Millennials are good savers

Saving money may be challenging for most Americans, but a new survey fromTD Bank, America's Most Convenient Bank^®, reveals that nearly half of Americans are feeling confident about their ability to save for the future.

TheTD Bank Saving and Spending Surveyquestioned more than 1,600 U.S. consumers about their saving and spending habits. Given the current economy, the survey surprisingly found that nearly half of consumers (49 percent) described themselves as "good savers."

Millennials are leading the charge with 56 percent reporting that they are "good savers," compared with 43 percent of gen Xers and 48 percent of baby boomers.

Among those who wished they were saving more, 42 percent reported that unavoidable expenses and financial commitments impaired their ability to save.

"Conventional wisdom assumes Americans are spenders, rather than savers," saidNandita Bakhshi, head of Consumer Bank, TD Bank. "So it's encouraging to see such a strong commitment to saving across the board, particularly among millennials. Only four percent of respondents stated that saving isn't a priority, regardless of their financial situations." 

Retirement represents another key focus for most Americans, with 57 percent reporting that they are currently saving or investing money for retirement. Still, a majority of consumers are not confident that they will have the funds to retire comfortably.

Indeed, only 29 percent of respondents are very or extremely confident that they will save enough to retire comfortably, while 36 percent of Americans list saving for retirement as one of their main financial fears. Millennials, once again, break away from the pack, feeling twice as confident as gen Xers in their ability to save for a comfortable retirement (42 percent versus 20 percent, respectively).

While saving is a top priority, a majority of Americans still report that they are overspending in some areas. Frequently, restaurants were cited as the top culprit in overspending (40 percent), followed by coffee/lunches (23 percent) and clothing/shoes (15 percent).

When it comes to retail spending, one-half of all respondents and 69 percent of millennials surveyed admitted to indulging on impulse purchases. Among the generations, boomers were the least prone to binge-buying, with 49 percent noting that they "try not to spend outside their budget."

Millennials are not only the best savers; they're also the most diligent about their budgets. According to the TD Bank Saving and Spending Survey, 44 percent of Americans check their budget once a week or more. This figure climbs to 53 percent for millennials, compared with 43 percent for gen Xers and 37 percent for baby boomers.

New technology is also changing the way Americans manage their finances. Today's American consumers are relying more heavily on banking/financial apps (40 percent), with conventional spreadsheets taking a secondary position (29 percent). Reliance on banking/financial apps is particularly prominent among millennials, at 59 percent versus 38 percent for gen Xers and 24 percent for baby boomers.

"Given the wealth of budgeting resources and technology available today, there's something for everyone for tracking financial habits," said Bakhshi. "Even if you don't actively budget today, the ease of these new financial apps can provide a great point of entry for controlling spending and managing savings."

The study was conducted among a nationally representative group of consumers fromMarch 26 through March 31, 2015. The total sample size was 1,607 respondents (ages 18-55+) with a margin of error of +/- 2.4 percent. The survey was conducted by Vision Critical, an independent global research company.

Gov. Rauner under fire for Tobacco Quitline cut

Illinois Gov. Bruce Rauner heard from several organizations Wednesday that upset with his decision to cut funding to the Illinois Tobacco Quitline as part of his cost-cutting measures to trim the state’s deficit.

While the tobacco funding was just part of the $26 million in cuts in social services the governor announced in an executive order earlier this month, Wednesday was the day the Illinois Tobacco Quitline ceased operations, According to the American Cancer Society, Illinois is now the only state in the country without some type of tobacco quitting hotline.

Rauner’s action, said the head of the Campaign for Tobacco-Free Kids, was “shortsighted, misinformed and tragic. In the name of cost cutting it will not only cost lives, it will actually cost the state more money.”

Matthew Myers said in a statement that the decision came in the middle of a national ad campaign encouraging smokers to call quitlines. “There simply is no valid reason for abolishing a program that saves lives and saves the state millions of dollars in health care costs. The Quitline is a vital and cost-effective resource in the fight to help smokers quit and reduce tobacco's terrible toll onIllinois,” he said.

