Money

The Consumer Financial Protection Bureau released a report that raises concerns about the impact of opting in to overdraft services for debit card and ATM transactions. The study found that the majority of debit card overdraft fees are incurred on transactions of $24 or less and that the majority of overdrafts are repaid within three days. If a consumer borrowed $24 for three days and paid the median overdraft fee of $34, such a loan would carry a 17,000 annual percentage rate. more »

"We know from brain imaging studies that when people compete against one another, they actually engage in two distinct types of learning processes. One type involves learning purely from the consequences of your own actions, called reinforcement learning. The other is a bit more sophisticated, called belief learning, where people try to make a mental model of the other players, in order to anticipate and respond to their actions." more »

Pamela Prah writes: Nationwide, US employers reported in 2013 that skilled trades positions were the most difficult to fill, the fourth consecutive year this category has topped the list. A 2011 industry report estimated that as many as 600,000 manufacturing jobs were vacant because employers couldn’t find the skilled workers to fill them, including machinists, distributors, technicians and industrial engineers.   more »

"My biggest concern for women is what happens in retirement. Women have longer life expectancies than men, and married women tend to be several years younger than their husbands, so that the average married woman reaching retirement can expect to spend several years as a widow, and the average single women reaching retirement will spend all of her retirement years that way. In the shift away from defined benefit and toward defined contribution retirement plans, the financial security of women in retirement will depend very much on how the wealth accumulated for retirement is managed." more »