One out of every 10 Generation X mothers is single – many more than in the generation born during World War II.
Nearly two-thirds of single older people are the survivors of divorce – far more than in the past.
About one in three couples has moved away from their hometowns and from both of their mothers – blame this geographic mobility on the growing share of U.S. workers who are college educated.
These are just a few of the dramatic changes in U.S. family structure and behavior that have developed over the past half century. These changes have had enormous financial consequences for everyone, especially women.
Squared Away has documented some of the financial impacts in previous blogs. A Lucky 7 such blogs, most of them based on studies by the Retirement Research Consortium, are summarized below (with links to each one):
Women are having babies five years later, on average, increasing their earnings substantially over their lifetimes.
About half of Americans don’t live near their mothers, creating new pressures for caregivers. This video explains who they are.
In the aftermath of divorce, many women figured out how to rebound in the labor force and earn more.
But when it comes to retirement preparedness, a doubling in the divorce rate since 1990 has put more baby boomers at a financial disadvantage.
Stepchildren, divorced parents, blended families – the structure of the parent-child relationship has grown more complex, and so have the parents’ wills. …
An interesting psychology powers this video in which the youngest daughter of a low-income, single mother explains how she migrated into the financial services industry – and then became the company president.
Mellody Hobson’s fascination with finance took hold as she watched her mother struggle with evictions, repossessed cars, and empty gas tanks. She once spent all her money on her daughters’ Easter dresses but then couldn’t pay the phone bill, Hobson recalls in the video above.
“I do not think it’s an accident I work in the financial industry,” she explains, “because as a child I was desperate to understand money – desperate. I hated the fact that I felt this insecurity around money.”
Hobson is a celebrity in her industry. In other videos, she talks about being black, being a successful career woman, being financially savvy, and the trouble with credit cards. Perhaps she’s all over YouTube, because she’s worth listening to.Learn More
Physical power, fast reactions, steady hands, a crisp memory, and mental dexterity – these physical and mental abilities, taken for granted in youth, break down slowly but persistently over the years.
A unique combination of physical and mental skills help to determine whether each worker’s continued employment is more or less susceptible to aging. To better understand who can work longer and who can’t, researchers at the Center for Retirement Research developed a Susceptibility Index to rank 954 U.S. occupations.
Using the skills required for each occupation in the federal O*Net database, they ranked the occupations from 0 to 100 based on the risk that age-related decline will affect a worker’s ability to perform that particular job. The risk reflects the number and importance of the age-vulnerable abilities.
Of course, individual workers experience aging in different ways, and some learn to compensate for declining skills. But there are dramatic differences between occupations with very high and very low Susceptibility Indexes.
As one might expect, physically demanding blue-collar work suffers the adverse effects of aging: rock splitter in a quarry (90.3 Susceptibility Index), floor sander (91.0), steelworker (94.4), commercial diver (94.0), truck driver (96.4), and oil rigger (98.5).
Occupations with very low indexes are primarily white-collar: interior designer (5.8), lawyer (6.3), aerospace engineer (8.9), loan counselor (12.4), and radio announcer (14.8).
Where things get interesting is in the middle rankings. Mixed in with somewhat physically demanding jobs – personal care aide (52.7), warehouse order filler (53.7), baker (54.7), postal service clerk (56.3), and food server (58.2) – are white-collar desk or hospital jobs. These include private detective (44.8), surgeon (51.2), architectural drafter (52.8), anesthesiologist’s assistant (53.1), computer network architect (54.8), and critical care nurse (55.7).
After ranking the 900-plus occupations, the researchers concluded that “the notion that all white-collar workers can work longer or that all blue-collar workers cannot is too simplistic.” …Learn More
In this video, Professor James Lubben, founding director of Boston College’s Institute on Aging, discusses numerous research studies showing that people who lack a social network of friends or family are more likely to neglect good health practices and to experience psychological distress, cognitive impairment, the common cold, and even death – “it’s on a par with smoking,” he said.
Seniors become particularly vulnerable to becoming isolated as they decline physically, but isolation then makes them more vulnerable to worsening health.
Social health should “be as important as mental health and as physical health,” said Lubben, who also is a professor of social work here at Boston College.
Summers are a fun and busy time – this video is a reminder that elderly family members and neighbors who aren’t very mobile might need some company or someone to check in on them. Learn More
As Squared Away readers scatter to the winds this summer, those going overseas should take a close look at the currencies in their travel destinations.
There are some gorgeous currencies out in the world, in places like Sao Tome & Principe off of the coast of Gabon in West Africa. June begins peak season for the island country, which The Lonely Planet says has a relaxed “leve leve” vibe to go with its miles of beaches, “swaths of emerald rainforest, soaring volcanic peaks and mellow fishing villages.”
Sao Tomean Dobra
Currency as art is a refreshing contrast to U.S. currencies, with their button-down images of presidents and buildings. Try the red-billed kingfisher bird on Sao Tome & Principe’s 50,000 dobra – or the curved bow of the boat on Norway’s 100 kroner note.
These were among the currencies selected by the coupon website, Couponbox.com, for its recent spotlight on the world’s “10 most beautiful banknotes.” To see the others, click here. …Learn More
This online tool for exploring urban job markets is very cool.
It could be a big help for high school and college graduates looking for work, especially those willing to migrate to a new city and trying to figure where to go. What’s unique about it is that it ranks the nation’s large, mid-sized, and small cities based on the user’s personal preferences.
To use the tool, created by the American Institute for Economic Research (AIER), the job hunter decides how high to rank the importance – from 5 (most important) to 1 (not important) – of nine different aspects of the job market and lifestyle in their ideal city: low unemployment, high average earnings, high labor force participation, public transportation, highly educated peers, low rent, high diversity, plentiful bars and restaurants, and many arts and entertainment options.
To test it, I selected a 5 for low unemployment and high labor force participation and a 1 for everything else (the bar scene, public transit, diversity etc.). Cities like Minneapolis, Denver, Salt Lake City, and Austin came up as the best cities, when these two job-market criteria were most important.
AIER also compares different cities in a report, which is available here.
Of course, other things are important when relocating. But the tool forces job hunters to balance their priorities – a strong job market or a good bar scene? To play around with AIER’s gadget, click here.Learn More