They may not be accruing a lot of interest, but savings accounts are the financial tool that Americans are most thankful for, according to a survey by MoneyRates.com. The survey, which polled 2,000 adults in June, also found that Americans prefer debit cards over credit cards and list their top goals as creating a stronger investment portfolio, buying a new home and securing a raise in pay.
How to Fight Wall Street Bubbles
Based on a study by Columbia University researchers and five collaborators, financial markets would be better served by a more diverse Wall Street workforce, the New York Times reports. The study, described in a paper published Monday by the Proceedings of the National Academy of Sciences, found that ethnically homogoneous groups tend to be more suspectible to speculative booms and busts than more diverse groups. “Ethnically homogenous bunches of traders are more prone to make big-time errors, so various things that promote ethnic diversity on Wall Street can actually create gains in market efficiency,” said David Stark, a sociologist at Columbia and one of the co-authors of the paper.
Left on the Table
Young workers might be participating in employer-provided 401(k) plans at high rates, but their rate of saving could be costing them thousands, according to data from Aon Hewitt. A recent analysis of more than 3.5 million employees eligible for defined contribution plans shows nearly 40 percent of 20-to-29 year olds are saving at a level that is below their employer’s company match threshold.
Flaw in the System?
Several CEOs of major U.S. corporations made more money last year than their company paid in federal income taxes, according to a study released Tuesday by two Washington think tanks. One company, Verizon, has already disputed the information. Six other companies cited include Boeing, Chevron, Ford, Citigroup, JPMorgan Chase and General Motors.