Category Archives: Financial Independence

NEW YORK--(BUSINESS WIRE)--Trading.TV, the worlds first social livestream and immersive chat platform for traders and financial content creators, announced today the launch of its platform, closed beta and a $6.1M seed funding round led by L Catterton Growth, Activant, Navy Capital and Tribe Capital. As part of the launch, Trading.TV also announced a $1M Creator Fund to support the first group of creators joining the platform.

Trading.TV is the only dedicated platform for creators to develop and share financial content on everything from stocks to crypto to NFTs and rare sneakers. Eventually, Trading.TV will also serve as a commission-free trading platform where community members can turn information into action.

There has never been such a large influx of new asset classes and new traders to the markets - and with that comes a massive need for both entertaining and educational financial content. Trading.TV will remove the friction between idea generation and investment execution for millions of fans, followers and audiences around the world.

By building a platform that is digitally native, values diversity of interests and assets, and puts inclusion at its center, we hope to unlock financial wellbeing for millions of people that havent previously felt welcome in the financial conversation, said Trading.TV Founder and CEO Tobias Heaslip. We want to empower and excite younger generations to start thinking about their financial futures sooner -- to do smart things with their investments earlier on so they can live life on their own terms.

Trading.TV is the first and only fintech platform purpose built for the creator economy. It will be a destination for financial influencers to create entertaining content and build communities around their interests and users to buy and sell the underlying assets that creators are talking about.

Trading.TV is currently hand picking its first 50 creators to join the closed beta, unlocking new ways for them to monetize their content and offering immediate support through the $1M Creator Fund. In addition to the fund, Trading.TV will use its seed funding to continue building the team and investing in platform growth ahead of public availability in the fall.

Creators interested in joining Trading.TVs closed beta can apply here. People interested in joining the Trading.TV community and getting early access to creator content can sign up for the waitlist here.

About Trading.TV

Trading.TV is the world's first social livestream platform purpose-built for the next generation of traders and financial content creators. In an era where everything is an asset and everyone is a trader, Trading.TV offers the content, community and collaboration necessary to become an expert. We're dedicated to a future where anyone can Stream, Chat and Trade their way to financial independence.

For more information, visit https://www.trading.tv/

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Trading.TV Launches Out of Stealth with $6.1 Million in Seed Funding to Support Financial Creators - Business Wire

Supreme Court Justice Sonia Sotomayor and Roberto Goizueta, an immigrant from Cuba who became the CEO of the Coca-Cola Company, rose from humble beginnings to wealth. A new study indicates more and more of their fellow Latinos are becoming affluent.

A report released Wednesday by Merrill Lynch Research mentions them in its profile of affluent Latinos, a segment growing faster than in the general population of the United States.

According to the report, the segment of affluent people, or those with incomes of $125,000 or higher, has grown 81 percent among Hispanics during the last five years compared to 53 percent in the general population.

The complexion of wealth in our country continues to demonstrate that it's changing, and changing at a rapid pace, with Latinos playing a significant role in diversifying the U.S. market, said Jen Auerbach Rodriguez, head of Strategic Growth Markets at Merrill Lynch.

Auerbach said that studies about the Hispanic population have shown its increasing market participation and influence, with an overall purchasing power of $1.5 trillion and productivity that would make them the eighth largest GDP in the world if they were an independent country.

But while the popular narrative can often spend a lot of time at the bookends of the wealth spectrum, this (study) is really meant to populate the narrative desert that exists in between, Auerbach said. She added that the study is part of a larger project of five years of studying diverse communities, including Black and LGBT people, using interviews and immersive techniques to add nuance and knowledge about frequently stereotyped communities and market perceptions.

Auerbach said that the most profound three topics mentioned by affluent Latinos in the study as the biggest motivators in their life are family, followed by hard work and education, and then giving back.

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Affluent Hispanics are three times more likely than the general population to say that they are driven by a desire to make their family proud, the report said. More than two-thirds of them identify with the statement that Family is the most important aspect of my life.

They are also four times more likely to list planning to financially assist or support their aging parents at the top of their financial goals.

"For many Hispanics, financial success is defined by the ability to support ones parents as they age, and this research further emphasizes the importance placed upon (the) care of our older generation, said Rick Jaramillo, Bank of America Houston Market Executive.

