Survey Reveals Biggest Regrets When it Comes to Retirement
Hindsight is 20/20. It's a saying we've all heard throughout our lives and there's no exception to it, especially when it comes to retirement. It's a stage in our careers many are looking forward to, but from saving too little or starting too late, a recent survey revealed how prepared retirees were when it came time to actually retire!
One of the questions asked was if there were any regrets when it came to retirement preparation. 52.8% say they regret not saving earlier. Over a third of the survey reported that they're not able to spend as freely as they would like during retirement. These factors contribute to the retirement lifestyle many would like to have.
Survey participants said they regret where they live because it isn't close enough to family, they're traveling less than they planned on, they have a smaller social circle, and aren't able to live comfortably for the remainder of their retirement. While these answers contribute to not preparing for retirement early enough, it's noted that some of it could also be blamed on COVID-19 putting restrictions on travel and social gatherings.
Not only focusing on the past, participants were also asked about any concerns they have post-retirement. 38% said good health was their main concern. Again, this could be because of the pandemic. But closely behind was still finances, with 32% concerned about adequate income and over 11% concerned about the cost of healthcare.
The survey wasn't all negative though. It did provide that almost half of retiree's today say that retirement is living up to its expectations. Though many may not be able to travel or be as social as they like, being able to retire is an accomplishment in itself!
Analysis on America's Billionaires break down Societal Misconceptions
What do you think of first when you hear the name Jeff Bezos? For some, it might be Amazon. Others may even say they think of him just being flat out rich! But, rarely would you think to say the words 'fry cook' come to mind when you think of him. Turns out, that was his first job! Grand Canyon University analyzed the top billionaires in America. They sifted through the Forbes 400 List of Richest People in America and looked at their first jobs, the brands that are producing the most billionaires and other factors to see if there were any trends.
Continuing to look at first jobs, the most common between the billionaires were computer programmers and writer/reporters, followed by other jobs like stock boys, dishwashers and even parking lot attendants. Warren Buffet's first job was being a paperboy!
They found the brand that's producing the most billionaires is Walmart, followed by Facebook and Cargill, an agricultural and bio-industrial corporation. When looking at company types, real estate reigned supreme for producing the most billionaires at 31 people on the list working in that field. Hedge Funds, Private Equity, and Investments all followed with at least 20 people on the list in each of those fields.
Another common misconception we may think of when it comes to the wealthy is that they all went to Ivy League schools and have PhD degrees. This analysis dove into education and found that a majority of the billionaires listed just have a Bachelor's degree (35%) and only 33% of them attended Ivy League schools. 14% were actually college dropouts!
Overall, the analysis showed that what we think about these billionaires isn't always true. They started out just like us and worked their way up to become household names. Proving once again, this could be any of us!
Looking Forward for Flying
Looking at Considerations for the Air Travel Industry
Just a year ago, across the world, airports were nearly completely empty. Now, the skipping of suitcase wheels and chaos of TSA checks is starting to return, but ongoing concerns of global vaccination and pandemic recovery and economic losses leave the state of the travel industry unclear.
In order to best understand the future of the airline industry, it's important to understand what's happening right now. Based on data reported from NBC News, the total number of Americans flying everyday has been pushing towards a steady 1.1-1.5 million people daily around mid-April 2021. Although these numbers don't mirror pre-pandemic levels, they do mark a significant increase from April of last year, reflecting how airlines are slowly returning to "normal". Still, lower demand and COVID-19 concerns mean that airlines are selling fewer tickets at steeper discounts.
However, new issues are also entering the radar of major airline companies that will affect the next year.
First, one new airline policy is threatening the airlines' relationships with customers that experience emotional distress. A recent decision from the Department of Transportation (DOT) revised the Air Carrier Access Act (ACAA), enacting a new rule regarding the transportation of emotional support animals by air that would treat emotional support animals as (fee-able) pets. Based on a new survey from VetNaturals, this controversial decision would compel 30% of all flyers to refuse to buy a plane ticket.
Additionally, the issue of varying levels of vaccination and COVID-19 testing around the world will continue to be an issue for airlines to consider. While some best practices for airlines have been suggested including the requirement of a negative COVID-19 test or offering distanced seats, as COVID-19 continues to change, so must airline policies.
