ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Daniel de Visé | Personal Finance Reporter
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Good morning! It's Daniel de Visé with your Daily Money. |
Two members of Congress are calling out Coca-Cola, PepsiCo and General Mills over shrinkflation – reducing the size of their products, but not the prices – and allegedly price-gouging consumers while avoiding corporate taxes. |
In letters dated Oct. 6 and sent to the CEOs of those three companies, Sen. Elizabeth Warren, D-Mass., and Rep. Madeleine Dean, D-Pa., wrote they were concerned about the "pattern of profiteering off consumers, both through 'shrinkflation,' and dodging taxes on those price-gouging profits." |
The congresswomen cited several examples, including PepsiCo's replacement of 32-ounce Gatorade bottles with 28-ounce bottles, sporting a different shape but offered at essentially the same price. |
Health insurance rates are rising |
Escalating grocery bills and car prices have cooled, but price relief for Americans does not extend to health care, Ken Alltucker reports. |
The average cost for a family health insurance plan offered through an employer increased 7% this year to $25,572, according to the annual employer health benefits survey released Wednesday by KFF, a nonprofit health policy organization. Insurance costs for individuals bumped up 6% to $8,951 this year, according to the survey. |
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Finally, here's a popular story from earlier this year that you may have missed. Read it! Share it! |
For the first time ever, Gen X workers saw their 401(k) balances top those of baby boomers, Fidelity data showed. |
Balances for Gen X workers who have been saving for 15 years averaged $543,400, or $200 more than the average for boomers, according to the financial service firm's analysis of its more than 22 million accounts in the first three months of the year. The report was released this summer. Gen X, born between 1965 and 1980, is the next generation to retire behind the boomers, who were born between 1946 and 1964 and are retiring now. |
Gen X is often referred to as the forgotten generation, sandwiched between the large and culturally powerful boomer and millennial cohorts. It's also the first generation to start working as 401(k)s replaced pension plans. Surveys have shown many of them don't have nearly enough for retirement, but Fidelity's report shows promise. |
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you. |
Daniel de Visé covers personal finance for USA Today. | | | | Sen. Elizabeth Warren, D-Mass., and Rep. Madeleine Dean, D-Pa., have asked Pepsi, Coke, General Mills for details about prices on shrinking products. | | | | The average workplace health insurance plan costs more than $25,000 amid rising prices and expensive weight-loss drugs such as Wegovy. | | | | For the first time, Gen X's 401(k) balances top those of boomers, Fidelity says. Is it enough to get the forgotten generation back on track to retire? | | | | Select dates now top $200 for one-day, one-park tickets, but depending on how and when you visit Disneyland, you may not notice a difference. | | | | Debit cards and credit cards have different consumer fraud protections. | | | | Pay attention to that letter. Its contents are important. | | | | While consumers may spend less this year due to tighter budgets, retailers anticipate fall shopping for the winter holidays. | | | | Trump Media's wild swings are a reminder of how risky an investment DJT stock can be. Shares have lost more than 60% of their value since March. | | | | We tracked down the absolute best Amazon Prime deals you should buy before Prime Big Deal Days ends. Save on Sperax, Apple, Kindle, Morento and more. | | | | Our app gives you award-winning coverage, crosswords, audio storytelling, eNewspaper and more. | | | | | | | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
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