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Only 22% of parents are "completely confident" in their ability to teach their children the basics of investing, the survey found, and they're looking to their kids' schools for help. All else being equal, 74% of parents said they would move their children to a different school if it offered financial education and investment courses. SIFMA with Wakefield Research polled 1,000 U.S. parents of students in grades K-12. Getting your child hands-on experience with investing is also a smart strategy, advisors say. Hands-on experience also gives children a chance to discuss with parents what investing means to them, she said.

Persons: —, Melanie Mortimer, Lance Robert, Stacy Francis, Francis, Catherine Valega, Roth IRAs, Valega Organizations: SIFMA Foundation, Wakefield Research, Francis Financial, CNBC, Getty Images, Green Bee Advisory Locations: Los Angeles, New York, Getty Images Boston

☆ Up to $400 to change a lightbulb? Appliance repair costs are no joke
▼ + stars: | 2024-09-20 | by ( Stephanie Dhue | Stephanie-Dhue | ) www.cnbc.com time to read: +8 min

It sounds like the setup to a lightbulb joke: How much does it cost to change a microwave bulb? While my lightbulb situation may be somewhat unique, experts say it is not uncommon to learn the cost of repairs is more than the cost to replace an appliance. Figuring out the cost for a repairMy first call to repair our microwave was to the appliance store where I made the purchase. Several states — including California, Maine, Massachusetts, Minnesota and New York — have implemented so-called "right to repair" laws. Some products designed 'with a hostility to repair'Consumer advocates say state laws and the FTC actions help, but haven't solved the problem.

Persons: Stephanie Dhue's, Stephanie Dhue, Gay Gordon, Byrne, Gordon, they're, Nathan Proctor, we've, Alex Reinauer, Proctor Organizations: GE, GE Appliances, U.S ., Getty Images, Federal Trade Commission, Competitive Enterprise Institute, Consumer, FTC Locations: California , Maine , Massachusetts, Minnesota, New York, Colorado, Oregon, South Dakota, France

Despite a challenging fundraising environment, women-led venture capital funds made gains in 2023. According to research by Venture Capital Journal, women-led funds' share of total fundraising increased to about 3% of the $107 billion raised last year by venture funds worldwide, up from less than 2% of the 2022 total. While it's a small fraction of the total pool, venture capital funding in the U.S. for companies founded by women has been trending up in recent years. The upswing has had some help from the creation of incubators for women founders, more new companies founded by women and more venture capital funds focused on underrepresented founders. Portfolia creates and manages about 16 venture funds designed for individual investors who want to invest in a portfolio of mostly women-led startups and want to learn more about venture investing.

Persons: Trish Costello, Portfolia, Costello, Elizabeth Clayborne, Steve Washington, Clayborne, wouldn't Organizations: Venture Capital Journal, YourChoice Therapeutics, CNBC Locations: U.S

watch nowTalking about personal finances is harder than talking about religion, politics or death — and almost as hard to talk about as sex, a new survey finds. And women are more likely than men to find talking about money difficult. The only money topic women were less reluctant than men to talk about is how much they earn, the survey found. The survey also found generational differences in how women feel about money discussions. More than half, 53%, of Gen Z women ages 14 to 26 said feeling judged made them avoid talking about money, versus 35% of women across all generations.

Persons: Wells, Michael Liersch, Lindsay Bryan, Podvin, we'll, John Howard Organizations: Versta Research, Wells Fargo, Bank, Getty Locations: Wells Fargo, Ann Arbor , Michigan

Payment apps have come under scrutiny by lawmakers and regulators as their usage skyrockets. That ease of use has 80% of Americans using mobile payment apps, according to a recent survey by NerdWallet. Transaction volume across all payment app service providers in 2022 was estimated at about $893 billion, according to the Consumer Financial Protection Bureau. Lawmakers are also calling on payment app companies to clarify their reimbursement policy if consumers get scammed and to make it easier for users to report fraud. In the meantime, experts say that consumers need to understand how these apps work, the fees that may be charged and the risks involved in storing money in a mobile payment app.

Persons: Amy Zirkle, Sen, Sherrod Brown Organizations: Consumer Financial, Finance, Democratic, Capitol, Banking Locations: Ohio

Once the new "love interest" gains your trust, they may claim that someone close to them is sick, hurt or in jail. Another frequent lie from an online "love interest" is an offer to help invest in cryptocurrency. How to avoid romance scams: Talk to friends or family about a new love interest and pay attention if they're concerned. Don't share with a love interest any personal information, usernames, passwords or one-time codes that others can use to access your accounts or steal your identity. Employment scamsBusiness and job-related scams are another top category of financial fraud, and with companies laying off workers, these schemes are likely to continue in 2024.