Finally, the airline industry will have to adapt to a new world where transnational and international is less necessary. The digital revolution of the past year proved that Zoom meetings and virtual connection can be an at least acceptable substitute for costly business trips or family meetups. We may see a world where people are traveling less, meaning that airlines may have to adjust their supply of plane tickets.
It will certainly be interesting to see how the future unfolds for airlines as we move into a new post-COVID-19 world.
Are Fitness Trackers taking the Enjoyment out of Exercise?
What's tiny, fits around your wrist, and tells you to get off the couch? If you said a fitness tracker, you're absolutely right! Known to send little notifications throughout the day to meet your goals, fitness trackers have become a common product amongst the everyday person. But are those little buzzes taking the enjoyment out of physical fitness?
A recent survey looked into the pressure people have felt from their fitness trackers and the toll it's taken on them. Of the surveyed group, over 47% of people said they have felt some type of pressure or stress to work out due to their fitness tracker. These feelings of anxiety to complete fitness goals resulted in 45% of people wearing their tracker less often.
Diving deeper into what caused the stress, there were multiple answers including people saying they felt guilty on the days they weren't wearing their tracker, didn't close their rings, or feeling guilty from ignoring the workout-reminder notification altogether. 24% even said their stress came from reaching their fitness goals and still not seeing physical results. The overall level of stress was ranked as a 6.3 out of 10.
The study wasn't all negative though. It looked into the positive results and impacts wearing a tracker has on people. Over 92% of people said they felt more in tune with their overall health. And while some felt the notifications were overwhelming, others saw them as motivation, leading 70% to some sort of unplanned physical activity due to the reminder.
In conclusion, are fitness trackers taking the enjoyment out of working out? It looks like it depends on who you ask. There's no question that it's impacting lives, whether giving them the extra motivation they need to work out or causing them to feel more anxious and guilty about not moving.
American Working Mothers Receive Some of the Worst Maternity Leave Policy in the World
A new study reports that the United States is one of only two countries that does not offer some kind of paid maternity leave to its citizens.
According to the study from GetResponse.com, the United States has protective policies that ensure women receive three months of maternity leave, but that the protection does not ensure women are paid during their maternity leave. Only New Guinea shared the United States' no-pay protections.
The study reported that fathers in the United States find even less protections, as the United States has no formal universal guaranteed paternity leave, let alone paid paternity leave.
The results may not shock Americans who themselves have had to navigate gender politics when seeking maternity or paternity leave. However, looking at the protections guaranteed to parents in other countries show just how lacking United States' protections for employees are.
For instance, the study reported that in Norway, working mothers are afforded up to 59 weeks of maternity leave at an 80% pay rate, and in Bulgaria, mothers earn a 90% pay rate during their time off. Even outside of Europe, in countries like India and Brazil, paid maternity leave is a guarantee for women.
Still, some wonder if similar policies would positively affect women in the United States. In fact, research on American paid leave policies shows that paid leave protections are crucial in retaining female employees after maternity leave ends. A study from the Institute for Women's Policy Research found that in the United States, states where women employees are guaranteed paid leave have a 20 percent reduction in mothers leaving their jobs after one year and a 50 percent reduction in five years.
In terms of global differences in paternity leave, it's important to note that, across the board, there are far fewer protections for fathers seeking long-term, paid leave. There has been a lot of progress in the push for guaranteed paternity leave across the world in recent years. An article from the Guardian cites the rise in countries with guaranteed paternity leave from 40 to 94 in between 1994 and 2015 as an indicator that more protections are coming for fathers. Still, given that wealthy countries like the United States, where men continue to see greater pay than women, don't offer protection for men, it's clear that there is a long way to go.
You can view the international parental leave statistics here.
Imposter Syndrome is a Mother
Imposter syndrome is the phenomenon of doubting your own accomplishments, assuming that they are just luck, and worrying that other people will see through the facade of success. It is extremely prevalent in young professionals, especially women. The most frustrating part of that scenario is that young professional women already have many obstacles to overcome, they shouldn't have to battle themselves, too.
Although imposter syndrome doesn't discriminate, we'll be focusing on the aspects of imposter syndrome that can be detrimental to professional development for young professional women. It is, however, important to mention that men experience imposter syndrome almost as often as women. This study on the prevalence of imposter syndrome in the workplace showcases the volume of people who experience feeling like a fraud — in both men and women, 1 in 5 people feel like an imposter at work.
