Financial Wellness

//Financial Wellness

Lin-Manuel Miranda didn’t have a credit card until he was 28

What Alexander Hamilton taught the creator of ‘Hamilton’ about money. Lin-Manuel Miranda, creator of “Hamilton,” sees a direct connection between his finances and healing the political divisions in America. The 37-year-old Pulitzer Prize-winning author and actor said one of the greatest lessons he learned about money came from writing about one of the founding fathers

The four most depressing reasons why Americans are not saving any money

This year, Americans say they’re ready to make their savings accounts great again. Whether they actually will is another story. About 21% of working Americans aren’t saving any of their income, which remains unchanged from the answer consumers gave the survey in 2016, a survey released this week by personal finance site Bankrate.com concluded. And

8 money problems financial education could have avoided

Companies increasingly realize that employee financial wellness is crucial to their bottom lines, and to employees stressed over money—particularly as they approach retirement knowing their savings are falling far short. A study at TradeSchools.net unearthed some of the reasons that people are doing so poorly at saving for the future: the timing and circumstances surrounding

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Opportunity for all through financial inclusion 

Frederick Douglass, the great orator and leader of the 19th century abolitionist movement, is recognized for his steadfast and determined work for emancipation. He advanced this cause through self-taught reading and writing, and he also used these skills to call for the full participation of African-Americans in the education system. Although Douglass’ goal of equal access to education is ostensibly a reality, we must

5 simple steps employers can take to boost workers’ financial wellness

One of the biggest issues employees face as they plan for retirement is economic uncertainty. Only 21% of workers are very confident that they will have enough money for a comfortable retirement, according to the 2016 Employee Benefit Research Institute Retirement Confidence Survey. This should matter to employers because financial uncertainty can have a negative

Two-Thirds of Americans Aren’t Putting Money in Their 401(k)

Now, U.S. Census Bureau researchers have come up with estimates that rely on tax data, which should be more reliable than surveys. Their conclusion: Only about a third of workers are saving in a 401(k) or similar tax-deferred retirement plan. Also, the gap is far wider than expected between the number of employers offering retirement plans, and

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Financial literacy alone won’t buy economic security

Knowledge is power, but knowing better doesn’t automatically translate into doing better. Financial literacy may be the term we commonly use but it’s financial capability that determines whether people reach their goals. The distinction may be subtle but common sense tells us that what people do often differs from what they know. Ongoing research is

You Don’t Have To Go To College To Save Right

In our new research study which interviewed participants across 10 European countries, our team working with Annamaria Lusardi has demonstrated that financial and risk literacy leads to better choices when it comes to making decisions and identifying the right paths to our financial goals. We also show that the impact of financial and risk literacy

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When it Comes to Financial Literacy, Fintech Is Dropping the Ball

Americans face serious challenges because we’re doing a terrible job of managing our money, personally and as a nation. Our booming fintech industry should be part of the solution but appears to be part of the problem instead. Just two of every five Americans spend less than they make, while another two spend all they

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For Many Americans, a Tax Refund Is a Useful Financial Planning Tool

It’s tax time, and for more than two-thirds of Americans, their tax refund is the single largest payment they’ll receive all year. Last year, approximately 80 percent of all tax returns resulted in the issuance of a refund, and the Internal Revenue Service estimated the average tax refund was approximately $3,100. For most Americans, particularly

Study: Mobile-money services lift Kenyans out of poverty

Since 2008, MIT economist Tavneet Suri has studied the financial and social impacts of Kenyan mobile-money services, which allow users to store and exchange monetary values via mobile phone. Her work has shown that these services have helped Kenyans save more money and weather financial storms, among other benefits. Read more at MIT

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How family debt can hurt a child

Individual debt, in all forms, is on the rise, and the staggering accumulation is having unforeseen and unintended consequences. To back up the claim that debt is rising, we point to outstanding credit card debt in the U.S., which is reaching $1 trillion for the first time. Combine this with poor personal financial management skills

Credit card debt is growing too quickly again

In quarter two of 2016, U.S. consumers accumulated $34.4 billion of debt on credit cards. Compare that with the second quarter of 2007 (six months before the start of the Great Recession) when $31.9 billion was reached. Cumulatively, Americans have effectively borrowed a total of $912 billion of credit card debt as of the end

Prof: Money can buy happiness but it’s costly to bank on that without measuring debt

Yes, money can lead to happiness, but how much debt one has should also be considered in the money-happiness equation, according to a new a study from Purdue University.  "There has been a lot of research looking at whether and how income makes people happy in life, but few studies have examined whether debt can

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Savings For The Future: The Private Sector Fighting Poverty

Young people worldwide need to be financially and socially equipped to build bright futures for themselves. Access to financial and social assets is a key contributing factor to help youth make their own economic decisions and escape poverty. Yet, despite this, a 2013 report estimated that less than 5% of youth have a savings account,

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What to expect from the brave new world of artificial intelligence and fintech

Neither artificial intelligence nor fintech – or even the union of the two – is really anything new, despite the recent buzz regarding all of the above. With that being said, we are indeed approaching that point where the underlying technology begins to make a noticeable difference in people’s lives. From there, it won’t be

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Financial exclusion and illiteracy a huge social and economic cost for Britain

Combination of Brexit, historically low interest rates, introduction of Universal Credit and changes to student grants are creating a time bomb that could see even more Britons become financially vulnerable without greater action on improving financial education. A new report from cross-party think tank Demos finds that a lack of coordination between sectors involved in financial services provision and

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