Persons: —, Fraudsters, General Merrick B, Garland, Michael Bruemmer, Ted Rossman, you've, they've, it's Organizations: Istock, Getty, U.S, CNBC, FTC, cryptocurrency Locations: cryptocurrency

When employees who contribute to a 401(k) plan leave a company, they have options for what to do with that money. The guidance investors receive from a financial professional or firm about handling old 401(k)s has been exempt from investment advice rules. And, there are different standards for financial advice. The Biden administration wants investment advice given when making these decisions to come from a fiduciary — and the Department of Labor has proposed rules to make that happen. They also argue that existing laws have been established to safeguard consumers seeking financial advice.

Persons: Biden, Labor Department's, Ann Wagner Organizations: Department of Labor, Finance, Labor, Financial, Capital Markets

☆ IBM to end 401(k) match, offering a hybrid plan. Other firms can't 'pull off this type of change,' expert says
▼ + stars: | 2023-11-30 | by ( Stephanie Dhue | Stephanie-Dhue | ) www.cnbc.com time to read: +1 min

IBM, which decades ago helped lead the shift from defined benefit plans to defined contribution plans, recently told U.S. employees it will be scrapping its 401(k) match in favor of funding what it calls a "retirement benefit account." Starting next year, IBM will no longer provide a 5% match and a 1% automatic contribution into an employee's 401(k). IBM says the change adds a stable and predictable benefit to employees and helps diversity their retirement portfolios. "Under the plan, IBM bears 100 percent of the risk and must be prepared to pay the benefit at time of employee separation," IBM said in a statement. "Other companies may not have structure to pull off this type of change," said Craig Copeland, director of wealth benefits research at the Employee Benefit Research Institute.

Persons: Craig Copeland Organizations: IBM, Treasury, Finance, Research Institute Locations: New York

☆ More part-time workers to get access to employer retirement plans next year
▼ + stars: | 2023-11-17 | by ( Stephanie Dhue | Stephanie-Dhue | ) www.cnbc.com time to read: +2 min

watch nowLike many workers, saving for retirement wasn't a priority for Mark Zimmermann. His employer, Mitchell Metal Products, has fewer than 100 workers and lets its part-time employees participate in the 401(k) plan. The Merrill, Wisconsin-based manufacturer offers part-time workers access to the company 401(k) retirement plan as a way to attract and retain workers. More part-time workers to get 401(k) access in 2024York, South Carolina, Now hiring, part time cooks sign posted outside Wing King Restaurant. Also included are provisions to expand part-time workers' access to retirement accounts.

Persons: Mark Zimmermann, he'd, Zimmermann, He's, Tim Zimmerman, Jeff Greenberg Organizations: CNBC, Mitchell Metal Products, Universal, U.S . Bureau of Labor Statistics, Companies Locations: Wisconsin, Merrill , Wisconsin, York, South Carolina, U.S

☆ Some companies lower salaries in job postings as pay transparency laws take effect, new report finds
▼ + stars: | 2023-10-30 | by ( Stephanie Dhue | Stephanie-Dhue | ) www.cnbc.com time to read: +2 min

watch nowState and local pay transparency laws enacted over the last few years have more employers disclosing salary ranges in job descriptions. The growth of advertised wages for new hires is slowing, according to a report from job posting service ZipRecruiter — and in some cases, it's reversing, with companies now posting lower pay ranges. Some jobs go unfilled as employers lower pay rangesSome employers don't follow pay transparency rulesSturti | E+ | Getty ImagesAbout 30% to 40% of employers are not complying with new state pay transparency laws, according to Revelio Labs, a workforce analytics firm. In Washington state, job applicants and current employees can file a complaint or bring a civil lawsuit if a company doesn't comply with the law. Other companies post pay even when not requiredBut there has also been a spillover effect with companies that have complied with pay transparency laws.

Persons: Timothy W, Emery, Emery Reddy, it's, Lisa Simon, Katie Cox Branham, Branham Organizations: Revelio Labs, Department of Labor & Industries, Companies Locations: Washington, Seattle, Atlanta, U.S, SalesLoft

watch nowTraditional retirement plans aren't enoughFor years, employers' financial benefits mostly focused on offering robust workplace retirement plans. Yet, when asked where they would put an extra $600 provided by an employer, workers in the EBRI survey said they would spread it out — putting $192 toward funding retirement, $171 to emergency savings and $89 toward a health savings account, followed by paid time off, college savings and paying down college debt. Yet those numbers may increase as employers recognize the upsides for the worker and the workplace. New law gives employers more benefits flexibilityThe passage of Secure 2.0 legislation last year also gives employers more flexibility to offer emergency savings accounts. Starting next year, as much as 3% of an employee's paycheck can be automatically placed in an emergency savings account, up to a total of $2,500.

