Financial risk managers are some of the most important people in the industry.
When people think of a risk manager, they often think of someone that manages risk. A financial risk manager does exactly that but with finances. They’re essentially the reason why businesses can succeed and grow.
Only 75 percent of the businesses started in the United States annually will ever reach the two-year mark. One of the main reasons failed business owners give for the demise of their venture is money problems. Instead of waiting until money issues bankrupt your small business, you need to take proactive measures to prevent this disastrous situation.
If you’re interested in college, you probably already know that it’s likely going to be very expensive. Although it’s possible to find scholarships and even get grants for housing, transportation, and food, it’s not guaranteed, and it’s rare to get out of college with no debt at all. That means many college students end up living paycheck to paycheck, which can be a pretty significant burden. If you want to learn more about how college might impact your finances, you might want to ask one simple question: How much money do students tend to have in their bank accounts?
Most Students Have Less Than $2,000 Right Now
When it comes to the basic numbers, 57.1% of respondents indicated that they had less than $2,000 in their bank accounts. As asked by OneClass, this question regarded both checking and savings accounts, which means that these students had less than $2,000 in available funds overall.
That’s an extremely low number — it’s definitely less than the suggested “emergency fund” of 3-6 months’ worth of bills. In some areas, it might be as small as one months’ worth of bills. Because the survey covered 82 schools, it’s impossible to say how dire these students’ situations are, but regardless of the area, it’s an unfortunate response.
A Substantial Amount of Students Have Less Than $500
Though it may come as a surprise that over half of all students have less than $2,000, the numbers get even more dire when you break them down further. 13.5% of respondents indicated that they had $0-$50, and 22.8% responded $51-$500.
That’s 36.3% of students surveyed — over one third — who indicated that they had less than $500. $500 is barely enough to cover an emergency car repair, and that’s cause for alarm. And when juxtaposed with the students who indicated having $2,000 or less, it’s even more telling. $500 is 25% of $2,000, but in fact, 63.6% of that body actually indicated having $500 or less.
Mathematics and Business Majors Tend to Be More Well-Off
In a result that probably won’t surprise you, Mathematics and Business majors reported the highest average amount when compared to other majors. Both majors most commonly reported having $2,001-$5,000.
When it comes to the median amount, the results are even more drastic, as Mathematics majors jump to $10,000 or more and Business majors move up to $5,001-$10,000. Because Mathematics and Business majors have a reputation for being more expensive, it may be that more well-off people move into those majors, causing those majors to report better finances.
Third-Year Students Are the Worst Off Overall
Overall, people’s finances tend to worsen as they continue college. First-year students most commonly reported having $2,001-$5,000, while second and third-year students both most commonly reported having $51-$500.
When moving to the median responses, second-year and first-year actually switched places — second-year respondents indicated a median amount of $1,001-$2,000, and first-year students replied with a median of $501-$1,000. But third-year students actually had a worse median response, with a median response of $0-$50.
Conclusion
You can’t draw any super definitive conclusions from just these numbers. There are of course plenty of extenuating factors that might play into these numbers. Maybe a student just received a grant, or maybe they just paid bills. But the truth is, when you look at the overarching picture, it’s much easier to see the wealth disparity.
Of the 399 students who responded, less than 100 had more than $5,000 available, which is likely the amount that one should have in case of emergencies. That’s a big deal. Whether you’re planning on going into college, you’re in college right now, or you just want to keep an eye on overarching financial trends, these are numbers you should definitely pay attention to.
Debt is a part of modern life. In fact, according to the National Audit Office, around 8.3 million people in the UK struggle to pay off their debts or household bills.
There are lots of reasons people find themselves in debt in the first place─bad spending habits, relying on credit cards or simply living beyond their means. Some reasons are beyond our control like sudden unemployment, divorce and medical fees. [Read more…]
It’s estimated that about 36 percent of the American workforce is doing freelance work, and that number is expected to grow to 50 percent over the next 8 years.
There’s a reason workers are choosing freelance over in-house work. They can create their own schedule and have the flexibility to work wherever they want in the world. But the one downside of freelance work is the income can be a lot more volatile.
According to the CDC, around 83.6 million U.S. adults are getting less than the recommended 7 hours of sleep per night. There are many things that could be causing this loss of shuteye, such as health issues, depression, and work obligations. However, a recent survey discovered a link between sleep deprivation and financial worries. [Read more…]
According to the Federal Reserve, about 40% of Americans wouldn’t know where to turn if they needed $400 for an emergency. A large number of people simply don’t have that kind of money set aside “just in case.”
If you’re one of these people and you need money now, you might not have the slightest idea where to get it. You might even think that you don’t have any options available to you.
Are you a retiree looking for a suitable side job?
Maybe you want to supplement your retirement income or you simply want an activity to keep you busy and you wouldn’t mind being paid for your time. Regardless of your specific situation, finding a job after retirement is a welcome idea, especially if you’re in perfect health.
Next stop? The North Pole!
Every day, UPS delivers over 15 million packages, to over 220 countries and territories worldwide, including the North Pole. Yet, while their delivery numbers are astonishing, what’s truly amazing is how safe UPS drivers are.
Oh no. It’s that time of the year. You’ve been dreading this part of being an entrepreneur ever since you started your business a little while ago. It’s tax season.
Benjamin Franklin once said that the only two things in life that are certain are death and taxes, and the adage is nonetheless true when you’re running a small business.