Extra Income

College students lack basic financial knowledge

We have written about financial knowledge (or shall we say the lack of it) and another data point shows how much it is lacking. Even college students are struggling to get most basic financial questions correct. In fact it is so bad that only about 1% of students answered 6 basic questions correctly per a 2019 study from Education Technology Online Courses and Training (EVERFI) as well as AIG. The questions are below. The results of the survey of 25,000 students was as follows. Over 10% got them all wrong. …

Americans 401K balances as of the end of 2018

Each year Fidelity reports on how much Americans have saved for retirement and what the median account balance is. The latest 2018 data has just come out today. Fidelity is a great source of this data as they are the largest 401K provider in the US, and they have over 16 million accounts under management. See the data below. We regularly report on emergency savings, retirement data, auto loans and credit card debt, etc. as we continue to try to bring visibility to all of these issues. Financial literacy and …

Requests from people receiving or waiting on disability payments

As we do from time to time, we sample emails sent to us from those who need assistance. If you look at the size of the population in the US, and the percentage of people who receive social security disability, a disproportionate number of requests for financial aid, referrals, and other assistance comes from people who (1) claim to be disabled or who (2) indicate they are receiving some form of federal government disability benefit or (3) are in the process of applying for SSDI or SSI. About 3% of …