There are five different types of imposter syndrome that can affect people, including:
The superman/superwoman
The natural genius
The Expert
The Superwoman dimension of imposter syndrome is about pushing yourself to work harder under the pretense that you aren't already doing enough. This can be especially detrimental to mental health, and maybe even your workload. Burnout is very real and very correlated to pushing yourself past your boundaries so your work-life balance is nonexistent. Many young women feel like they need to stay late in order to get ahead or show that they are dedicated to their work. That's not a measure of being good enough, at all.
Although competition can be friendly and motivating at times, in the workplace, competition makes for insecurity and creates opportunities for power struggles among employees. Imagine if someone stays late every day after core hours… wouldn't you feel compelled to do something similar? Nobody is a superhero, able to carry the load alone.
While there are five different types, the "superwoman" is one of the most detrimental archetypes for young professionals. Women in their 20s and even throughout their 30s are faced with many responsibilities, which can feel overwhelming by itself. Believing that you are a failure or you are only getting by because of luck is really detrimental to self-worth, and it can encourage you to work harder than you need to. And it's possible that people feel guilty about their success or they are afraid of success, so they attribute it to luck.
If you're feeling some of the symptoms of imposter syndrome, it's crucial to talk with someone (either at work or outside the office, whatever is more comfortable for you) and make strides forward. No one deserves to feel like a fraud, especially if they're putting in the work.
This is How to Prepare Your Home for Summer
The change of seasons is the perfect time to take care of your house. Just like when the days get shorter and the temperature drops, you need to prep your home for the spring and summer months.
Now that the days are getting longer and the temperatures are slowly starting to rise during the day, we can go ahead and expect spring soon. The change of seasons is a good time to take a look at your property and evaluate what you may need to update, clean, or restore. Fortunately, the concept of spring cleaning is pretty widespread, meaning that there are all sorts of checklists that will help you prepare for even longer days and even hotter temperatures.
Keeping a healthy home is more than just dusting and vacuuming, and cold weather with its associated precipitation can batter a house. It's important to check things like your downspouts and gutters, roof, smoke detectors, your security system, your HVAC, and more. Here's how to save money by preparing ahead of time for the warmer weather.
Clean your appliances
One thing that's important to remember is that an unhealthy system means your utilities will be more expensive. Having a utility bill that skyrockets over the summer is not abnormal, especially if the systems in your home aren't operating properly or optimized to run effectively.
Make sure to check in on all of your appliances and see what you might be able to do to help them run more efficiently. A quick (and relatively easy way) to do this is to clean beneath them — for example, move your refrigerator to sweep any dust or dirt out from underneath it. Also, be sure to dust the refrigerator itself. The fastest way to see your bills skyrocket is to quit taking care of appliances.
A good reminder to think about is that electricity is one of the biggest ways you can both save and spend extra money. Do a good job taking care of your appliances and you won't have to cut into your morning routine to save money on utilities.
Change the filters
Whether it is your fridge like mentioned above or the air vents within your home, spring is the perfect time to change all of the filters. Dirty filters are the number one cause of appliances and even air-related problems in the home. One of the quickest ways to harm your HVAC is to leave dirty air filters in the vents because it can cause condensation within the unit. Condensation can lead to a freeze of the system overall.
And let's face it. Nobody wants to be without air conditioning during the warmer months.
While you're at it, do not forget to pay attention to other appliances like your washer and dryer. The dryer would love to have its filter changed, too. Finally, don't forget to check the foundation vents if your home is built above a crawl space.
Service your air conditioner
Lots of homes have smart thermostats, but that doesn't mean they're smart enough to take care of themselves. Have your air conditioner serviced by an HVAC professional. It's a good idea to have it serviced regularly over the warmer months, too.
With a smart thermostat, you can ensure that the program or app that comes along with it helps you maintain the health of your hvac system by sending you notifications when something needs to be serviced.
Prep the yard tools
How is your lawnmower running? Are your hoses leaky? Cracked pipes can happen throughout the winter, so you'll want to head outside to take a look at all of these things before they're necessary but not in the proper working condition.
Take care to check in on hoses, faucets, yard tools, and even your gutters or downspouts.
With some of these important maintenance chores out of the way, you'll be ready to enjoy the warmer weather in no time.