The greater Houston area is home to the nation's fourth-largest Hispanic-Latino population, and this report reveals that the national growth of affluent households within this population has grown considerably, he said.

Auerbach said that one of her favorite quotes cited in the report from interviewed people is, My inheritance was hard work. She said it emphasizes the fact that many affluent Latinos are immigrants or children of immigrants who came with nothing, with a primary goal to provide for their families, settle and leave a legacy for continuity.

The report said that affluent Latinos or their immediate family members are more likely to have come from outside the U.S. Almost 30 percent said they are originally from another country while 38 percent said the same about at least one of their parents.

Although the report doesnt profile this population by region, the overall trend of wealth growth is reflected in Houston, according to Laura Murillo, the CEO of the Greater Houston Hispanic Chamber of Commerce.

We are experiencing and seeing more and more wealth, even among the younger, where they are purchasing properties and real estate, and they're learning from people who have been or have become successful in their community, Murillo said.

Murillo herself is an example in the city of a prominent affluent Latina who was raised from humble beginnings to become a successful Latina leader who has been named one of the Women who Run Houston and among the Most Powerful & Influential Women in Texas, among other distinctions.

The youngest of nine children of Mexican immigrants supported by a father who was a tile mason, Murillo began working at 10 at a Mexican restaurant that he opened in Houston. She went on to study, earned a doctorate and has led the chamber to become the largest organization of its kind in a U.S. city during her 15 years as president.

Murillo said that people like her are only the tip of the iceberg of wealth creation among Hispanics and that women, in particular, are increasingly joining the rank of small business creation in Houston.

Among Hispanic affluent women, the study found that they are 30 percent more likely to list the desire to achieve financial independence as their top financial motivator compared to their men peers.

Still, with all the advancement and wealth grow among Latinos, We have a lot of work to do, Murillo said. We know there are many Latinos who are still lacking opportunities and education and training.

The Houston leader said she hopes that the wealthy Latinos will continue giving back and put more resources and influence in getting elected to offices, so they help change public policy to help those behind them.

olivia.tallet@chron.com

Twitter.com/oliviaptallet

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Why the affluent Latino population is growing strikingly faster than other wealthy groups - Houston Chronicle

For decades, we have lived under the shared view that independent agencies should be insulated from the raw partisan politics that frustrate our ability to manage government competently. That illusion was finally revealed when President BidenJoe BidenThe Supreme Court and blind partisanship ended the illusion of independent agencies Missed debt ceiling deadline kicks off high-stakes fight Senate infrastructure talks spill over into rare Sunday session MORE firedSocial Security Administration Commissioner Andrew Saul earlier this month.

Unlike most of the 1,200 presidentially appointed senate confirmed (PAS) positions who can be fired for any reason, the commissioner of Social Security thanks to the 1994 Social Security Independence and Program Improvements Act was appointed for a six-year term and could only be fired for cause. The six-year term was necessary to ensure that the SSA would have the long-term consistent management necessary to lead an agency without political pressure. SSA touches the lives of millions of Americans as the largest government program with expenditures of over $1 trillion annually covering 180 million workers and paying benefits to almost 70 million Americans including retirees, widows, disabled workers, survivors, and Supplemental Security Income recipients.

The independent status of many agencies was placed into question when the Supreme Court ruled in 2020 (Seila Law v. CFPB) that the president has the authority to fire the head of the Consumer Financial Protection Bureau. The Court took issue that a member of the Executive branch of government could hold so much power without the ability of the president to fire at will. The Courts concern was limited to those agencies with a single head of power, not a commission structure, such as the Securities and Exchange Commission. The Chief Justice wrote, an unlucky President might be elected on a consumer protection platform and find herself saddled with a holdover director from a competing political party who is dead set against that agenda.

The independent status of agencies was further eroded with the courts 2021 decision in Collins v. Yellen, when it ruled that the head of the Federal Housing Finance Agency (where one of us was its first director) could be fired by the president for any reason, and then one was fired immediately.

The final nail in the agency independence coffin was hammered on July 9, when Biden fired Saul in what Saul described as echoing Nixons Friday Night Massacre. Any illusion remaining that independent agencies were insulated from political interference ended that night.

Many will agree with the Supreme Courts decision that agency heads should serve at the pleasure of the president. One would hope that the test for dismissal would model Chief Justice Roberts theme of major policy differences rather than removing a competent manager who was making long overdue reforms in systems, the disability program and communications to better serve the American people, at the behest of labor unions.

