It is not uncommon these days to read headlines and listen to stories about “millennials” – which by varying definitions covers people roughly 20-35. These young adults are often blamed for changing habits – personally, professionally, and financially. The end of marriage, the end of homeownership, the end of investing, and more are all placed… Read More
Financial Literacy Around the World (reported by howmuch.net)
Visualizing Financial Literacy Rates Around the World What is financial literacy? The S&P’s Global Financial Literacy Survey defines it as the ability to understand essential financial concepts in making informed decisions about saving, investing and borrowing. The survey asked respondents a series of financial literacy questions. Here’s one example. Suppose you have some money. Is it safer to… Read More
Why Don’t We Save? (as reported by Allison Schrager on qz.com)
There is a debate raging among economists these days. What are the underlying reasons why Americans are not saving nearly enough to fund their own retirements? Some argue that we are not good at planning for the future. Others argue that we are bad at predicting the likelihood of expensive events – like medical emergencies… Read More
Designing Financial Solutions to Human Weaknesses (as reported by Jeff Kreisler on qz.com)
Human beings were not built to be good at personal finance. While evolution has been incredibly effective at helping us survive, it has done nothing to make us better savers. In fact, in a few key ways, it has made us worse. We know that we should save more, that Americans are not saving nearly… Read More
THE MOODY’S FOUNDATION SUPPORTS W!SE PROGRAMS AT HIGH SCHOOL OF ECONOMICS & FINANCE
NEW YORK, N.Y. – Working in Support of Education (W!se) is pleased to announce that The Moody’s Foundation has provided a generous grant to support W!se programs at the Title I High School of Economics & Finance (HSEF) in lower Manhattan. The grant supports the W!se Institute, the Moody’s Summer Experience, and the Moody’s Research… Read More
What Does it Take to Be Wealthy in America? (as reported by Suzanne Woolley on www.bloomberg.com)
Charles Schwab runs an annual survey to calculate their Modern Wealth Index. Essentially, they ask people to define what it takes to be wealthy in America. Answers regarding how wealthy people spend their time and how they live their life are included. Those surveyed are also asked how much money it takes to be financially… Read More
Are You Financially Healthy? (as reported by J. D. Roth on www.getrichslowly.org)
A new report out from the Center for Financial Services Innovation confirms what many of us already know. Americans don’t save nearly enough money. The report divides people into one of three categories: Financially Healthy, Financially Coping, and Financially Vulnerable. On the optimistic side of things, most people do not fall into the financially vulnerable… Read More
Does Your Child Hijack Your Credit? (as reported by Lorie Konish on www.cnbc.com)
You might be among the 29 percent of parents who have had their child use a credit or debit card without your permission. Or you might be among the 52 percent of parents of have let their children borrow one. Do you fit into either one of those categories? Then you probably understand the risks… Read More
The Many Flaws of 401Ks (as reported by Stephen Schurr on www.thestreet.com)
401k plans are the new normal for retirement funding, with the majority of Americans counting on them to live the post-work life they desire. But these plans, as effective as they may be, are not always perfect. And there are certain things that you should look for as you evaluate yours. First, most 401k plans… Read More
When Spending Less Costs More (as reported by J. D. Roth on www.getrichslowly.org)
A common piece of personal financial advice you are likely to hear around spending is to look for bargains. The advice is coming from a good place. Every dollar you are able to save is another dollar that you can invest toward the future. But there’s a problem. Often, when we shop for bargains, we… Read More