The latest on surprising altruism, financial literacy declines, and smart spending tips
Here are some favorite personal finance reads from around the web this week.
Would you return this lost wallet?
—The New York Times
In a three-year study, thousands of people in 40 countries were put to the test: Would they return a wallet if there was money inside? The surprising result: In all but two countries, more people returned wallets with money versus empty ones. Why? Researchers suggest it’s because people want to see themselves as “good people” and not thieves.
Americans’ financial literacy skills have plummeted since the Great Recession
–MarketWatch
Since the Great Recession, there’s been an 8% decrease in Americans’ overall financial literacy skills. The decline is worse among younger Americans, low-income earners, and African Americans. Theories explaining the drop include fewer teachers specializing in the topic and reduced school budgets that lead to less financial ed.
How ‘anchoring’ empowers this personal finance author to make better spending decisions
–NBC News Better
The first price we see for an item becomes the basis for how much we think it’s worth. That cognitive bias can be manipulated by marketing tactics to get consumers to spend more money. Emily Guy Birken explains how to beat the marketers.
Young Americans are racking up debt for Instagrammable weddings
–Quartz
In 2019, lenders issued about four times as many “wedding loans” as they did in 2018, catering to millennials heavily influenced by social media.
Craving more financial finds? Here are my latest blog posts!
How to give to charity while staying within your means
How do you know when you’ve earned “enough” money to give to charity? And how do you know whom to give it to? I have a guide for that.
Estate planning 101: Writing a will and other things you need to do before you die
It’s not an easy subject, but it’s financially responsible to plan for what will happen to your money and assets after you die. Call it the ultimate step in adulting.
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