One of the reasons reforms were overdue was that there were six years of acting commissioners prior to Sauls two years.

Our immediate concern is that Bidens firing of Saul will create ripple effects that will hamper the ability of SSA to be managed effectively and with bipartisan oversight. There is now a new, unconfirmed Biden political appointee serving as the acting commissioner, with limited management experience. It is questionable that Senate Republicans will vote to confirm any Biden appointee for the Social Security Commissioner position after the Saul Massacre.

The politicization of the federal government has been growing worse for many years. However, Sauls summary dismissal makes the politicization surrounding Social Security, and the programs the agency administers, even worse. As of today, the Social Security Trustees Report is over three months late. The two public trustee positions, Republican and Democrat, which provide much needed public oversight, have been vacant for the last six years. The three PAS positions on the seven-member Social Security Advisory Board are also vacant. No nominees are pending for any of these important public oversight positions.

Social Security faces immense challenges that will require effective leadership, management and bipartisan oversight given its massive pending deficits. Bidens decision to fire Saul further increases the challenges and barriers the agency faces in managing the Social Security programs that impact the lives of hundreds of millions of Americans. Congress should immediately hold hearings on the leadership and governance of the Social Security Administration and its programs, and look to create a new, politically stable management and oversight structure.

Jason J. Fichtner and James B. Lockhart III, both served in the position of principal deputy commissioner of Social Security. Lockhart also served as director of FHFA. Fichtner was the last presidential nominee for the Social Security Advisory Board, while Lockhart was the last nominee for Public Trustee of Social Security and Medicare. Both nominations timed out without a Senate vote at the end of 2020.

Fichtner is vice president and chief economist at the Bipartisan Policy Center. Lockhart is a senior fellow at BPC and co-chairs BPCs Commission on Retirement Security and Personal Savings.

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The Supreme Court and blind partisanship ended the illusion of independent agencies | TheHill - The Hill

This is an exciting time to be in the field of technology as our economy undergoes a digital transformation. Venture capital funding in India is at an all-time high this year, with startups raising over $12.1 billion in the first six months alone. Despite the challenges of the second wave of covid, we saw as many as 16 startups funded to unicorn status this year, bringing Indias current total to 52 tech unicorns since 2011.

It is also a good time to ask this question: How many of these unicorn startups are led by a woman chief executive officer (CEO)?

The answer? Only one. Nykaa, led by its founder-CEO Falguni Nayar.

We are in 2021, but gender inclusiveness, both globally and domestically, still needs much work. While India holds the distinction of hosting the worlds third-largest startup ecosystem, only five of the 52 current tech unicorns have female co-founders. The countrys startup landscape does not have adequate womens representation and we have a long way to go before we reach a level playing field.

Consider the funding bias. It is now well established that women entrepreneurs struggle to raise funds for their ventures. According to a study by Kauffman Fellows in the US, the funds raised in 2018 alone by all-male founding teams exceeded the amount raised by female founding teams over the past 19 years combined. Nothing much has changed to close this gap.

When it comes to funding, women face extra scrutiny, often beyond what their business plans would justify. There is an unconscious bias that female founders are typically subjected to, especially if they are the ventures prime mover or CEO. Between January 2018 and June 2020, female CEO-led startups received less than 1.5% of the total money raised by startups in India. Social and cultural biases also make it harder for women to embrace the rigours of entrepreneurship.

While we can debate and create policies for conscious discrimination and biases, our real challenge is to remove the embedded, unconscious biases that we tend to exercise without a thought. These play out in significant ways when it comes to funding. As an outcome, women need to work harder to make investors believe in their vision and goals. For the few who manage to get early-stage funding, the challenge is not over. Growth funding, with its dependency on capital networks and access, apart from performance, is often a valley of death for female founders.

Then, theres a problem of lack of support and role models. Entrepreneurship is lonely at its best, but for female founders, it is much worse. Our ecosystem tends to exclude women entrepreneurs from networks of learning, mentorship and access to growth enablers. Inherently, women are pressured into guilt about prioritizing their careers over personal lives. They feel anxious about failing, are ridden with self-doubt, and often find themselves pushing harder to meet their goals. Moreover, most women must succeed at work while being responsible for high standards of family care-giving.

