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How Employers in Poor Countries Are Using Nudges to Help Employees Save Money

“One decade after mobile money first launched in 2007, there are over 118 million active accounts using 277 mobile money services in 92 countries” reports hbr.org. Employers are catching on to the trend and paying wages with mobile money in Latin America, sub-Saharan Africa, and South Asia.Most U.S. employers have adopted default savings programs, but the idea is only just entering  poor countries, where saving is less common.But recently, the world has seen a dramatic drop in the numbers of unbanked adults due to the rapid spread of mobile money.Increasingly,…

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Immigrant says agents seized life savings at airport…

“A lawsuit filed against the agency said it missed an April deadline either to return the money or start criminal proceedings” writes John Seewer for yahoo.com. Kazazi, a U.S. citizen who immigrated from Albania in 2005, says in a lawsuit filed Thursday, May 31, 2018, that U.S. agents seized his life savings of $58,000 at the airport in October 2017, and the government has refused to return the money even though Kazazi faces no charges.In both instances after the lawsuits were filed, the agency returned the money and property without…

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Can you really ‘nudge’ savings?

“The positive effects were concentrated among employees who were already contributing to their retirement savings, who tended to increase their savings to maximize their employers matching benefits” writes Patrick Temple-west for politico.com. For some economists, the behavioral science for retirement savings is a solution in search of a problem.Even if they get a raise, employees tend to forget to inch up the portion of their pay that they devote to retirement savings.Another human savings failure Thaler identified is inertia: People rarely increase their savings rate over time. Source: politico.com Share This:

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7 things the average American has accomplished by age 35

“The internet was ablaze with indignation last month after MarketWatch published an article saying that the proper amount of savings for a 35-year-old is double their salary” writes Mark Abadi for businessinsider.com. According to CNBC, the average amount of retirement savings for families between the ages of 32 and 37 is $31,644, while the median amount of savings is just $480 for that age group. (Many families have no retirement savings, bringing down the median.) A more attainable benchmark is to have your savings equal your salary by the time…

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Should I buy an electric car? New report says wait until 2023

“Drivers wanting to watch the pennies are being encouraged to consider holding off purchasing an electric car until 2023, according to a new report” reports techdigest.tv. What’s more, less than one in four (37%) electric or hybrid vehicles have qualified to make savings with the Government’s plug-in car grant this year (2018) so far.Despite this for the lucky few who can afford to invest early in an electric vehicle can make significant savings. Source: techdigest.tv Share This:

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Illinois pension buyouts may not bring savings budget claims

“But Malanga says private pension buyouts tend to get more takers because companies are often distressed, and retirees fear losing their pensions entirely” writes The Associated Press for seattletimes.com. It was a sharp contrast to recent years, when Rauner and majority Democrats deadlocked over a budget and the governor’s pro-business priorities, leading to the nation’s longest state budget impasse.The buyout plan is aimed at addressing Illinois’ roughly $130 billion unfunded pension liability and the state’s ballooning annual contributions to the funds.Those factors could make Illinois’ buyout offer far less attractive…

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Ohio man sues after Customs takes life savings from his carry-on

“Customs says it suspects that the petitioner in the case, Rustem Kazazi, was involved in smuggling, drug trafficking or money laundering” writes Christopher Ingraham for seattletimes.com. If they failed to initiate a forfeiture case within that window, they would be required to promptly return the money to the claimants.But the agents took Kazazi’s money.They could abandon the cash completely, or they could make an “offer in compromise” – letting CBP keep a certain percentage of the seized cash if they returned the rest.A Cleveland, Ohio, man is suing U.S. Customs…

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