Posts by Stephanie Horan:
Last Thursday, the Department of Labor reported that 3.28 million people filed for unemployment insurance for the week ending March 21, 2020. This was the highest historical number of new claims in a week, almost five times the previous record high. Long-term unemployment, especially during a crisis like the coronavirus pandemic, will make it difficult for many Americans to save money adequately. Read more
In a survey of economists conducted by the University of Chicago’s Booth School of Business at the beginning of March 2020, more than half of participants expected COVID-19 to cause a major recession. Since then, increasing numbers of economists and policy makers have predicted that coronavirus will lead to a recession, defined as a fall in GDP in two successive quarters. In fact, one of the most dire estimates came out on Friday, March 20, with Goldman Sachs predicting that the U.S. GDP will shrink by 24% in the second quarter of 2020. That decline would be two and half times larger than any previous quarterly decline, critically affecting everyday Americans’ ability to manage expenses and save for their futures. Read more
About 7.31 million Americans were employed in science, technology, engineering and math (STEM) occupations in 2018, an increase of 7.48% from 2014, when there were 6.80 million STEM workers. Those who are interested in joining this growing industry may have further opportunities to find jobs and save enough, as the Bureau of Labor Statistics (BLS) expects an uptick in most STEM occupations over the next decade. According to BLS predictions, there will be 8.05 million STEM workers in 2028. Read more
Despite the aging of the American workforce, with adults 65 and older twice as likely to be working now compared to 1985, Census data shows that one in four workers in 2018 was still younger than the… Read more
With online and mobile banking increasing in popularity, physical banks have struggled to keep their doors open. Over the past five years, the number of branch locations in America declined by 7%.… Read more
In 2018, roughly 930,000 people ages 60 and older moved across state lines, an increase of about 16% from five years earlier. Whatever reasons factor into their decisions, whether financial or… Read more
According to 2018 Census data, women make about 80% of what men make nationwide. The average full-time female worker earned $42,295, while the average full-time male worker earned $52,144. Though… Read more
Since household formation often alters spending patterns, one of the best ways to isolate differences in spending between the sexes is by comparing singles. As millennials, born between 1981 and 1996… Read more
The employment of computer and information technology workers is projected to grow by 12% from 2018 to 2028, adding almost 550,000 new jobs, according to estimates from the Bureau of Labor Statistics… Read more
About three in four Americans receive a tax refund each year, and the average amount returned with those refunds is around $3,000, according to IRS data. This means that for many Americans, their tax… Read more
About 1.25 million mortgages were approved for homebuyers without cosigners in 2018. Of those, roughly 500,000 were approved for women, and close to 750,000 were approved for men. Though nationally… Read more
Since the 1990s, the divorce rate for adults 50 and older in the United States has roughly doubled, according to findings from the Pew Research Center. In fact, for adults 65 and older, the divorce… Read more
U.S. home prices peaked in the years leading up to the Great Recession and fell dramatically when the housing bubble burst. In fact, national data from the House Price Index (HPI) shows that home… Read more
As people age, their spending and saving patterns change. Major life events like buying a home, getting married or having kids may impact not only the rate at which people save, but also how they… Read more
Census Bureau data from 2018 shows that millennials have a homeownership rate of 33.7%, well below the national average of almost 64%. Though the national rate of millennial homeownership is low,… Read more
The average U.S. worker travels about 27.1 minutes to work and spends $2,600 annually on commuting costs, according to 2018 Census Bureau estimates and the Citi ThankYou Premier Commuter Index.… Read more
Whether you’re a birth parent or an adoptive one, having children is costly. Given the variety of expenses prospective adoptive parents face, they must consider whether they have the savings to… Read more
Finding steady income in a reliable sector is an important consideration for where Americans decide to put down roots and take out a mortgage. The manufacturing industry, one such robust sector,… Read more
The stress of credit card debt is often felt the most at the end of the year, since Americans tend to put more on the plastic during the holiday shopping season. In fact, data from Experian shows… Read more
As cost of living and taxes vary throughout the U.S., location is one of the biggest factors impacting how much money you need in retirement savings. That’s why many Americans wonder whether they… Read more
When choosing where in the U.S. to settle down and take out a mortgage, people consider a variety of factors like housing costs, cost of living, safety and dining and entertainment options. It is… Read more
Like home prices, rent varies month to month in many cities. Rent is often higher in summer months than in winter ones, as more than 40% of all moves take place during the four months from May… Read more
In 2018, the median household income in the U.S. was $61,937 while the median home value was $229,700. But because median household incomes and home values differ greatly by place, home affordability… Read more
The middle class is feeling the squeeze, as financial gains for this cohort have not kept pace with those of upper-income households. The median income of upper-income households in 1970 was 2.2… Read more
Rent affordability is largely dependent on income. Guidelines from the Department of Housing and Urban Development (HUD) recommend that households not spend more than 30% of their monthly gross… Read more