A part-reason for that exclusion is the absence of women leadership networks and adequate role models who have paved the way for others. Women entrepreneurs have fewer success stories to draw inspiration from, fewer networks to tap, and usually lack a positive support system that can nurture and encourage them.

It is time to do something. Even small steps and small victories can create strong ripple effects.

Spark the conversation: Change starts small. It starts by questioning our everyday unconscious biases and creating a dialogue. Lets ask uncomfortable questions. To make a difference, we need to create awareness, fuel this conversation and start a fire, so to speak.

Create inclusive spaces: We need to create spaces for women where we learn from one another, explore opportunities and tap pools of potential. We need a vibrant community that will support, encourage and champion women entrepreneurs.

Lead by example: Women mentors must play their role well for a sustainable and inclusive future for more women. The pathmakers who have survived the challenges need to set standards for leadership that will make it easier for the next generation of businesswomen to follow.

The emergence of women entrepreneurs might have been slow, but the phenomenon is on a steady rise and we can do more to accelerate it. The pandemic also witnessed a surge of women entrepreneurs in rural India. Equipped with innovative solutions and a drive to be financially independent, they adopted digital solutions.

Encouraging and supporting women entrepreneurs will do the country a better turn than is often assumed. It will have a significant impact on the Indian economy and our society as a whole. Gender inclusivity is about financial independence, and we must enable women not just to earn money, but also generate jobs for others.

In general, too, we need more women at the top for India to benefit from diverse insights and ideas. Our women entrepreneurs today are confident, digitally savvy and determined to succeed. They can be drivers of Indias journey of digital transformation towards a $5 trillion economy.

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How women can power the next wave of tech startups - Mint

Why do young adults already find themselves stressed about reaching financial independence?

When you are in your 20s, retirement is a lifetime away. So why do young adults already find themselves stressed about reaching financial independence?

A poll from Credit Ninja revealed some very interesting insights, including certain states where retirement worry starts as early as 19.

In the poll of 3,000 people, the main result was that the average American began to stress about their retirement at 25. This varies by state, with South Carolinians and South Dakotans starting by 19 and Arkansans staying calm until their early 40s.

The most unfortunate result of the poll was how intensely the pandemic has affected retirement outlooks. One in three polled have had to push back their retirement timeline since the start of the pandemic, and more than half expect a need to work part-time in retirement to get by.

An interesting addition to this poll was the request to late Gen Xers and Baby Boomers to give financial advice to the younger generations.

The advice they gave aligned perfectly with what a financial advisor would encourage young people to do: start a retirement fund in your 20s, build good credit, start an emergency fund, and educate yourself.

Since pensions are mostly a thing of the past and Social Security is in jeopardy, it is more critical than ever for adults early in their careers to get set on a path to success before its too late.

If youre in your 20s or even 30s, the first thing to do is to get started with some basic financial literacy education and to build true financial plans sooner rather than later. If you want to reach financial independence without the need to panic along the way, the time is now. You have started to think about the future early enough that time is on your side. Retirement goals are reachable with proper planning, so dont wait to take inventory and make sure youre on track.

So listen to the advice of the older generations, and take these important steps if you havent yet:

If youre employed at a company that offers a 401(k) program, start contributing now. If your company also offers to match your contribution, make sure youre putting enough away each paycheck to reach that full match. This is free money and will help you reach your goals faster.

For 401(k) programs with matches, make sure you understand your vesting schedule. While some companies offer an immediate vestmeaning as soon as their contribution hits your account, its yoursmany will stagger their vesting schedule over a few years. For example, if you have a five-year vesting scheduling, the employer contributions in your 401(k) wont be truly yours for five years. A percentage of this contribution will be granted to you each year until you reach that five-year mark. Leaving a job before your matched contributions are fully vested can result in a financial loss of potentially thousands of dollars.

If you are not part of a company that offers a 401(k), dont worry. There are options to help you get started on your retirement savings as well. Look into options like Traditional IRAs and Roth IRAs that can be opened independently at many financial institutions.

Understanding credit and how it works is something that should be taught in schools but often isnt. Having a good credit score is vital for financial success, as it grants you lower interest rates on loans, better terms on mortgages and leases and gives you the ability to borrow funds when you need them most.

If you have not yet started building your credit, a good first step is to open a starter credit card and use it like a debit card. Only spend what you have and pay it off in full each month.

