Financial Tidbits for Wednesday January 16, 2013

American Institute of CPAs: the average allowance paid to kids of all ages is about $15 per week; 61% of parents pay an allowance and about 50% begin to do so when their child hits age 8. Good grades were also rewarded, with parents saying they paid an average of $16.60 for each good grade, in addition to the regular allowance.

business travel

business travel (Photo credit: buckshot.jones)

A FICO survey of bankers finds 61% expect to see an increase in consumer credit requests in the next 6 months, the highest level in 11 quarters.

U.S. Patent and Trademark Office (USPTO): over 500,000 applications are filed for utility patents (new invention) each year, along with 30,000+ design (new design) and 1,100+ plant (new plant) patents. Of those, about 45% of utility patents are granted vs. 70% for design and 72% for plant.

45% of Millennials say internet banking is their preferred way to bank, while 15% name mobile banking. That’s up sharply from 2010, when only 4% of users in this age group named mobile banking as their preferred method.

Journal of Consumer Research: people will spend more when the paper money they hold is old and worn. Even stranger, people will tend to use newer bills when they are trying to impress someone, even if they have older, higher denomination currency on them. Finally, people tend to spend more freely when they have smaller denomination bills, than when they have higher denominations.

Biz2Credit: loan approval rates for small business loans between $250k and $3mm originated in Dec. was 49.8% for community banks, 47.6% for credit unions and 14.9% for large banks with assets above $10B.

Global Business Travel Association projects business travel spending will be 2.0% in 1Q, 2.9% in 2Q, 6.4% in 3Q and 7.2% in 4Q, as companies focus on capturing more business.

The FDIC reports 50 bank failures in 2012 vs. 92 in 2011; 157 in 2010 and 140 in 2009.

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Branch Manager that has worked in the small to medium sized business lending field. I have experience in all types commercial lending and I'm here to provide insights from a lender's point of view. I hope to impart some knowledge that can take your business or profession to the next level. I currently work as a Branch Manager at the 10th & Bannock Office for Banner Bank in Boise, Idaho.

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Posted in allowance, Children, Credit, FDIC, FICO, Internet Banking, Kids, Money, Small Business, SMB, Travel

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