Families

A job and a connection to the labor market remains the primary source of income for many families. But today’s workforce is vastly different than it was at almost any point during the 20th century. Workers are entering the labor market at a slower rate, older adults are staying in the labor force longer, and millennials now represent the largest share of the American workforce. Workers... Read More

April is National Financial Capability Month, which presents an important opportunity to focus on the economic challenges facing many U.S. families and on the potential of financial capability programs—such as financial literacy education, counseling, coaching, and planning—to provide possible solutions to Americans’ financial insecurity. Read More

The balance sheets of American households are showing modest improvement, as are people’s attitudes about their financial health. The Census Bureau found that the median household income increased by 5.2 percent from 2014 to 2015, with gains across all income levels. Further, more Americans report feeling financially secure, and fewer say they are unprepared for the unexpected. Read More

In his Feb. 28 address to Congress, President Donald Trump discussed his agenda and priorities for the coming year, which include efforts to boost wages and job opportunities for workers in the United States. As policymakers look forward, this moment presents an ideal opportunity to address the financial concerns that Americans face daily. Read More

The Virginia Commission on Employee Retirement Security and Pension Reform, created last year at the urging of Republican House Speaker William J. Howell, voted in December to propose two retirement system reforms to the legislature and three procedural changes to the Virginia Retirement System’s (VRS) board of trustees. Read More

April is National Financial Capability Month, which presents an important opportunity to focus on the economic challenges facing many U.S. families and on the potential of financial capability programs—such as financial literacy education, counseling, coaching, and planning—to provide possible solutions to Americans’ financial insecurity. Read More

The balance sheets of American households are showing modest improvement, as are people’s attitudes about their financial health. The Census Bureau found that the median household income increased by 5.2 percent from 2014 to 2015, with gains across all income levels. Further, more Americans report feeling financially secure, and fewer say they are unprepared for the unexpected. Read More

In his Feb. 28 address to Congress, President Donald Trump discussed his agenda and priorities for the coming year, which include efforts to boost wages and job opportunities for workers in the United States. As policymakers look forward, this moment presents an ideal opportunity to address the financial concerns that Americans face daily. Read More

The Virginia Commission on Employee Retirement Security and Pension Reform, created last year at the urging of Republican House Speaker William J. Howell, voted in December to propose two retirement system reforms to the legislature and three procedural changes to the Virginia Retirement System’s (VRS) board of trustees. Read More

Americans do most of their saving for retirement at their jobs, though many private sector workers lack access to a workplace plan. In addition, many workers whose employers do offer these plans face obstacles to participation, such as more immediate financial needs, other savings priorities such as children’s education or a down payment for a house, or ineligibility. Thus, less than half... Read More

A job and a connection to the labor market remains the primary source of income for many families. But today’s workforce is vastly different than it was at almost any point during the 20th century. Workers are entering the labor market at a slower rate, older adults are staying in the labor force longer, and millennials now represent the largest share of the American workforce. Workers... Read More

Most of the largest U.S. banks continue to charge high, and often multiple, fees each time a customer incurs an overdraft. Additionally, more than 2 in 5 banks rearrange transactions in a manner that maximizes overdraft fees. Further, overdraft programs at a selection of small banks throughout the country are comparable in many respects to those at the large banks, with a few notable differences.... Read More

Education continues to be a key driver of financial security for many American households. Research has repeatedly shown that a college degree has a direct impact on upward economic mobility, particularly for those raised at the bottom of the income ladder. However, student debt is a growing burden for many families, causing concern for policymakers at all levels of government. Read More

Approximately 37 million adults in the United States, a number roughly equivalent to the population of California, do not have a checking account. Some have never relied on traditional banking, while the majority was part of the banking system at one time and subsequently stopped using financial institutions. The primary reason these “unbanked” consumers gave up on traditional bank... Read More

WASHINGTON—The shift toward installment credit in the payday and auto title lending markets is creating new risks, but a draft rule proposed in June by the Consumer Financial Protection Bureau (CFPB) would not adequately protect borrowers because it does not keep pace with changes in the industry, according to an issue brief released today by The Pew Charitable Trusts. Read More

In this inaugural episode, host Dan LeDuc interviews Erin Currier, director of Pew’s financial security and mobility project, on the state of the American Dream and the financial well-being of American families. The conversation focuses on “data point 92”—the percentage of American families that are seeking financial security rather than economic mobility. Read More

Did you know that banks in the U.S. can use clauses buried in fine print to prevent you from bringing disputes over unfair fees to court? But together we can change it, with the help of the Consumer Financial Protection Bureau. Tell them you want the right to participate in class-action lawsuits and hold banks accountable: http://pew.org/29lJPf2. Read More

Benefit offerings and their costs to employers vary widely across job types. This interactive tool allows users to explore how a business’s industry, size, and the level of pay it provides to workers affect the type and costs of the benefits offered. Read More

This interactive highlights the financial balance sheets of 17 family types and illustrates how household demographics, such as education, race, and family structure, relate to financial security. Users can explore three areas of the balance sheet—income, wealth, and liquid savings—to better understand how families are doing financially and how they perceive their financial well-being. The... Read More

Ever use your smartphone to pay for parking or split the dinner bill with a friend? More people are using their phones as a mobile wallet and most mobile transactions work just fine. But with technology constantly evolving the rules that should protect consumers simply haven’t caught up. Read More