For those looking to improve their credit, set all your scheduled paymentsrent, car payments, utilities, etc.to automatic payments so that you eliminate the risk of a missed or late payment.

Weve all been told to expect the unexpected. But as an adult, the unexpected usually comes with a large price tag.

Having an emergency fund, which is generally enough money to cover three to six months of expenses saved in an easily accessible bank account, means you can handle a situation like a period of unemployment or a broken dishwasher without going into credit card debt.

If you dont have one already, open a savings account and try to put away 15% of your income. Youll see your savings start to grow, and as you make more money, you can continue saving at the same rate for increased growth.

Financial literacy education is crucial to financial success. Seek out resources from reputable sources that teach about the subjects you may not understand. For help, Ive published articles on books and podcasts that I recommend everyone look into.

The only way to alleviate the panic surrounding retirement is to prepare for it. Start early and take it seriously. Youll thank yourself in 40 years when youre living your dream retirement.

And remember, its never too late to get help with a financial plan. Find an advisor that can work with you throughout your career and offer personalized advice to help you reach your goals.

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Retirement Panic Is Starting Early: Why Adults In Their 20s Are Already Worried About Retirement - Forbes

More than 1,000 victims of modern slavery and human trafficking have been helped to gain financial independence with access to a bank account, according to HSBC UK.

he banks survivor bank service was launched in June 2019 andprovides access to a basic bank account, without the need for photo ID or proof of address.

Having a bank account makes it easier to claim benefits, receive wages and pay rent. But many survivors lack the documents they need to open an account, such as a passport.

People can open an account when supported by a caseworker from an organisation which can verify their identity, with the Salvation Army and other charities supporting the scheme.

HSBC UK said that among the people it has supported, a woman, originally from Albania, was studying at university before she became a victim of sexual exploitation. She is now receiving specialist support in a safe house.

She said: A bank account feels personal, something that is mine to keep where I can save money and use the card to spend on things I like. It is something I know I will need and will be very helpful in my future so I would like to thank HSBC UK for making this possible.

Maxine Pritchard, head of financial inclusion and vulnerability at HSBC UK said: It is a tragedy that people who have escaped their traffickers can face such a struggle to gain financial independence. Even that first step of walking into a bank can be very challenging not knowing who you can trust, who is genuinely going to help you and that fear of being quizzed over documentation.

We set up survivor bank to help break down those barriers and Im pleased that we can assist charities in providing the support that survivors desperately need.

Minister for Safeguarding Victoria Atkins said: HSBC UKs survivor bank initiative provides victims with a vital tool to regain their financial independence by setting up their own bank accounts.

It is fantastic to hear that over a thousand people have now been helped by this invaluable scheme. This is a great example of how businesses can help protect the most vulnerable as part of their business model.

Ann-Marie Douglas, the Salvation Armys contract director for the modern slavery victim care contract, said: The survivor bank is a financial innovation at the heart of the Salvation Armys mission.

She added: We have been delighted to work with HSBC UK to improve access to banking for people who have been marginalised and denied markers or status that most people would take for granted. It opens up new possibilities and gives people choices on how and where they spend their money.

For a survivor of modern slavery, opening a bank account delivers more than just practical assistance to gain independence and integrate into society, it is also a symbol of recovery and hope for the future.

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More than 1000 modern slavery victims helped to access bank accounts - Independent.ie

Ever since Prince Harry and Meghan Markle, the Duke and Duchess of Sussex, announced via Instagram that they were leaving the royal family and seeking to establish their financial independence, the couple swiftly began building a media empire.

They struck a roughly $100 million production deal with Netflix, with plans to make documentaries, feature films, scripted shows and childrens programming. They signed a podcast deal with Spotify and joined the Harry Walker Agency to handle speaking engagements.

Now, the memoirs are coming. On Monday, Penguin Random House announced that it has acquired a book by Prince Harry, which it described in a news release as an intimate and heartfelt memoir that will offer the definitive account of the experiences, adventures, losses, and life lessons that have helped shape him, including his childhood and coming-of-age as a royal, his military service, his marriage to Meghan and fatherhood.

The book, which is as yet untitled and is scheduled to be released in late 2022, will be published by Random House in the United States, Random House Canada in Canada and Transworld, an imprint of Penguin Random House UK, in the United Kingdom. Penguin Random House did not disclose financial terms but noted that Prince Harry will be donating his profits to charity.

