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While the February employment report was largely as expected, with 151k jobs added to payrolls and the jobless rate rising to 4.1%, this doesn't capture all of the federal jobs recently cut. The survey period is around the 12th of the month. All of us at Bankrate will be watching forthcoming reports as well as other incoming data for information relative to the economy and personal finances. Here's more on what to make of the latest snapshot of the job market.

My latest analysis for Bankrate found that there’s been little progress in closing the gender gap among the 20 highest-earning college majors over the past decade. The analysis, which focused on the latest data on college graduates from the U.S. Census Bureau, found that women accounted for just 26 percent of graduates with the 20 highest-paying bachelor’s degrees in 2022 — up only 2 percentage points from 2012. That's despite women making up the majority of the college population and college-educated workforce. Only six of the 20 highest-paying bachelor’s degrees — pharmacy, health and medical preparatory programs, civil engineering, chemistry, chemical engineering and industrial and manufacturing engineering — have posted notable gains in female graduates between 2012 and 2022. Census data showed an uptick between 5 and 9 percentage points among those majors during that period. Research by the Census, as well as several studies by economists, finds that differing preferences in college majors between men and women can at least partly explain the gender pay gap. Women with bachelor's degrees earned 79 cents for every dollar a man earned with the same level of education. “Women systematically sort into lower potential wage majors and occupations. Further, college major selection accounts for one-quarter of the gender wage gap," said labor economist Carolyn Sloane. "That’s a huge effect." With Equal Pay Day around the corner, what's your take on the challenges women face when pursuing higher-paying fields and how do you think they influence the gender pay gap? Share your thoughts with me in the comments 👇 Read more: https://lnkd.in/efWSY32H

Years ago, I found myself in a tough spot with a credit card debt that spiraled into collections. As a new immigrant struggling in Los Angeles, I maxed out my second credit card and stopped paying the bills, leading to a ballooning debt over $1,000. It was a financially stressful time, but it taught me an invaluable lesson about handling collections. When my debt was sold to a collection agency, I finally decided to tackle the issue. I learned that collectors buy debt for pennies on the dollar and that they might agree to remove the collection from your credit report if you negotiate. I managed to save up and offered to pay half of what I owed if they removed the collection account from my credit report. To my surprise, the agency agreed without hesitation. This simple conversation cleared my debt and cleaned up my credit report. The key takeaway? Don’t be afraid to advocate for yourself and ask for what you need. While my experience isn’t universal, it highlights the importance of understanding your options and negotiating with collectors. Always ensure you get agreements in writing and verify the legitimacy of the collection agency. Navigating collections can be daunting, but facing the problem head-on and negotiating can sometimes lead to unexpected solutions. Read my full story on Bankrate: https://lnkd.in/gahKwvRy

There’s enticing text messages claiming that you’ve won a cash prize. There’s individuals posing as recruiters offering job interviews for a fee. There’s investment schemes, memecoins and even threats of holding a loved one hostage. These aren’t your grandparents’ financial scams. They’re modern day and cutting-edge — and advancing faster than Americans’ protective measures. Bankrate just released its newest survey, which revealed: - More than a third (34%) of Americans have experienced a financial fraud or scam in the past year, while 68% have experienced it at some point. - 3 in 10 (30%) have encountered more than one type. - Among those victims over the past year, 90% reported someone accessed or attempted to access their personal financial info, though 57% said these attempts were unsuccessful. - Another 23% paid for a phony service or sent funds to a scammer. - And almost 2 in 5 (37%) lost money, either because someone gained access to their personal or financial information or because they sent away funds. By age groups, baby boomers (39%) were the most targeted; yet, Gen Zers (53%) were the most likely to lose money. Meanwhile, 89% of Americans reported taking at least one step that could help prevent their chances of falling for fraud. Yet, 73% of those who took those preventive measures still experienced fraud at some point — suggesting that even with precautions, fraud can happen to anyone. All it takes is one time. Here's why it matters: As high interest rates and financial stress weigh on mental health, Americans might be more stressed — increasing their vulnerability at falling for a scam. The 'Great Wealth Transfer' from the baby boomer generation and regulatory shifts at the Consumer Financial Protection Bureau (CFPB) could also be emboldening scammers. What do you think about the rise in financial fraud? Have you been targeted or scammed? Share your thoughts in the comments, and read more reporting from my colleague Katie Kelton on how Americans can safeguard their finances from scammers. https://lnkd.in/gMZ_gSYD

