How Students Handle Personal Finance
A 2014 survey by the Council for Economic Education (CEE) showed that only 19 of the 50 states in the U.S. require high school students to take a personal finance class before graduating. Consequently, most of these students go to college with almost zero skills in financial management.
To demonstrate the severity of the situation, EverFi and Higher One conducted a survey that proved that although college students are managing their own money, they are becoming less responsible about it. The report indicated that only 39% of the fourth year students had budgets- and of these, only 47% kept track of their spending.
Wharton professor, Olivia S. Mitchell, who is also the director of the Pension Research Council, says that financially literate people tend to plan more, save more, invest smarter and have more wealth at retirement.
He however clarifies that this is a correlation not a causal analysis. With this in mind, financial literacy programs are quite necessary for students to ensure that they secure their future and prevent financial frustrations.
Although sad to acknowledge, divorce rates in the United States are at an all-time high. Not only do couples spend an average of fifteen thousand dollars on the costs of a divorce, but they both have to learn how to manage their finances separately.
For many women, this can mean a new found financial independence that they have always wanted, while others can look at it as a terrifying experience. Whatever category you might fall into, here is some basic advice that any women can utilize following a divorce.
Set up all personal bills and bank accounts in your name
As Illinois continues to struggle without a budget or a viable plan for one, lucky lottery winners that won more than $25,000 since July 1st have not been feeling so lucky. They’ll get an IOU from the State of Illinois, instead of their winnings.
Illinois state law requires winnings over $25,000 to be paid via check by the state comptroller. But until lawmakers pass a budget, the comptroller's office does not have the legal authority to pay the winners.
"The lottery is a state agency like many others, and we're obviously affected by the budget situation," Illinois Lottery spokesman Steve Rossi said. "Since the legal authority is not there for the comptroller to disburse payments, those payments are delayed.”
Rossi assured the press that winners will eventually receive their winnings once a budget is in place, but for most skeptical residents fed up with political grandstanding and legislative impassé, it sounds like winners are in for a long wait.
The lotto continues selling tickets and adding new and unpaid winners to its weekly list online while many wonder where the money is. As the amount on freeze grows, someone (most probably the state) is accruing sizable interest at the expense of the winners, many of which can’t afford to wait indefinitely.