It might be assumed that of all age groups, the older generation is the most financially literate. With a lifetime of experiences, they have already made many financial decisions leading up to retirement. But the 2004 Health and Retirement Survey and the 2009 Financial Capability Study show different results. Older respondents (50 and older) were
When you think of the word innovation, what comes to mind? For those in the US and other developed nations, innovation is usually thought of in the context of expensive technology. In the past two decades, high-tech gadgets have changed the way the world views transportation, healthcare, entertainment, and communication. These innovations usually debut at an incredibly high price, touting new
Clearly, there can be problems when students and their families take on too much debt to pay for school. But the pendulum has swung too far. Many potential college students are not going to university, forever hindering themselves, partly because of fear of debt. There are various options that students can look into that will
Many commentators talk about consumer prices. For example, there is often a great deal of discussion on the Consumer Price Index, or CPI, which is a popular barometer of consumer prices. If you look at a long-term chart of this barometer it will show an increasing trend of prices since the year 1960.
While economic barometers
The beacon of development often conjures up images of radical innovations, disruptive models and leapfrog technologies. And yet, as nations attempt to embrace the promises of development, there is often a colossal failure of both imagination and execution in providing for even the most basic of human needs. Measurable social change, ensuring a degree of
The future of humanity is irrevocably tied to empowered individuals capable of discharging their obligations and responsibilities. Literacy was a key enabler in our collective civilizational advance. In a similar vein, the evolving context is placing big financial burdens on individuals, demanding an enhanced level of financial ability.
Should we continue to trudge in a cloak of
Web Industries, a material-converting and manufacturing company, was started by Robert Fulton in 1969. In 1985 Fulton began offering stock to the employees, and in 2000 the company became 100 percent employee-owned. Josh Chernin, the Vice President of European Operations, says that Fulton felt that though he had started the company, the employees had built
Worldwide, over 1 billion people live in extreme poverty. That is, they make less than $1.25 a day. Moreover, until recently, about 3 billion people, who represented about half the world population, lived on less than $2.50 a day. These World Bank figures speak volumes about how big the poverty problem is. The size of
This article is intended for the parents of the upcoming generation. Alan Greenspan, financial guru and former chairman of the Fed, once said that “the number one problem in today’s generation and economy is the lack of financial literacy.” Why is financial literacy so important? Because hard work and long hours can only do so
In 2008, Timothy Geithner was nominated for U.S. secretary of the Treasury. He was voted in by the U.S. Senate, and served from 2009 to 2013 under President Barack Obama. It was later discovered that, even as a trained economist and monetary expert, he had underpaid his taxes in the previous decade by $34,000. This
Since its founding, the United States has been seen as the land of potential greater economic equality. The American Dream promotes the idea that any person, regardless of race, class, or any other social barrier, can find success. In the U.S., the assumptions have been that: one, there is equal opportunity and two, as long
As new school and work years begin, it is a perfect time to analyze what we do and, if necessary, make some changes. I am probably the first who needs to amend what I do. Primary among the priorities I want to adjust is related to how my actions can be consistent with my professed
For hundreds of millions of people in rural India, living life without a toilet used to be quite common. However, thanks to the Indian government’s toilet building program, millions of people now have regular access to toilets for the first time. Although this sounds like a tremendous success, there’s still one more thing to be
In a recent column, I asked readers to write in with ideas about how full employment would influence the debate about inequality in the U.S. Since the column was published, eradicating poverty and trying to address inequality have returned to the spotlight as issues to be discussed during the 2016 election campaigns. Many of you
In economics, individuals or entities act based on the hope that the benefits of their actions will outweigh the costs. The economic value of an action is measured by the benefit it provides.
A current hot topic in news media is the potential agreement between the United States and Iran. Economically speaking, what would the value
Inequality is a topic of obvious concern worldwide. Nevertheless, problems arise when we measure inequality without a standard definition. Not having a unique and unambiguous definition has the consequence that different measures can lead to different conclusions.
Inequality is largely assessed by measuring three different variables: income, consumption and wealth. The most popular and publicized of
From the French Revolution to the rise of the Communist Party in China, inequality has been the primary motivating factor of the great evolutions of society. Many commentators seem to have hit the nail on the head with their observations that human history could best be described as a progression of times when groups which
The current predicaments of Greece and Puerto Rico have been a long time in the making. No single policy or economic agreement is to blame, but the difficulties involved in both situations are likely to negatively impact many people, creditors and debtors alike. Unfortunately, regardless of the resolutions, it is probable that the poor will
A number of people advised me not to write a column involving fraud and charities, especially religious-based charities, because they considered it controversial. As I was deciding whether or not to do so, a good friend advised me that the potential controversy is exactly the reason why I should write such an piece, so here
Globally, approximately 325 million people suffer from some degree of hearing loss. Experts estimate that helping these people comes to a lifetime cost of around $300,000 per person. The cost to society includes more than just dollar cost: it includes the potential isolating impact on entire lives. This isolation can limit professional and educational opportunities