After a month-long delay, President Donald Trump’s tariffs are now back in the spotlight. But while much of our reporting on tariffs has focused on how they might impact the consumer, little has focused on what Americans can actually do about it. It’s advice that’s pretty crucial: Americans aren't in the best financial shape to afford another surge in prices. Less than half of Americans (41%) say they would use savings to pay for an emergency expense of $1,000 or more, according to a new Bankrate survey. Almost half of credit cardholders (48%) carry debt from month to month, up from 39% in late 2021. I spoke with four experts for a recent story from Bankrate, and here's what they told me: 1. Times when the economy feels shaky or uncertain underscore the importance of saving more. David Zavarelli, CFP®, financial planner at LPL Financial, says he's been recommending clients save an extra 25 percent—the highest current tariff rate—for their purchases. Yet, any little extra bit you can afford to save will help, he says. 2. Andy Smith, CFP®, CIMA®, CFP, financial planner at Edelman Financial Engines, typically walks his clients through running their finances through a “stress test.” Some scenarios could include asking yourself: If you went through a spell of unemployment, what funds would you need to make ends meet? If financial markets faced a correction, how diversified is your portfolio? 3. Comparison shop and price check: In the aftermath of post-pandemic inflation, you might already be used to shopping around. Christine Benz, director of personal finance and retirement planning for MorningStar, advises keeping a close eye on your weekly grocery store bill. If you notice any jumps from week to week, you might want to consider identifying the culprit of the increase—and see if you can make any substitutions. 4. Don't panic buy: The notion of ‘saving money’ through purchasing is really a flawed concept in some cases, says Bankrate's Mark Hamrick. On the other hand, if you've already budgeted for your big-ticket purchase, there might not be much sense in waiting. 5. Remember: Uncertain moments like these are the very reason why personal finance experts say to keep a diversified portfolio and a long-term perspective. Once you've taken the right steps, you can afford to tune out the day-to-day volatility. It might even be better for your wallet. We’re not good at making money decisions when we’re stressed. What steps are you taking to prepare for tariffs, and would you add anything else to this list? Let me know in the comments, and read more on my latest piece. https://lnkd.in/eDcpt5Ai

What are the biggest obstacles preventing you from achieving homeownership, and how are you navigating these challenges in today’s housing market? Do you even think that it can be done? Bankrate's new survey highlights significant hurdles for aspiring homeowners, with 81% citing down payments and closing costs as major obstacles. Among them, 52% view these expenses as a “very significant” barrier. Notably, 20% of aspiring homeowners fear they will never save enough for a down payment. Generational trends reveal that Gen Xers (ages 45-60) are most affected, with 84% seeing these costs as significant obstacles, followed closely by 82% of millennials (ages 29-44) and 81% of Gen Zers (ages 18-28). Interestingly, both lower and higher earners feel the impact, with 83% of those earning under $50,000 and 78% of those making over $100,000 citing these costs as significant barriers. When asked how they funded their first home purchase, 44% of current homeowners saved specifically for it, while others relied on financial gifts, loans, or assistance programs. However, many aspiring buyers believe it will take a long time to save enough for a down payment; 76% say it will take at least a year, with some anticipating it will take a decade or more. As affordability challenges in the housing market loom large, it's crucial to remember that a place to live isn’t a luxury; it’s a necessity. Despite these challenges, there is a slight shift in sentiment: 40% of Americans feel now is a bad time to buy a home, down from 49% in September 2023. However, concerns about elevated mortgage rates and misconceptions about needing excellent credit continue to persist. As you navigate these hurdles, remember there’s no shame in renting. While waiting, there are benefits to building savings for a down payment and the inevitable other costs of homeownership. Check out the full survey: https://lnkd.in/eAGVnJkc

