Question of the Day: What percent of workers with a college degrees have jobs that could be done from home?
With lots of talk about how the coronavirus may have long-lasting effects on the workplace (for more check out last week's FinCap Friday), the answer to this question highlights how workers with a college education have more options when it comes to where their work gets done.
Answer: 62%
Questions:
What types of jobs can be done from home?
Do you think that the workplace changes that came about due to the coronavirus will persist enabling more people to work from home?
What do you...
Question of the Day (Updated): What is the median savings account balance for Americans under 35?
Answer: $1,000
Questions:
Explain why the the median savings for each age group is lower than the average savings by age as indicated in the article?
What is the relationship between age and savings accounts balances? Explain why you think the relationship exists.
How much will you need to have in a savings account to feel secure (sleep well at night)?
Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (from 2019...
Question of the Day: Does a worker's level of education become MORE or LESS important during an economic slowdown (recession)?
This sharp and sudden economic downturn demonstrates how impacts on employment are felt differently based on the level of education.
Answer: More important
In just two months between February and April 2020, watch how unemployment rates varied dramatically based on level of education:
Unemployment analysis (source: FRED)
Questions
What is the relationship between level of education and unemployment rates?
Why do you think this relationship exists? Why does more education tend to...
Chart of the Week: What industries are most impacted by the economic shutdown due to coronavirus?
Questions:
What 3 industries had the largest NUMBER of unemployed persons in April?
What 3 industries have the LOWEST unemployment rates in April? Why do you think those industries were least impacted by the coronavirus?
In analyzing the change in unemployment rates between March and April, do you think this pandemic has impacted narrow sectors of the economy or had more widespread impact?
The report indicates that about 80% have identified themselves as being...
Question of the Day: What percent of teens started saving money by age 12?
Answer: 56%
From Lexington Law & TD Ameritrade Summer Jobs and Internships Survey:
"Teenagers are smart and they’re learning from the struggles of those that came before them. With this in mind, we can see they’re opening their financial horizons by both earning and saving earlier in their lives."
Questions:
What do you think are some of the benefits of saving?
Are you currently saving? Why or why not?
Do you have any savings strategies or habits that work for...
Question of the Day: In the 1950s and 60s about ____ in 10 Americans moved to new places while in 2019, ____ in 10 Americans moved.
Answer: In the 1950s and 60s, about 2 in 10 Americans moved to new places while in 2019, 1 in 10 Americans moved.
Questions:
Has your family moved at all since you were born? If yes, how many times?
Why do you think that people move so much less than they did 60-70 years ago?
Given the current economic challenges, do you think that people will be more willing to move to find work?
Do you think that young people (18-24) move at higher or lower rates than this national...
Question of the Day: Americans saved ____ % of their disposable income in March 2020, highest since ____.
Answer:
Americans saved 13.1% of their disposable income in March 2020, highest since 1981.
Questions:
What do you think are the reasons that Americans are saved more of their income in March?
Do you think this trend will continue in the next few months? Why or why not?
Consumer spending makes up about 70% of GDP. What impact do you think a higher savings rate will have on an economic recovery?
Click here for the ready-to-go slides for this Question of the Day that you can use with your...
NGPF Podcast: Carly Urban on her recent research showing positive impact of financial education
Details:
0:00~1:16 Introduction
1:16~4:19 Analysis of the causal effect of financial education
4:19~6:42 Discussion of interesting past studies regarding the effects of financial education
6:42~8:28 Why this study outweighs the results from the earlier studies
8:28~11:32 Considering the opportunity cost and return on investment from offering financial education classes
11:32~13:01 Measuring the return of teaching financial literacy
13:01~13:46 Examining the outcomes of improved...
Question of the Day: How many transfers or withdrawals can a savings account holder make in a month?
Answer: Unlimited (as of 4/24/20)
Questions:
Why do you think the Fed wants to give people greater access to their personal savings at this time?
Most people have two accounts at a bank: a checking account and a savings account. Do you think that people think about these accounts differently in how they use them?
Do you think it will be difficult for the Fed to change the rules back to only allowing 6 withdrawals per month from a savings account?
Click here for the ready-to-go...
Question of the Day: What's the probability of an American coming up with $2,000 in case of an unexpected need in February 2020?
With talk of federal stimulus which including a $1,000 to every adult over the age of 18, this question collected from survey data in February measures the level of financial fragility pre-Coronavirus slowdown.
Answer: 71.6%
Questions:
What types of unexpected needs might cost $2,000?
How do you think that most adults would manage $1,000 check from the U.S. Government at this time?
What’s the best way to prepare for an unexpected expense?
How do you think this percentage...
Question of the Day [Updated]: What percent of tax returns are audited by the I.R.S.?
Questions:
Why do you think the percentage of returns that get audited is so low? Explain your reasoning.
Why do you think that taxpayers are so afraid of being audited? Is their fear warranted?
Do you think that low audit rates can contribute to more taxpayers "cheating" on their tax returns? Why or why not?
Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (Accounting Today)
Most taxpayers envision Internal Revenue...
QoD: What percent of the cost to drive a new car is the fuel cost?
Answer: 19%
Questions:
The largest cost element above is depreciation. Why do you think that a new car depreciates (or loses value) over time?
Changing the number of miles you drive will reduce your fuel cost. Will it change any of the other costs listed above?
Insurance estimates are based on someone with 6 years of driving experience. Do you think the cost of insurance would be lower or higher for a teen just getting their license?
Here's that answer in earlier QoD.
The...
Question of the Day [Updated]: What is the average fee to take money out of a non-network ATM?
Answer: $4.72
This charge includes: Your bank’s fee AND Fee charged by ATM owner
Questions:
Did it surprise you that the charge includes TWO different charges? Why or why not?
Did you know that there is a charge for taking cash out of an out-of-network ATM? Do you think most people who use ATMs that are out-of-network are aware of this charge?
Why do you think there is a charge to use an ATM that is out-of-network?
Click here for the ready-to-go slides for this Question of the Day that...
Chart of the Week: How have historical events affected the Dow over the past 120 years?
With the stock market last week undergoing its worst week since 2008, it's instructive to take the long view, the very long view. Here's a chart of the Dow Jones over the past 120 with historical events superimposed on the chart.
Questions:
What historical event required the longest recovery time for the Dow Jones Industrial Average?
What historical event caused the last big drop in the stock market (before last week's decline)?
Find 2-3 historical events on the chart...
What data do Google and Facebook have on you? (Updated)
A reporter for the Guardian digs in to discover what personal data Google and Facebook are collecting on you. He describes the reaction many people will have to this: "Want to freak yourself out?"
Here's just a sampling of what he discovered Google had on him:
Location tracking
Search history
Advertisement profile
Apps you use
Youtube history
Data that can fill millions of Word documents
The article provides links so you can discover what information is currently stored about you. You...
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