Persons: Jamie Grill, Buck, Chantel Sheaks Organizations: Center, U.S . Chamber of Commerce

"Financial inclusion," defined as individuals and businesses having access to useful and affordable financial products, has declined in the U.S., according to new industry research. The U.S. fell to fourth place, from second, this year in the second annual Global Financial Inclusion Index compiled by the Centre for Economics and Business Research in London and Des Moines, Iowa-based Principal Financial Group. Singapore's small size, with a population of just six million people, helps it in the ranking, but it is also boosted by its commitment to financial literacy, financial technology adoption and employer support. Consumer sentiment in the U.S. is down across financial systems and employers but is especially pronounced when it comes to the government. "It creates uncertainty and causes people to delay decisions that they might otherwise make about purchase around savings, and you don't want to paralyze people's decision-making around financial security," Dan Houston, Principal Financial Group Chair and CEO, told CNBC in an exclusive interview.

Persons: people's, Dan Houston Organizations: Centre for Economics, Business Research, Financial Group, Finance, Consumer, Supreme, CNBC Locations: U.S, London, Des Moines , Iowa, Singapore, Hong Kong, Switzerland, Sweden

☆ Biden administration takes steps to remove medical bills from credit reports
▼ + stars: | 2023-09-21 | by ( Stephanie Dhue | Stephanie-Dhue | ) www.cnbc.com time to read: +1 min

The Biden administration wants to remove medical debt completely from consumer credit reports, so the Consumer Financial Protection Bureau on Thursday outlined its proposed rules to keep unpaid medical bills from affecting patient's credit scores. One in 5 Americans have medical debt on their credit reports, according to the CFPB. The CFPB found that 58% of all third-party debt collection on consumer credit reports was for medical bills. One study from the Medical Billing Advocates of America estimates up to 80% of medical bills have mistakes. As of July 2022, the companies no longer include medical debt in collection under $500 on credit reports.

Persons: Kamala Harris, Rohit Chopra Organizations: Biden, Financial, America

Sisters Shelia Miller, Debbie Taylor and Daphne Taylor of the Washington, D.C., area care for their mother, Ernestine Taylor. Managing health-related and long-term care expenses is also a challenge. Still experts say taking these five steps can help prevent burnout and financial stress for many family caregivers. You may also qualify for a dependent care tax credit for a percentage of up to $3,000 in qualified care expenses for one person or $6,000 for two people. Find support from a group or care specialistEmotional stress and burnout can add to the financial strain of caregiving.

Persons: Daphne Taylor, Debbie Taylor, Shelia Miller, Miller, Daphne, Ernestine Taylor, Debbie, There's, Barry Glassman, Glassman, there's, —, Anne Sansevero, they've, Sansevero Organizations: AARP, D.C, Finance, CNBC FA, Wealth, Medicaid, American Council, U.S . Department of Veteran Affairs, Resource Center, Caregiving, Life Care, Istock, Getty Locations: Alexandria , Virginia, Washington ,, Washington, Vienna , Virginia, North Bethesda , Maryland, U.S, medicaidplanningassistance.org

The ADA is a federal law requiring employers to make "reasonable accommodations" — adjustments or modifications — for qualified job applicants or employees with a "known disability." How companies can create 'a culture of inclusion'Rob Koch speaks to CNBC on Zoom with ASL interpreter, Amelia Fruehsamer. Yet, employees with disabilities make up a sizeable share of the global workforce, by some estimates. PSEG held a yearlong campaign to try to build empathy and destigmatize what it means to have a disability. After its awareness campaign, PSEG found the percentage of people who identified as disabled in its workplace tripled.

Persons: Rob Koch, Amelia Fruehsamer, Koch, " Koch, Emily Ladau, PSEG, Steven Fleischer, Fleischer Organizations: CNBC, Slalom, Microsoft, Boston Consulting Group Locations: Seattle, Newark , New Jersey

You also may find more time to review your financial goals and decide whether you need a reboot. Here are three key actions financial experts suggest you take midyear. Oscar Wong | Moment | Getty Images"Make practice payments to yourself," said Corbin Blackwell, a CFP and senior financial planner at Betterment. Check your tax withholdingTo avoid having too little tax withheld from your pay and facing an unexpected tax bill or penalty at tax time next April, check your tax withholding. Adjusting your tax withheld now can also help with your cash flow and ensure you receive a bigger paycheck and smaller refund at tax time.

