- States With the Most Jobless Claims During the Coronavirus Pandemic – 2020 Study
Since mid-March as the coronavirus pandemic has intensified, there have been four straight record weeks for jobless claims filed in the U.S. – a fact that increases economic uncertainty and makes it difficult for Americans to save adequately. For the week ending March 21, 2020, 3.31 million Americans filed for unemployment, followed by 6.87 million… read more…
- What Six Months’ Worth of Expenses Looks Like in the 15 Largest U.S. Metro Areas – 2020 Edition
Amid health and economic upheaval from the COVID-19 pandemic, the need for an emergency fund has become increasingly pronounced. Though conventional wisdom advises having three to six months’ worth of expenses saved up, the uncertain timeline of the coronavirus crisis highlights the importance of having a full six months’ worth socked away. But what does… read more…
- States With the Most Small Business Firms and Workers – 2020 Edition
Almost 97% of all businesses in the U.S. have fewer than 500 employees. These small businesses are particularly imperiled by the COVID-19 pandemic and the ensuing economic crisis. To combat the challenges resulting from wide-spread closures and shelter-in-place orders, the U.S. government has implemented myriad coronavirus small business relief measures. SmartAsset endeavored to locate where… read more…
- Best Cities for New College Grads – 2020 Edition
Graduating from college is a major milestone, signaling the start of a new phase of life. Though many college seniors have seen their final semester on campus derailed by the COVID-19 pandemic, they will still emerge into post-college with the same hopes and dreams that generations of students before them have held. For many graduates,… read more…
- Cities Where the Most and Fewest People Can Work From Home – 2020 Study
Coronavirus cases in the U.S. have continued to rise in recent weeks, in turn causing federal, state and local governments to urge their constituents to stay home and practice social distancing. Many companies, in turn, have implemented ongoing work-from-home policies that allow employees to keep socking away their earnings in their savings during this uncertain… read more…
- Cities Where the Most and Fewest People Would Benefit from the COVID-19 Stimulus – 2020 Study
President Donald Trump recently signed into law the historic COVID-19 stimulus package worth around $2 trillion. It sets aside $250 billion for direct payments to individuals and families to help them deal with the economic impact of the coronavirus pandemic. Though there were some proposals for a bill that would simply send money to all… read more…
- Banks Helping Customers Affected by Coronavirus
Banks are loosening up their policies to help cash-strapped customers weather the economic side effects of the coronavirus crisis. In particular, many banks are lowering or temporarily eliminating their fees and account minimums. As you explore what financial institutions are doing to help Americans during the COVID-19 pandemic, it may also be advantageous to explore… read more…
- COVID-19 Crisis: States Seeing the Biggest Spikes in Jobless Claims – 2020 Study
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… read more…
- Workers and Places Most Likely to Be Affected by a COVID-19 Recession – 2020 Study
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… read more…
- Fastest-Growing STEM Jobs in the U.S. – 2020 Edition
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)… read more…
- Cities With the Youngest Workforces – 2020 Edition
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 age of 30. Entering the workforce at a younger age can be advantageous, since it means there’s more… read more…
- Best Cities for Women’s Pay – 2020 Edition
According to data from advocacy groups like Equal Pay Today as well as government institutions such as the Bureau of Labor Statistics (BLS), women earn only around 80 cents for every dollar that men do. And that’s not including further disparity when considering race and ethnicity. Not only does this hinder women’s ability to further their… read more…
- The Decline of Physical Banks in America – 2020 Study
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%. Though digital banking services may allow for easier service for some customers as they deposit checks into their savings, bank branch locations continue… read more…
- Most Recession-Resistant Cities – 2020 Edition
The Great Recession, which began in 2007 and extended into the early 2010s, wreaked havoc on the global economy at large and the finances of individual Americans alike. When the U.S. unemployment rate peaked at 10.1% in October 2009, many Americans struggled to make their mortgage payments and save money. What’s more, government spending on social… read more…
- Women in the Workforce: Breaking the Glass Ceiling in America – 2020 Study
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 this gender pay gap suggests differences in compensation between men and women and their ability to save, it does not distinguish between two distinct metrics:… read more…
- Salary Needed to Afford Home Payments in the 15 Largest U.S. Cities – 2020 Edition
Affording home payments is a struggle many homeowners face, especially in a large city with high living costs. Questions of budgeting and saving come into play, as well as how much additional debt – from the likes of car loans and credit card bills – a homeowner can comfortably afford. To budget housing costs appropriately, it’s… read more…
- Best Cities for Conferences – 2020 Edition
A conference can be a great break from your daily workplace grind. You often get to go to a new city, meet other people in your field and learn new skills. Even though professional development is the goal for many of these events, smart budgeting is critical to keep in mind, as you’ll want to… read more…
- Top States for Higher Education – 2020 Edition
Because getting a higher education is important in many professional fields, it can drastically change a worker’s earning potential and therefore his or her ability to save. According to 2017 statistics from the Bureau of Labor Statistics (BLS), the median weekly salary for someone with a bachelor’s degree was $1,173, while it was only $800… read more…
- How Millennial Men and Women Spend Money – 2020 Edition
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, are less likely to have formed families relative to older generations, they provide an interesting lens to understand how men and women spend and… read more…
- Hours of Work Needed to Pay Rent in the 25 Largest Cities – 2020 Edition
Pew Research Center found that in 2017 more U.S. households were headed by renters than at any point since 1965. Considering the fact that rent is a major expense for many people – more than half of household income in some of the country’s largest cities – workers might find themselves clocking extra hours to… read more…
- Best Cities for Women in Tech – 2020 Edition
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 (BLS). Many of these jobs are expected to be well-paying. In May 2018, the median annual salary for computer and information technology occupations… read more…
- Tax Refunds in America and Their Hidden Cost – 2020 Edition
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 refund is the largest single check they will receive all year, substantially affecting the trajectory of how they use or save their… read more…
- Most Politically Engaged States – 2020 Edition
One way voters demonstrate their support for political candidates is by making campaign contributions, something Americans have increasingly done over the last few decades. According to Pew Research Center, the percentage of Americans giving money to a political candidate doubled from 6% to 12% between 1992 and 2016. That means more Americans are allocating parts… read more…
- Cities With the Worst Commutes – 2020 Edition
Commuting takes up a lot of time as well as money – money that could be put towards other financial goals like saving up for a trip, car or house. With Americans already spending so much of their time at work, it’s no surprise that those who commute to the workplace might wish to close… read more…
- How Different Generations Spend Money
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 allocate the money that they do spend. Generational cohorts have also demonstrated differences in their financial priorities. For instance, a report from… read more…