Tracking Students to 200 Percent of Normal Time: Effect on Institutional Graduation Rates
A majority of college graduates take longer to earn a degree than what is commonly thought to be the “normal” amount of time it should take—4 years for a bachelor’s degree and 2 years for an associate’s degree. For example, among college graduates who earned a bachelor’s degree in 1999–2000, about two-fifths (39 percent) had completed the degree in 4 years (Bradburn et al. 2003). A majority (72 percent) of this cohort, however, had completed a bachelor’s degree within 6 years, while 14 percent took 6–10 years and the remaining 14 percent took more than 10 years. Similarly, among a survey of students who started college in 1995–96 with the goal of completing an associate’s degree, less than one-fifth (17 percent) completed the degree in 2 years, 43 percent took 2–3 years, and another 40 percent took 3–6 years.
Tuesday, December 21, 2010
Only 39 Percent Complete Undergraduate Degree in 4 Years
How Much Can Baby Boomers Expect to Inherit
Source: MetLife Mature Market Institute
Inheritance and Wealth Transfer to Baby Boomers
The figures, drawn from national survey data, say the wealthiest Boomers will be given an average of $1.5 million, while those at the other end of the spectrum will be left $27,000, an amount that represents a larger percentage of the latter group’s overall wealth. Two-thirds of all Boomers stand to receive some inheritance over their lifetimes.
The Price of College
Source: National Center for Education Statistics
What Is the Price of College? Total, Net, and Out-of-Pocket Prices in 2007–08
Source: National Center for Education Statistics
This Statistics in Brief describes the annual price of education among undergraduates enrolled in U.S. postsecondary institutions in 2007–08. The most recent administration of the National Postsecondary Student Aid Study (NPSAS) supplied the data.
Monday, December 13, 2010
Expected Inflation Risk Premium
Source: Federal Reserve Bank of Cleveland
News Release: November 17, 2010
The Federal Reserve Bank of Cleveland reports that its latest estimate of 10-year expected inflation is 1.50 percent. In other words, the public currently expects the inflation rate to be less than 2 percent on average over the next decade.
Monday, November 15, 2010
Survey Shows Long-term Care Costs Rising
Source: MetLife
The 2010 MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs
This survey provides national, statewide, and, in certain states (based on population), area-specific costs, average private-pay, daily rates for private and semi-private rooms in a nursing home, monthly base rates in assisted living communities, hourly rates for home health aide and homemaker services, and daily rates for adult day services
Thursday, November 11, 2010
Interactive Tuition Over Time
Source: Chronicle of Higher Education
Tuition for individual institutions from 1999 to 2010 can be found in this interactive database from the Chronicle of Higher Education
Tuesday, October 12, 2010
Google Plans Alternative Price Index
Source: CNBC
Google is using its vast database of web shopping data to construct the ‘Google Price Index’ – a daily measure of inflation that could one day provide an alternative to official statistics.
CONSUMER EXPENDITURES--2009
Source: Bureau of Labor Statistics
Average annual expenditures per consumer unit(1) fell 2.8 percent in 2009 following an increase of 1.7 percent in 2008, according to results from the Consumer Expenditure Survey (CE) released by the U.S. Bureau of Labor Statistics. The spending decrease was larger than the 0.4-percent decrease in prices from 2008 to 2009 as measured by the average annual change in the Consumer Price Index (CPI-U). This was the first time there has been a drop in spending from the previous year since the CE began publishing integrated data in 1984 from the Diary and Interview components of the CE.
Spending on housing and transportation fell 1.3 percent and 11.0 percent,respectively, contributing to the overall drop in spending in 2009. Healthcare expenditures rose 5.0 percent, the only increase among the major components of spending. Among the other major components, food dropped 1.1 percent, apparel fell 4.2 percent, entertainment dropped 5.0 percent, and personal insurance and pensions fell 2.4 percent.