Im writing this not as the prince I was born but as the man I have become, he said in a statement released by the publisher. Ive worn many hats over the years, both literally and figuratively, and my hope is that in telling my story the highs and lows, the mistakes, the lessons learned I can help show that no matter where we come from, we have more in common than we think.

A memoir by Prince Harry seemed all but inevitable after the couple gave an explosive interview in March to Oprah Winfrey, drawing more than 17 million viewers and spawning endless media coverage. (It is unclear when Meghans is coming, but a memoir by the duchess seems likely.)

Theres already a small library of books dedicated to the Duke and Duchess, including Katie Nicholls Harry: Life, Loss, and Love, Leslie Carrolls American Princess and Andrew Mortons Meghan: A Hollywood Princess, as well as multiple books about Meghans rescue dog, a beagle named Guy. In June, Random House Childrens Books released a picture book by Meghan, titled The Bench, about the bond between Prince Harry and their son, Archie.

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Prince Harry to Write a Memoir - The New York Times

Hollywood loves a hypergamous heroine. Take, for example, Vivian Ward, Carrie Bradshaw, and, most recently, Daphne Bridgerton. But it's not just adult farescores of Disney movies sold the idea to a whole generation of young women that their happy endings were contingent upon wooing and wedding not just any man, but a prince.

But even as society has become more egalitarian, with women rejecting the antiquated ideals of previous generations, outnumbering their male counterparts on college campuses and in convocation halls, and leaning into everything from side hustles to C-suites, many single ladies still desire a hypergamous pairing.

By the strictest definition, hypergamy is the act or practice of courting or marrying a person of a higher socioeconomic or social class than oneself. Translation: Dating or marrying up.

Hypergamy as a means of upward social mobility for women is nothing new. In fact, the practice has been around for as long as women and men have engaged each other in the social intertwinings that have evolved into modern-day dating and marriage. "The phenomenon of women seeking partners of higher financial means and/or status, to achieve primarily economic security but also upward social mobility, has been around for centuries," says Dr. Natasha Sharma, founder of The 8-Hour Therapist program and author of The Kindness Journal. "For the better part of human history, women simply didnt have the option, access, or legal rights in many (if not most) places in the world to have agency over their own welfare and to create financial independence. So, they relied on a 'good marriage' to secure their (and their childrens) overall prosperity and prospects."

Despite the advances women have made over the last 50 to 100 years, Sharma continues, "There is still an element of this phenomenonwhether it is conscious or subconsciousthat exists for some people today."

While the practice is age-old, hypergamy has become something of a buzzy social trend with everyone from self-proclaimed YouTube gurus to Instagram influencers extolling its advantages. In a May 2020 YouTube live stream titled Men Should Pay for Everything, Women Should be Hypergamous racking up almost 400,000 views, self-proclaimed lifestyle coach and dating guru Kevin Samuels candidly asked, "Ladies, do you want to be required to have to work in order to pay significant bills?" A steady stream of "nos" flooded in.

Unabashedly hypergamous women tend to get a bad rap and are often seen as exploitative and unambitious. They are labeled "gold diggers" and perceived as materialistic and shallow. But the truth is that women across all social strata seek out hypergamy to some degree.

In fact, even as women earn more university degrees than men, they are still 93-percent more likely to marry men with higher incomes, according to a 2016 study conducted by the University of British Columbia. And though higher incomes don't necessarily equate to a higher social class, financial security is one of the main drivers of female hypergamy.

This may be an evolutionary call back to the prehistoric womans need for a capable provider. "There are inherited tendencies [for some women] to be attracted to men who have more means, which goes back to our roots as hunters and gatherers. Similarly, there are inherited tendencies for some men to feel attracted to women who appear more fertile (e.g. wide hips, long hair)," notes Sharma. "That said, we are the only species who has the capacity to be consciously aware of those tendencies, and we have moved beyond them as primary drivers for mating in today's more modern world."

Money issues often cause arguments in relationships, but here are tips to avoid them:

For many women, "one of the most important aspects to thrive in society is to feel secure and protected," says Dr. Patrice N. Douglas, licensed therapist and founder of the Pop Culture Therapy Podcast. "While society paints [hypergamy] as being money-driven... being cared for is what allows women to tap the most into their nurturing side." Douglas also notes that the societal pressure to "carry it all," particularly prevalent for Black women, can lead to its own set of problems, such as negative impacts on mental health.

