated. The headline CPI rate cooled to <a href="https://www.businessinsider.com/inflation-cpi-report-december-price-growth-2023-1">6.5% in December</a> but core prices, excluding energy and food, rose as shelter costs increased. Allianz Life found 82% of Americans are worried that rising inflation will keep hurting their income's purchasing power in the next six months. Inflation concerns have drawn 55% of respondents into either stopping or reducing their retirement savings, and 45% have dipped into retirement money. At the same time, 67% said they are more concerned about paying bills than saving up for retirement. "Reducing retirement savings should be a last resort, short-term answer for inflation because it could have a significant detrimental effect on financial security for years to come," said LaVigne. The <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> since the start of 2023 has gained nearly 5% after tumbling 19% last year. Meanwhile, the market's so-called fear gauge has drifted lower. The <a href="https://markets.businessinsider.com/index/vix?utm_source=markets&amp;utm_medium=ingest">Cboe Volatility Index</a>, a widely watched track of the 30-day implied volatility of the S&amp;P 500 index, has declined 12% so far this year.

Volatility will continue to hammer markets in 2023 and people are fretting over retirement savings. Here are 3 big takeaways from Allianz's latest markets survey.

<ul class="summary-list"><li>A quarter of workers surveyed said that their employer mandated vaccines, a rise on previous polls. </li><li>The data comes from KFF's COVID-19 <keyword id="11894310" type="UNKNOWN" weightage="60" keywordseo="vaccine" source="Orion">Vaccine</keyword> Monitor, which gauges public perception of vaccines. </li></ul>One in four US workers polled in a new survey say their employer now requires them to get a COVID-19 vaccine. The <a href="https://www.kff.org/coronavirus-covid-19/press-release/1-in-4-workers-say-their-employer-required-them-to-get-a-covid-19-vaccine-up-since-june-5-of-unvaccinated-adults-say-they-left-a-job-due-to-a-vaccine-requirement/">Kaiser Family Foundation survey</a>, published Thursday, also found that 5% of unvaccinated respondents had <keyword id="12054965" type="UNKNOWN" weightage="60" keywordseo="quit" source="Orion">quit</keyword> their <keyword id="11893504" type="UNKNOWN" weightage="60" keywordseo="job" source="Orion">job</keyword> after an employer insisted on vaccination.The number of workers now required to get a vaccine shows a marked increase since earlier in the year, and offers an early indication of the response to vaccine mandates since President Biden last month announced <a href="https://www.businessinsider.com/biden-to-unveil-strict-vaccination-requirement-for-federal-workers-2021-9">measures requiring some employers to introduce them.</a>The same survey in September found that 19% of workers were required to be vaccinated, compared with 9% in June.The KFF<a href="https://www.kff.org/coronavirus-covid-19/poll-finding/kff-covid-19-vaccine-monitor-october-2021/"> COVID-19 Vaccine Monitor</a> gauges public attitudes towards vaccines. The non-profit polled a nationally representative sample of 1,519 US adults between Oct 14 and 24th 2021. Participants were randomly selected using cell and landline frameworks. Despite 51% of respondents saying that they didn't want their employer to enforce vaccines, few chose to resign in response, according to the survey. Only 5% of unvaccinated <keyword id="6357081" type="UNKNOWN" weightage="60" keywordseo="employees" source="Orion">employees</keyword> polled said they had quit as a result of a mandate - equivalent to 1% of all the adults polled. Of those surveyed, 24% said that they knew someone who had quit their job in response. Given a choice between a vaccine or weekly testing, 11% said they'd rather receive the vaccine, and 46% said they'd opt for weekly testing. More than a third, or 37%, said they would consider quitting rather than do either.In September, President Biden announced a <a href="https://www.businessinsider.com/biden-to-unveil-strict-vaccination-requirement-for-federal-workers-2021-9">six part plan requiring all federal employees</a> and <a href="https://www.businessinsider.com/biden-announce-employers-with-over-100-employees-to-mandate-vaccines-2021-9">healthcare workers</a> to get vaccinated. As part of the plans he also wants <a href="https://www.businessinsider.com/biden-announce-employers-with-over-100-employees-to-mandate-vaccines-2021-9">businesses with 100 or more employees or more to introduce mandatory vaccines</a> or weekly testing. Some workers who lost their job as a result of not getting a vaccine <a href="https://www.insider.com/healthcare-worker-fired-refusing-covid-19-shot-mandate-new-york-2021-10">have complained of their treatment by their employer.</a> Some have set up <a href="https://www.businessinsider.com/americans-fired-ignoring-vaccine-mandate-gofundme-financial-aid-2021-9">GoFundMe pages in order to make an income</a>. Some companies introduced legislation on their own. United Airlines has been mandating staff receiving the vaccine since August, <a href="https://www.businessinsider.com/united-airlines-vaccine-mandate-ceo-resign-staff-2021-9">CEO Scott Kirby told CNN that 90% of staff had shown proof of vaccination</a>.

Employers require 1 in 4 US workers to get vaccinated, survey shows

<ul class="summary-list"><li>You need a net worth of $1.7 million to be 'financially comfortable' in San Francisco, locals say.</li><li>San Francisco's threshold is the highest of any US city, <a href="https://www.aboutschwab.com/modern-wealth-survey-2022">according to a Charles Schwab survey</a>.</li></ul>Residents of San Francisco need to have a net worth of $1.7 million to be "financially comfortable," according to a survey of 750 locals in <a href="https://www.aboutschwab.com/modern-wealth-survey-2022">Charles Schwab's Modern Wealth Survey 2022</a>.It puts the tech hub at the top of the list for American cities with the highest <keyword id="11921347" type="UNKNOWN" weightage="60" keywordseo="wealth" source="Orion">wealth</keyword> threshold.Runners-up included New York City which requires $1.4 million, southern California with $1.3 million, and Washington, D.C. at $1.1 million. But to be considered "wealthy" in the <keyword id="12087139" type="UNKNOWN" weightage="60" keywordseo="bay-area" source="Orion">Bay Area</keyword> is an even greater jump: surveyed residents estimated a required average net worth of $5.1 million. That's compared to an estimated national average of $2.2 million, according to a polled sample of 1,000 American adults designed to represent the country. The national threshold for financial comfort still hasn't recovered from a pandemic drop despite rising <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword> and <keyword id="11935684" type="UNKNOWN" weightage="60" keywordseo="cost-of-living" source="Orion">cost of living</keyword>, according to Charles Schwab's data.The average net worth required to be "financially comfortable" was as high as $1.4 million in 2018 and fell to $624,000 in 2021 before creeping back up to $774,000 this year. The cost of living continues to rise across the country. Last month, inflation rates <a href="https://www.theguardian.com/business/2022/jun/10/us-inflation-rate-may-2022-four-decade-high">hit a 40-year high</a> of 8.6%, as rising prices of shelter, gas, and food collided.Living in the Bay Area is notoriously expensive and has driven many residents to <a href="https://www.businessinsider.com/tech-elites-leaving-san-francisco-threaten-silicon-valley-supremacy-2020-11">flock to buzzing tech hubs</a> elsewhere in the US, including Phoenix, Arizona; Miami, Florida; and Austin, Texas.Median rent in San Francisco for a one-bedroom apartment is now $3,000, according to <a href="https://www.zumper.com/rent-research/san-francisco-ca">real estate website Zumper</a>. San Francisco is no longer the most expensive city for rent, however, with Zumper reporting that a New York City apartment costs an average of $3,600 per month.

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