Table A. Average annual expenditures and characteristics of all consumer units
and percent changes, Consumer Expenditure Survey, 2007-2009
_____________________________________________________________________________
Percent change
Item 2007 2008 2009 2007-2008 2008-2009
-----------------------------------------------------------------------------
Number of consumer
units (000’s) 120,171 120,770 120,847
Income before taxes $63,091 $63,563 $62,857 0.7 -1.1
Average age of
reference person 48.8 49.1 49.4
Average number in
consumer unit:
Persons 2.5 2.5 2.5
Earners 1.3 1.3 1.3
Vehicles 1.9 2.0 2.0
Percent homeowner 67 66 66
Average annual
expenditures $49,638 $50,486 $49,067 1.7 -2.8
Food 6,133 6,443 6,372 5.1 -1.1
At home 3,465 3,744 3,753 8.1 0.2
Away from home 2,668 2,698 2,619 1.1 -2.9
Housing 16,920 17,109 16,895 1.1 -1.3
Apparel and services 1,881 1,801 1,725 -4.3 -4.2
Transportation 8,758 8,604 7,658 -1.8 -11.0
Healthcare 2,853 2,976 3,126 4.3 5.0
Entertainment 2,698 2,835 2,693 5.1 -5.0
Personal insurance
and pensions 5,336 5,605 5,471 5.0 -2.4
All other expenditures 5,059 5,113 5,127 1.0 0.3
_____________________________________________________________________________
Tuesday, September 21, 2010
Household Debt Continues to Decline
Source: Federal Reserve Bank of New York
Aggregate consumer debt continued to decline in the second quarter, continuing its trend of the previous six quarters. As of June 30, 2010, total consumer indebtedness was $11.7 trillion, a reduction of $812 billion (6.5%) from its peak level at the close of 2008Q3, and $178 billion (1.5%) below its March 31, 2010 level.
The number of open credit accounts continued to decline, although at a somewhat slower rate, during the quarter. About 272 million credit accounts were closed during the four quarters that ended June 30, while 161 million accounts were opened. The number of credit account inquiries within six months – an indicator of consumer credit demand –ticked up for the first time since 2007Q3. Credit cards have been the primary source of the reductions in accounts over the past two years, and during 2010Q2 the number of open credit card accounts fell from 385 to 381 million. Still, the number of open credit card accounts on June 30 was down 23.2% from their 2008Q2 peak.
Household mortgage indebtedness has declined 6.4%, and home equity lines of credit (HELOCs) have fallen 4.4% since their respective peaks in 2008Q3 and 2009Q1. Excluding mortgage and HELOC balances, consumer indebtedness fell 1.5% in the quarter and, after having fallen for six consecutive quarters, stands at $2.31 trillion, 8.4% below its 2008Q4 peak.
For the first time since early 2006, total household delinquency rates declined in 2010Q2. As of June 30, 11.4% of outstanding debt was in some stage of delinquency, compared to 11.9% on March 31, and 11.2% a year ago. Currently about $1.3 trillion of consumer debt is delinquent and $986 billion is seriously delinquent (at least 90 days late or “severely derogatory”). Delinquent balances are now down 2.9% from a year ago, but serious delinquencies are up 3.1%.
About 496,000 individuals had a foreclosure notation added to their credit reports between March 31 and June 30, an 8.7% increase from the 2010Q1 level of new foreclosures. New bankruptcies noted on credit reports rose over 34% during the quarter, from 463,000 to 621,000. While we usually see jumps in the bankruptcy rate between the first and second quarter of each year, the current increase is higher than in the past few years, when it was around 20%.
Tuesday, September 14, 2010
CBO -- How Does Obesity in Adults Affect Spending on Health Care?
Source: Congressional Budget Office
According to CBO’s analysis of survey data, health care spending per adult grew substantially in all weight categories between 1987 and 2007, but the rate of growth was much more rapid among the obese (defined as those with a body-mass index greater than or equal to 30). Spending per capita for obese adults exceeded spending for adults of normal weight by about 8 percent in 1987 and by about 38 percent in 2007. That increasing gap in spending between the two groups probably reflects a combination of factors, including changes in the average health status of the obese population and technological advances that offer new, costly treatments for conditions that are particularly common among obese individuals.