The national ads, he added, “have an immediate and strong impact on viewers. Just in the first 10 days since the most recent ads started running onMarch 30,Illinoishas seen a 240 percent increase in calls to the Quitline. In 2014, more than 96,000 smokers called asking for help to quit their addiction.”

In the United States, the Cancer Society said, tobacco use kills more than 480,000 people and costs$170 billionin health care every year. “InIllinoisalone, 18,000 people die from smoking every year and$5.5 billion annually goes to pay smoking-related health care costs, including$1.9 billionfrom the state Medicaid program,” it said.

The Campaign for Tobacco-Free Kids and 52 other organizations sent Rauner a letter calling on his to restore the funding for the Illinois Tobacco Quitline.

“We are deeply disappointed by this proposal and the significant impact it will have on the health and economy in Illinois. The Illinois Tobacco Quitline plays a critical role in reducing the deadly burden caused by smoking in our state. Illinois cannot afford to shut it down,” the letter said.

According to Capital Fax, the governor’s responded by acknowledging smoking is a serious health issue, but then said the state budget had a hole that must be filled without borrowing or raising taxes.

Lincoln made several stops in Peoria

Wednesday marked the 150^th anniversary of the death of President Abraham Lincoln, the day after he was shot by John Wilkes Booth while attending a play with his wife at Ford’s Theatre in Washington, D.C.

Below are synopses of the different times Lincoln visited Peoria, all before he was elected president.

1832: The Black Hawk War is over.  Quite a few men from Peoria chased Black Hawk around as members of the Illinois Militia. Once Black Hawk and his people entered Illinois most folks assumed it was with the intention to wage war. Finally Black Hawk was taken prisoner and his tribe defeated at Bad Axe on the Mississippi.

A Peoria Indian named Nomaque was an escaped local Indian who joined Black Hawk after he ran away from Peoria. He’d been convicted of killing a Frenchman here and while returning home, some Peoria soldiers ran across Nomaque. He was severely wounded… they simply “shot him out of pity;” so said the local newspapers.

Lincoln, a captain in the Illinois Militia, was on his way back to New Salem when he and his companion were victims of horse thieves, so they walked south into Peoria. He walked down Main Street in Peoria and stopped at the river.

They bought a canoe and continued their journey towards Pekin on the Illinois River. My personal view is, how would anyone have known it was Abraham Lincoln?  I don’t think he would have had a press agent with him,  do you?

1840: Lincoln was in Peoria to speak on behalf of William Henry Harrison. It was a well-attended rally and Harrison became our 9^th President. He died in office the 32nd day of his administration from pneumonia.

1844: Lincoln came to Peoria to speak to the members of the Henry Clay Club. Clay was running for president in 1844 but lost the election. He did become the Secretary of State. Lincoln said of Henry Clay: “He is my ideal of a great man.”

1844: Lincoln debated John C. Calhoun here in Peoria.  Calhoun was the seventh Vice President of the United States. Calhoun was a highly successful politician from South Carolina.

1844: Lincoln came to Peoria to be part of the Whig Convention. Lincoln was the leader of the Whig Party that supported the supremacy of the Congress over the Presidency. The party only lasted two decades and was aligned with the Whigs of 1776.

1844: Lincoln, a lawyer, came to Peoria twice more in 1844 on legal business.  He filed papers and argued on behalf of the plaintiff in the famous divorce case of Aquilla Wren vs. Clarissa Wren. That case went to the Illinois Supreme Court concerning alimony and other divorce decrees.

1847:  Lincoln stopped in Peoria for four hours returning from a trip to Chicago on his way home. He had several friends here and apparently the visit was strictly social.

1848: Lincoln stopped in Peoria to support and make a speech on behalf of Zachary Taylor. Taylor was America’s 12^th president, 1849-1850. Sadly he died during his 16^th month as our president. 

Taylor was an Army General during the Mexican War and an American hero.  He was a reluctant candidate but Whig members like Abe Lincoln convinced him to run.

1852: Abe Lincoln came to Peoria to speak on behalf of General Winfield Scott, a beloved general that served 53 years in the Army. Lincoln came here to support Scottfor president. In fact, with Lincoln’s encouragement, The Party “dumped” Millard Fillmore to nominate Scott for President.