Still, hypergamy isn't without its fair share of critics. Many women may view dating and/or marrying up as a form of self-prioritization, but others see it as one of self-disempowerment. Sharma is of the latter: "For the most part in Canada [and the United States]with the exception of only women who have tried to create independence and failed to the detriment of their own survivalthe deliberate act of 'dating or marrying up' by an otherwise capable and privileged female is disempoweringnot just to her as an individual, but to the whole womens movement toward equality and self-efficacy." Noting that pay inequity, for example, is a "systemic challenge," Sharma thinks hypergamy can also prevent society from making progress on issues affecting all women.

Even so, she acknowledges that a womans strategic pursuit of hypergamy is a very personal choice, and hers to make. But Sharma reiterates that there could be a cultural drawback as the "trickle-down effect of hypergamy on a large scale would send a distorted message to women about their own capacity for self-sufficiency." Sharma adds that a cultural push of hypergamy is particularly worrying "as couples today undertake more things like marriage contracts (prenuptial agreements) than previous generations, leaving the 'non-earning' partner vulnerable."

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But it's important to acknowledge its patriarchal roots, and how they continue to play into modern dating and marrying practices. While hypergamy is no longer a necessity, we still live in a patriarchal society that largely devalues womenquite literally. In the United States, for example, women are typically paid 82 cents for every dollar a man makes for the same job, and the pay gap is even larger for Black women, indigenous women, and other women of color, per the American Association of University Women.

Often, a woman's worth is instead tied to youth and perceived beauty. Why then should a woman not be able to barter that very valid currency on her own terms? After all, social and cultural evolution have not significantly altered the way men select partners. So why should women?

Nor is the practice of hypergamy restricted to heterosexual couples. Douglas says that "men can benefit from [hypergamy] by getting physical and emotional needs met without having to put stress on their partner to carry financial weight." She adds that some men, culturally, value being the breadwinner and provider for their partner.

Ultimately, it comes down to choice. Women have never had the freedom to exercise agency more than they do today. And as society trudges on, that reality is reflected in modern heroines who are not just setting tables, but building them. And while some might see that as a cue for women to move further away from dependence on men, there are still a large number of women choosing to continue to play by the oldest rules of exchange: Use what youve got to get what you want.

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What Is Hypergamy? The Age-Old Relationship Practice, Explained - Women's Health

New research finds that Millennials and Generation X are more worried about retirement as compared to older generations.

"Generation X and Millennials are the first two generations that largely will enter retirement without a pension, so it's not surprising that their anxiety is higher," said Dan Doonan, NIRS executive director and report co-author.

"Millennials and Gen X have lived through multiple economic downturns and decades of stagnant wages. Couple that with longer life spans and rising health and long-term care costs, and it's easy to understand their pessimism. Going forward, it will be critical for policymakers to find ways to strengthen our retirement infrastructure so these generations can be self-sufficient in their older years," Doonan said.

The research finds strong support for pensions and Social Security, both of which provide stable and predictable income that lasts through retirement. Most Americans across generational lines see the value of increasing contributions to Social Security, and the highest support for expanding Social Security is among Millennials (61 percent).

Similarly, pensions are viewed favorably by all generations, with Millennials expressing the highest favorability (81 percent). There is broad agreement that all U.S. workers should have access to a pension to ensure financial independence in retirement.

This researchalso finds:

Conducted by Greenwald Research, information for this study was collected from interviews conducted between December 410, 2020, of 1,203 individuals aged 25 and older. The final data were weighted by age, gender, and income to reflect the demographics of Americans aged 25 and older. Tabulations in some of the charts may not add up to 100 due to rounding.

For the purposes of this research, Millennials include those ages 25 to 43, Generation X includes those ages 44 to 55, Baby Boomers include those ages 56 to 74, and the Silent generation includes those age 75 or older.

The National Institute on Retirement Securityis a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers and the economy as a whole. Located in Washington, D.C., NIRS membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at http://www.nirsonline.org. Follow NIRS on Twitter @NIRSonline.

SOURCE National Institute on Retirement Security

http://www.nirsonline.org

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New Research Finds Millennials and Gen X Increasingly Concerned About Retirement in Wake of Pandemic - PRNewswire

Securities and Exchange Commission Chairman Gary Gensler recently said that he wants to make sure public company audits are informative, accurate and independent. The audit profession shares this commitment and stands ready to work with the SEC and Public Company Accounting Oversight Board on measures that will continue to promote high standards of audit quality in the United States.