A new survey by Bankrate suggests that your childhood plays a big role in shaping your relationship with money later in life. According to the survey, Americans who grew up with strong financial education are over 1.5 times more likely to successfully negotiate pay raises in their careers—66% compared to just 39% of those without that early exposure. They were also significantly more likely to implement healthy financial habits as adults. For example, those who had a strong financial upbringing were significantly more likely to practice the following financial habits over the last year: 🕰️ 80% of them paid their bills on time 💰 57% saved money for the future and looked up their credit scores 🧾 56% tracked their spending 💸 49% set a budget 📈 29% invested in the stock market 📣 21% sought out financial advice from a professional Money is often a taboo topic in many households, but breaking that silence early on can have a positive effect on children’s financial habits as they become adults. As parents take on the role of teaching financial literacy, financial experts say there’s no one-size-fits-all approach. What matters most is creating an environment where open conversations about money are encouraged and that should be tailored to fit each family’s dynamic. Having access to financial knowledge from a young age can set people up for better financial outcomes later in life, but if you didn’t have exposure to financial literacy as a kid, you can still become financially literate as an adult. No matter your age, it’s never too late (or early) to start learning about money. Thanks Jen Hemphill and Jamie Bosse, CFP®, RFC, CCFC for sharing your expertise on financial literacy. Read more: https://lnkd.in/eBGgFsbc

If one is looking for encouragement about the economy, neither of today's key economic releases is particularly helpful. Inflation and elevated prices, including concern for the future, are front and center. Both underscore continued affordability challenges for consumers broadly and prospective homebuyers specifically. The University of Michigan's Consumer Sentiment Index dropped to 64.7 in February, down from 71.7 in January and significantly lower than 76.9 a year ago. This marks the second consecutive monthly decline, with fears of rising inflation and tariffs contributing to a sense of unease across all demographics according to the University of Michigan. Inflation expectations are trending upward. The one-year-ahead median inflation expectation surged from 3.3% in January to 4.3% in February, the highest since November 2023. Longer-term inflation expectations rose from 3.2 to 3.5%, the highest in years and the biggest monthly increase since May 2021 when COVID supply shocks were fueling inflation. This is not what the Federal Reserve wants to see as it gauges whether inflation expectations remain anchored. In the housing sector, existing home sales fell by 4.9% in January to an annual rate of 4.08 million, while year-over-year sales were up 2.0%. The increase in housing inventory to 1.18 million units provides some relief, but the median home price rose 4.8% to $396,900 amid a lack of supply. Since the beginning of the year, the Bankrate weekly average for the 30-year fixed-rate mortgage has remained at 7% or above. How, if at all, are you adapting your financial plans to address persistently high inflation and elevated prices? #breakingnews #economy #finances #money #housing

Meet Bankrate’s Insurance Analyst, Shannon Martin. Shannon is a licensed insurance agent and content writer who brings over 16 years of industry experience to her role at Bankrate. She helps readers navigate the complexities of auto, home, and umbrella policies, empowering them to make informed financial decisions. With a Bachelor of Science from the University of Louisiana at Lafayette, Shannon has previously worked with major insurers like Geico and AARP's The Hartford. She is dedicated to creating valuable resources and training future agents to enhance financial literacy in the insurance space. When she’s not writing about insurance, you can find her enjoying time with her kids, debating time travel paradoxes with her husband, or hiking the scenic trails around Niagara Falls. Read more of her latest work here: https://lnkd.in/dvcTXKuX Give her a follow on social media: https://lnkd.in/dBNKV-Ep

Do you have more in credit debt or emergency savings? According to a new Bankrate survey, one-third of Americans (33%) say they have more credit card debt than emergency savings, while just more than half of Americans (53%) say they have more emergency savings than credit card debt. Additionally, 35% of Americans are prioritizing both credit card debt and emergency savings at the same time. Bankrate Chief Financial Analyst Greg McBride, CFA notes that this “underscores how many households are in the position of having both high-cost credit card debt and being under-saved for emergencies. Dispatching costly credit card debt and boosting emergency savings are two big steps toward building a more stable financial foundation.” For more, please visit: https://lnkd.in/gr4Wi9HU