money

State-sponsored college savings plans, often called 529 plans, offer tax incentives to facilitate saving for postsecondary education. Low- and moderate-income families are less likely to have college savings than higher-income families. To address this inequity, a number of states have launched 529 savings match incentive programs. A recently released CSD report examines the program design of all state 529 savings match programs and offers recommendations aimed to facilitate access, increase program participation and perhaps reduce administrative costs.

“With President Obama now approaching six months in office, some have suggested that we have gone beyond race as a major dividing line in society. Yet nothing could be further from the truth,” says Mark R. Rank, Ph.D., professor of social work at Washington University in St. Louis. “One of the fundamental fault lines in American society continues to be the ongoing racial disparities in economic well-being.” Using 30 years of data, Rank examined three key factors in attaining economic well-being: owning a home and building equity; attaining affluence and avoiding poverty; and possessing enough assets to survive economic turmoil, or a “rainy day fund.” “The results indicate that within each area, the economic racial divide across the American life course is immense,” Rank says.

Eric ChouShow me the money.It’s been said by everyone from Cyndi Lauper to Alex Rodriguez that “money changes everything.” Now psychologists at Washington University in St. Louis have published a paper to support that claim. Studying delayed gratification and risk, the psychologists found that people are more likely to wait on collecting full payment for a non-consumable monetary reward than they are for any of three consumable rewards — beer, candy and soda.