Public company auditors serve as gatekeepers, building investors confidence on both Wall Street and Main Street that financial information disclosed by public companies is reliable. This trust-building function is in the public interest, and it is a big part of the audit professions mission worldwide.

Two decades after Congress passed the landmark Sarbanes-Oxley Act, the corporate disclosure system is dependable and audit quality has never been higher. Among other things, SOX established that the independent audit committee is responsible for the hiring, firing and oversight of the external auditor including the auditors fees and independence. SOX also created an independent regulator for the public company audit profession, the PCAOB.

As just one proxy of the current state of disclosure and audit quality in the United States, financial restatements have trended down significantly. The severity of restatements has also fallen the largest adjustment in 2019, $276 million, is the lowest in 18 years and significantly lower than the top adjustments in 2004 and 2005 of $6.3 billion and $5.2 billion, respectively. Other countries have recognized this and are currently pursuing measures to replicate the strength of the U.S. financial reporting system, including adopting SOX-like components in their own jurisdictions, such as an independent regulator for public company auditors.

But improvements to audit quality over the past 20 years go beyond regulatory changes. Audit firms heavy investments in their people and technology have taken the consistency and depth of audits to the next level. Technologies such as artificial intelligence and data analytics have the potential to transform and in some cases already are transforming the way audits are conducted, further improving audit quality and effectiveness. As just one example, technology enables auditors to move away from sampling of the past to, in many cases, review wider and deeper swaths of information while at the same time permitting auditors to focus on those truly subjective, judgmental areas of the audit that can present the highest risk of material misstatement. Its quantity and quality enabling.

Despite enhancements already made to audit quality, the audit profession will never rest on its laurels. Stating the obvious, trust is incredibly hard to earn and can be eroded in an instant. Auditors face strong market-driven incentives reputational risk, litigation risk and regulatory risk to perform high-quality audits.

Given the importance of auditors public interest role, from time to time there are policy proposals by regulators and other stakeholders designed to reinforce audit profession regulation in the United States. But any such policy proposals should be considered through a costbenefit analysis ensuring that they build on, rather than disrupt, existing strengths.

One area of auditor regulation that is sometimes a topic of discussion is auditor independence. Auditor independence is one of the cornerstones of the profession and undergirds audit quality. Public policy proposals that seek to implement more stringent requirements on auditor independence (e.g., a complete ban on all non-audit services provided by the audit firm, even those permitted under SOX; mandatory firm rotation) need to consider the tradeoff that can occur between auditors expertise and independence, which may reduce audit quality.

The Center for Audit Quality recently published Value of the Audit: A Brief History and the Path Forward, which delves into these issues and considerations in more detail. As noted in the paper, no conclusive evidence attests that a complete ban on non-audit services or a long audit firm tenure, among other proposals, in fact impairs auditor independence and thus audit quality. The paper instead notes that attempts to increase auditor independence often ignore the market-based incentives referenced above and the potential negative impact on necessary audit expertise, thus hindering the strides made in audit quality in the U.S.

Looking forward, SEC Chairman Genslers recent proposed rulemaking agenda highlights evolving stakeholder needs and public company disclosures, including disclosures on climate change and human capital (often considered part of environmental, social, and governance matters). As noted in our recent submission to the SEC in response to its request for input on climate disclosures, the CAQ convened a roundtable with investors, board members, auditors and public companies to discuss ESG reporting. When asked if climate-related and other ESG disclosures should be subject to public company auditor assurance, approximately 90% of the participants said yes although half of those stated, over time. The audit professions remit was expanded in SOX to cover assurance on internal control over financial reporting. The multidisciplinary expertise and understanding of a companys business and controls are just two reasons why the audit profession is thought of to enhance the reliability of ESG information, and the profession stands ready to engage with the SEC in these areas.

The audit profession has long been an independent guardian of the public interest. Reevaluating audit profession regulations to ensure they best serve their intended purpose is both important and necessary, but it is critical to audit quality that such evaluations strike the right balance that enables the audit profession to fulfill its responsibility to protect our capital markets.

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A shared commitment to informative, accurate and independent audits - Accounting Today