How Student Debt Affects the Housing Market
Student debt is a rising national issue in the United States. The total amount of student loan debt exceeded $1.6 trillion in 2019 and has had widespread economic impacts on the country over the last few decades. In fact, some presidential candidates support the overall cancellation of student loan debt, and the issue is increasingly hard to ignore. However, one major effect that may be slightly unexpected is that student loan debt has hampered the housing market in the United States.
According to two reports published by the Federal Reserve in January 2019, homeownership for adults aged 24 to 32 decreased 9% in the years 2005 through 2014. Today, it is at just 36%. And why is this happening? You guessed it: the burden of student loan debt. The Fed estimated that 2 percentage points of the 9% decline can be attributed to student debt. In other words, 400,000 people could have purchased a house in the decade studied but didn't because of their debt.
We're hearing this from Millennials themselves, as well. According to this survey of 600 Millennials, 64.3% cited debt as a reason they would delay purchasing a home. Many Millennials are living with their parents or with roommates for longer periods, in order to save up enough money for a down payment on a home. The cost of living is higher than ever, and wages have been stagnant for years in the U.S.
Now, how does this apply to Minnesotans? Well, despite the fact that this is a nationwide problem, Minnesota has one of the highest proportions of students with debt in the country. The linked study analyzed various metrics around student loan indebtedness, including average student debt, and student debt as share of income. Overall, it ranks as the 6th state in the country with the worst student loan burden among its population.
In Minnesota, what this actually ends up looking like is a lot of young people with poor credit. The Fed pointed out that the likelihood of default is high with so much student loan debt, which then impacts individuals' credit scores, and makes it difficult for them to obtain a mortgage. In the same survey linked above, 19.5% of Millennials reported being concerned about having bad credit and getting approved for a mortgage.
With the most in-demand jobs in the state barely paying enough to live here, it's important that we address this problem on its face. Many affordable housing initiatives have sprung up in Minnesota recently. A state House committee recently approved $500 million to subsidize various low-cost housing options across Minnesota.
Hopefully, this move toward more affordable housing will provide the young people of Minnesota a much-needed boost toward homeownership.
These Industries are Employing the Most Immigrants
One of the things that keeps coming up in the media is the changing tide of generations in the workforce. Baby Boomers are often talked about, whether there is a focus on their effect on the housing market or workforce. Gen X doesn't have too much to say on the topic. Millennials are criticized for ruining just about everything from the economy to the modern workplace. But if millennials are ruining the modern workplace with their lackluster work ethic, then Baby Boomers are affecting the workplace because they haven't quite left it yet.
When the silver tide changes and Baby Boomers are no longer one of the most widely employed generations, it's likely we'll see a difference in the who and what of the modern workforce. According to the Immigration Forum, the American workforce will see a 42 percent growth in the working-age population. In-kind, the changing demographics of the United States population may be cause for worry — considering the growth of the working-age population is actually declining.
There are a lot of factors that go into the modern workforce, and although declining fertility rates across the globe are one of those factors, there are other things plaguing the American workforce. The projected population growth of the United States has the American population growing over 100 million people by 2050. The demographics of this country, though, are different than others. The populations of many other countries are edging towards being more aligned with people over 65, whereas the United States is having a shift in the opposite direction.
Immigration is another factor that comes into play within the modern workforce. Although there are anti-immigration sentiments throughout conservative media, immigrants make up a significant portion of the American workforce and will likely continue to do so as our economy grows.
Something of note is that between 1990-2005, one in four venture-backed public companies was started by an immigrant. So what other industries are affected greatly with a foreign workforce? There are many industries that are supported by an immigrant workforce. For one thing, immigrants make up 5% of the United States active military. That's a pretty startling statement and it's eye-opening about the status of immigration employment.
What other changes have happened within the employed immigrant workforce of the United States?
CapRelo
For the years between 2007-2018, immigrant employment in the United States rose by 4,208,388 individuals. The changes in which industries they're employed in, though, aren't as obvious as the mere growth of their presence within the population. In 2018, immigrants made up nearly 25% of the service industry. Other industries that have grown with the help of employed immigrants are the healthcare practitioner and technical healthcare industries, education and training industries, as well as within the architecture and engineering industries.
Immigration forecasting shows that more and more will be looking to move from developing nations to first-world nations such as the United States. To learn more about the future of employed immigrants, you can see the proposed policy here.
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