Millennials have a reputation for ditching their nine-to-fives for entrepreneurship. But in terms of young people actually going out to start their own businesses, this perception is very different from reality.
U.S. consumers currently hold $880 billion in revolving debt, with a mean household credit card balance of approximately $6,000. Although economic factors play a role in this societal issue, it is clear that psychological forces also affect consumers’ decisions to take on and maintain unmanageable debt balances. We examine three psychological barriers to the responsible use of credit and debt.
The new economic face of marriage: CBS Moneywatch describes how marriage in the US is becoming another example of the growing divide between the haves and the have-nots in America.
Each year, the US Census Bureau collects data on housing in America. Their data and findings on ownership, renting, house financing, construction, and household makeup are available here.
Rising student debt levels mean that young workers must reduce either their consumption or their saving. To what extent do these workers cut back on retirement saving?
Since the Great Recession, a powerful and occasionally terrifying narrative about the state of recent college graduates has emerged: Many young, educated 20-somethings are languishing in the purgatory of unpaid internships. Those who have managed to find jobs earn wages whose meagerness stands in stark contrast to their student debt. Even now, seven years after the Great Recession, about half of young college graduates between the ages of 22 and 27 are said to be “underemployed”—working in a job that hasn’t historically required a college degree—including, most prototypically, that infamous caricature, the College-Educated Barista.
The Center for Financial Security recently completed an evaluation of My Classroom Economy(MCE), an innovative approach to financial education. In contrast to more traditional financial education programs based around lesson plans, MCE is experiential. Teachers establish a classroom-based economy that integrates into the school day as a classroom management system. Research suggests that this type of experiential approach is a promising teaching strategy, with the added benefit of minimizing time away from other classroom activities.
This article uses administrative data on all active employees of the Federal Reserve (FR) System to examine participation in and contributions to the Thrift Saving Plan, the System’s defined contribution (DC) plan. We link to administrative records a unique employee survey of economic/demographic factors including a set of financial literacy questions. Not surprisingly, FR employees are substantially more…
Landlord Nation: Boomers’ New Retirement Plan Is Millennials Paying Rent: This Bloomberg article explains how the foreclosure crisis has created new intergenerational dynamics around renting.
An Alzheimer’s disease (AD) diagnosis has consequences that can extend beyond the individual to family members. These impacts, which are especially strong for caregivers, include worries about the health of the affected relative, changes in the caregiver’s health (eg, risk of depression), and/or distress regarding what the diagnosis portends for the caregiver’s own future health or that of other relatives. Family members may also experience…