Tuesday, August 31, 2010
Monthly Housing Costs Reach $1,000 for Homeowners
Source: BLS
The nation's homeowners paid a median of $1,000 in monthly housing costs in 2009, compared with $808 for renters, according to data released today by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. However, renters usually paid a higher percentage of their household income on these costs than did owners (31 percent compared with 20 percent).
Tuesday, August 24, 2010
BLS Examines Trend in Health Care Spending
Source: Bureau of Labor Statistics
Health Care Spending: 1998, 2003, and 2008
How have rising health care costs affected household budgets? That question was raised many times before the passage of the Affordable Care Act, whose goal—as the act’s name implies—is to make health care more affordable for American families.[1] This analysis of Consumer Expenditure Survey (CE) data from the 1998, 2003, and 2008 Interview Surveys provides a picture of nominal out-of-pocket health care spending among households categorized by the age of the reference person.[2] The expenses analyzed were total health care and its components: health insurance, medical services, prescription drugs, and medical supplies. Among the findings are the following:
Thursday, August 12, 2010
The High Cost of Child Care
Source: NACCRRA
Parents and The High Cost of Child Care: 2010 Update
Parents and the High Cost of Child Care: 2010 Update provides average costs of child care for infants, 4-year-olds, and school-age children in centers and family child care homes in every state. The average cost that parents paid for full-time care for a 4-year-old child in a center ranged from more than $4,050 in Mississippi to more than $13,150 a year in Massachusetts.
Friday, June 11, 2010
USDA Updates the Cost of Raising Children
Source: USDA
Since 1960, the U.S. Department of Agriculture has provided estimates of expenditures on children from birth through age 17. This technical report presents the most recent estimates for husband-wife and single-parent families using data from the 2005-06 Consumer Expenditure Survey, updated to 2009 dollars using the Consumer Price Index. Data and methods used in calculating annual child-rearing expenses are described. Estimates are provided for major components of the budget by age of child, family income, and region of residence. For the overall United States, annual child-rearing expense estimates ranged between $11,650 and $13,530 for a child in a two-child, married-couple family in the middle-income group. Adjustment factors for number of children in the household are also provided. Results of this study should be of use in developing State child support and foster care guidelines, as well as in family educational programs.
Lino, Mark. (2010). Expenditures on Children by Families, 2009.
U.S. Department of Agriculture, Center for Nutrition Policy and Promotion.
Miscellaneous Publication No. 1528-2009.
Wednesday, April 14, 2010
2010 Bundle Report: How America Spends
This site is a little confusing, but it contains some interesting interactive graphs that let you compare your spending with others.
Tuesday, April 13, 2010
Uncertain Income in Uncertain Times
Source: Brookings Institution
The Income Rollercoaster: Rising Income Volatility and its Implications
By Karen Dynan
Millions of U.S. households have suffered devastating income disruptions as a result of the recent economic downturn. As of late 2009, eight million jobs had been lost to the recession, and one in ten workers was out of work, putting the unemployment rate at its highest level since the early 1980s. Although a variety of indicators suggest that the recession is now over, most analysts foresee a slow and gradual economic recovery and consequently a long, uphill climb back to full employment. Thus, it may be a number of years before the incomes of many families are back to normal. Policymakers have already taken some steps to support these families and stimulate job creation, and they continue to deliberate about what additional steps are still needed.
Read more.
Friday, March 19, 2010
Live Longer, Work Longer
Source: EBRI
Employment Status of Workers Ages 55 or Older, 1987-2008’ and ‘Tracking Health Insurance Coverage by Month: Trends in Employment-Based Coverage Among Workers, and Access to Coverage Among Uninsured Workers’
March 2010, Vol. 31, No. 3
Paperback, 16 pp.
PDF, 930 kb
Employee Benefit Research Institute, 2010Executive Summary
Employment Status of Workers Ages 55 or Older, 1987-2008
OLDER WORKERS STAYING IN THE WORK FORCE LONGER: A growing percentage of older Americans are in the labor force: The percentage of those ages 55 or older in the labor force increased from 29.4 percent in 1993 to 39.4 percent in 2008. For those ages 65–69, the percentage increased from 18.4 percent in 1985 to 30.7 percent in 2006. These trends mark a significant change in behavior for individuals in these age groups, and are likely driven by their need to obtain affordable employment-based health insurance and to accumulate retirement savings.