Scott lost.

1854: Lincoln came to Peoria by horseback to debate Stephen Douglas, “The Little Giant,” here at our courthouse. This was not one of the seven famous debates between those two presidential candidates in 1858.

Most of their debates centered on slavery and the Missouri Compromise, which was argued here in 1854. There is a statue of Lincoln where he appears to be pointing to the ground marking a “Line in the sand.” It is located at the entranceway of the Peoria County Courthouse.

1858: Two days before his famous debate with Douglas, Lincoln stayed overnight in Peoria. One of our local newspapers said in an editorial: “Long Abe will mount his high heeled shoes and take on ‘The Little  Demagogue.’”   

Lincoln was quoted as saying, “Come what may I will keep my faith with friend or foe.”

1858: Also in 1858, Lincoln stayed overnight in Peoria on his way to Pekin.

1858: On Oct. 5, 1858 Lincoln stayed overnight here at the Peoria House, staying in room 16. Lincoln never returned to Peoria.

Lincoln came to Peoria a total of 17 times, according to Lincoln scholars, including multiple times during the year 1844.

There were a lot of different opinions of Lincoln, especially in the bitter rivalries of local newspapers. One editor called Mr. Lincoln a “Two dollar orator and a third-rate lawyer.”

When Lincoln came here in 1854 to debate Douglas he rode in alone on horseback. Douglas was met by a crowd of at least 500 people and a marching band. 

Lincoln lost the election here in Peoria. However, this city and this county genuinely mourned the death of President Abraham Lincoln. Well over 15,000 books were written about ‘Old Abe.’

Norm Kelly is a Peoria historian and author of hundreds of articles about Peoria, many of which are online. He can be reached at       norman.kelly@sbcglobal.net

Downtown ready for food trucks

Peoria is ready to get with the latest trend in food, at least on a trial basis.

In about a month or so food trucks, which often are colorful vehicles offering food that’s tough to find anywhere else, will start setting up shop in downtown Peoria, complementing the food carts that have dotted the blocks around the Peoria County Courthouse for many years.

The Peoria City Council on Tuesday voted to allow up to three of the trucks in the downtown area, to be parked along Hamilton Boulevard next to the Courthouse Square so as to minimize traffic problems. The official season for the trucks will be abbreviated, June 1 through Dec. 31.

At-Large Councilman Ryan Spain said after the meeting that the trucks will be limited to number and space in the downtown area, but will be able to be open on evenings and weekends, as well as weekday lunch hours.

But Spain was concerned about whether the cost of parking a food truck downtown will be a deterrent. “I hope we aren’t pricing it too high for some people,” he said.

The council set the fee for the downtown trucks at $3,400 a year, or $2,400 for an existing Peoria restaurant owner. For the rest of 2015 the fees will be prorated to $1,700 and $1,200, respectively.

Outside the downtown region the food truck fees would be $300 a year.

The council also voted to delay final action governing food truck for the rest of the city outside of the downtown region. Council members were concerned that the ordinance as written did not restrict how many food trucks could be parked in each council district or where they would be allowed. The only locations restrictions in the ordinance would prohibit the food trucks from parking in residential areas or within 300 feet of established, brick-and-mortar restaurants.

That ordinance likely will be brought back for a vote in May after city staff answers those concerns.

Another concern was that the ordinance doesn’t clearly spell out how receipts will be collected so the city can ascertain sales taxes. It was why Councilman Eric Turner voted against the downtown food truck ordinance. “We aren’t talking about our money; this is the people’s money,” Turner said, noting concerns about city revenues was foremost on the minds of people he talked with during the recently concluded at-large council election. “We need revenue,” he said.

Assistant City Manager Chris Setti said the ordinance does call for the food truck proprietors to show sales numbers in order to get their license renewed. But Turner said how that will be done was not clearly defined and he would not support the ordinance until it is.

Spain acknowledged the ordinance was not perfect, agreeing with Assistant City Manager Chris Setti that this is, for now at least, a pilot project. “We’ll adjust as needed” after this year, he said.