Persons: Stacy Francis, —, Jordan Awoye, Oscar Wong, Corbin Blackwell, Tim Maurer, Blackwell Organizations: Francis Financial, Awoye, CNBC, IRS Locations: New York, Bay Shore , New York, Atlanta, Charlotte

☆ Hybrid work is the new normal, as companies rethink work habits and office and retail space
▼ + stars: | 2023-07-13 | by ( Stephanie Dhue | Stephanie-Dhue | ) www.cnbc.com time to read: +2 min

Virojt Changyencham | Moment | Getty ImagesOffice demand declinesThat flexibility is helping drive down demand for office space. By 2030, McKinsey predicts, demand for office space will be as much as 20% lower than it was in 2019, depending on the city. While remote and hybrid work is the big reason, the trend toward more desks in less space and shifts to automation were also factored into its analysis. Lower office space demand has companies rethinking how to make their real estate jibe with new work habits. Working in teams and increasing productivity are the top reasons office workers with flexibility give for being on-site.

Persons: Virojt, Jordan Goldstein, Goldstein Organizations: McKinsey, York's Financial, Financial Locations: San Francisco, Houston, Manhattan, New York, Lower

☆ Companies start to recognize the importance of 'out of office' time to reduce employee burnout
▼ + stars: | 2023-07-05 | by ( Stephanie Dhue | Stephanie-Dhue | ) www.cnbc.com time to read: +2 min

watch nowThe benefits of time away from workMore employers are recognizing the need to reduce employee burnout, as employees report overall better mental health, increased job satisfaction, and being more engaged and productive upon returning from vacation. Yet it's still a challenge for many workers to disengage from the office. "In order to maintain your overall health, you need to take time for yourself time to replenish, time to recharge yourself and time to disconnect," said Michelle Bonam, Ceridian's vice president of organizational effectiveness. Why some professionals don't take time offFear of missing out is one reason why many professionals stay plugged in or don't take vacation time. In order to maintain your overall health, you need to take time for yourself.

Persons: it's, Michelle Bonam Organizations: Istock, Getty Locations: U.S, Ceridian

So they helped to create a cohousing development for LGBTQ+ seniors and allies, making it easier to offer support to one another. "These things are going to happen, but we also find that we are really good at taking care of each other." How to avoid 'the closet' while ensuring good careOlder adults in the LGBTQ+ community are twice as likely to be single and four times less likely to have children as their non-LGBTQ+ peers, according to SAGE, a national advocacy organization for LGBTQ+ elders. The Village Hearth is a 55-plus cohousing community for LGBTQ+ adults, friends and allies located in Durham, North Carolina. When you're in the hospital or a care facility, "if you're heterosexual, the spouse automatically gets visiting rights," Lee said.

Persons: Margaret Roesch, Pat McAulay, Roesch, McAulay, Stephanie Lee, Kyle Young, Lee, That's, they're, Young, Allison O'Shea, O'Shea Organizations: Finance, Nonprofit, SAGE, East Rock Financial, CNBC Experts, Morgan Stanley Wealth Management, Morgan Stanley Wealth, Local Locations: Durham , North Carolina, Florida, San Francisco, New York, Durham, Tennessee

Andy Tenke, CNBCCompanies across the U.S. are dealing with both a shortage of workers and a shortage of child care. The personal lending company has workers in 44 states in corporate offices, operations centers and branches. Tara McCurrie, CNBCThe company worked to address the different needs of its workforce by adding new flexibility and care benefits. Branch employees were in the office, facing customers, throughout the pandemic, while many central operations and corporate office workers had hybrid options. "We want to meet our employees where they are; we want to give them the access to the care that they need," McHale said.

The Marcy Lab School in Brooklyn, New York, however, has created an alternative path — a one-year program to help students get lucrative tech jobs that typically go to college graduates with a four-year degree. Partnering with the business communityThe Marcy Lab School co-founders Reuben Ogbanna and Bhattacharjee-Marcantonio share ideas at the whiteboard. Tara McCurrie, CNBCThe co-founders worked with the local community to design a program to prepare students for upwardly mobile careers. "We think The Marcy Lab School can scale to thousands of students here in New York City, and potentially have impacts across the country," said Ogbonna. Overcoming degree requirementsDevonte Duncan was part of the orginal class of nine students at the Marcy Lab School in Brooklyn, New York.

"I don't want to be having this same conversation about access to capital in 20 years," Johnson said. "I don't want my children, when they get ready to start a business, to be trying to figure out access to capital." Jill Johnson CEO of the Institute for Entrepreneurial LeadershipIn 2020, Johnson designed a program called the "Making of Black Angels" to educate prospective angel investors and connect them with Black business owners to help startups obtain critical funding. "Yet, we have certain groups that have been historically excluded from this access — and we need to change that. Becoming an angel investorTo make early-stage investments as an angel investor, you must be an "accredited investor," as outlined by the U.S. Securities and Exchange Commission.

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