MORE PART-TIME WORK: While older workers working full time, full year increased steadily from 1993–2007, that trend ended with the recession year of 2008. While members of the older population were more likely to work in 2008, they were less likely to be working full time, full year in 2008 after consistent increases through 2007.
Saturday, March 13, 2010
EBRI Issues 2010 Retirement Confidence Survey
Source: Employee Benefit Research Institute
The 2010 Retirement Confidence Survey: Confidence Stabilizing, But Preparations Continue to Erode
March 2010
EBRI Issue Brief #340
Employee Benefit Research Institute, 2010
MORE PEOPLE HAVE NO SAVINGS AT ALL: An increased percentage of workers report they have virtually no savings and investments. Among RCS workers providing this type of information, 27 percent say they have less than $1,000 in savings (up from 20 percent in 2009). In total, more than half of workers (54 percent) report that the total value of their household’s savings and investments, excluding the value of their primary home and any defined benefit plans, is less than $25,000 (Fig. 14, pg. 16).
CLUELESS ABOUT SAVINGS GOALS: Many workers continue to be unaware of how much they need to save for retirement. Less than half of workers (46 percent) report they and/or their spouse have tried to calculate how much money they will need to have saved for a comfortable retirement by the time they retire (Fig. 23, pg. 22).
Monday, February 8, 2010
Financial Capability Survey
From FINRA press release:
The FINRA Investor Education Foundation today released survey results that measure the financial capabilities of American adults and reveal in detail how Americans save, borrow and plan for their financial future. The National Financial Capability Survey, the first of its kind in the United States, was developed in consultation with the U.S. Department of the Treasury and the President's Advisory Council on Financial Literacy. In an event today at the U.S. Treasury, U.S. Secretary of the Treasury Tim Geithner, U.S. Secretary of Education Arne Duncan and FINRA CEO and FINRA Foundation Chairman Rick Ketchum all met with financial literacy and community leaders as well local high school students to announce the results.
The survey found that:
- only 41 percent of parents have set aside money for their children's college education;
- the majority of Americans do not have a "rainy day" fund for unanticipated financial emergencies and are not adequately preparing for their children's college education and their own retirement;
- more than one in five survey respondents use high-cost, alternative borrowing methods, such as payday loans or pawn shops; and
- fewer than half (46 percent) of those surveyed correctly answered two basic questions about how interest rates and inflation work.
Tuesday, December 29, 2009
Luxury Goods Make You Selfish or The More You Have, The More You Want
The Devil Wears Prada? Effects of Exposure to Luxury Goods on Cognition and Decision Making
Published:
November 25, 2009Paper Released:
November 2009Authors:
Roy Y.J. Chua and Xi ZouExecutive Summary:
Gandhi once wrote that "a certain degree of physical harmony and comfort is necessary, but above a certain level it becomes a hindrance instead of a help." This observation raises interesting questions for psychologists regarding the effects of luxury. What psychological consequences do luxury goods have on people? In this paper, the authors argue that luxury goods can activate the concept of self-interest and affect subsequent cognition. The argument involves two key premises: Luxury is intrinsically linked to self-interest, and exposure to luxury can activate related mental representations affecting cognition and decision-making. Two experiments showed that exposure to luxury led people to think more about themselves than others. Key concepts include:
- Luxury does not necessarily induce people to be "nasty" toward others but rather causes them to be less concerned about or considerate toward others.
- Experiment 1 showed that when primed with luxury, people are more likely to endorse self-interested business decisions (profit maximization), even at the expense of others.
- Experiment 2 further demonstrated that exposure to luxury is likely to activate self-interest but not the tendency to harm others.
- Exposure to luxury goods may activate a social norm that it is appropriate to pursue interests beyond a basic comfort level, even at the expense of others. It may be this activated social norm that affects people's judgment and decision-making.
- Alternatively, exposure to luxury may directly increase people's personal desire, causing them to focus on their own benefits such as prioritizing profits over social responsibilities.
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