Lizzy Brahin is a student at Walter Payton College Prep, Class of 2021, and resides in Chicago's New Eastside neighborhood. She plans to study economics and statistics in college and pursue a career in finance. She began interning at On the Money during her sophomore year to share her passion for financial literacy. Outside of OTM, she is President of the Junior Economic Club of Chicago for the 2020-2021 school year and Executive Co-Chair of her school's Economics and Investment Team. In her free time, she enjoys playing piano and competitive chess.
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Become Financially Literate, Live Longer
ATTENTION: America is facing an emergency and YOU may be at risk. Most Americans are financially illiterate — both working and retired individuals are unable to “understand the topic of money.” In fact, 25% of non-retirees have no retirement savings whatsoever, making them unprepared for their financial future (Federal Reserve Bank 2018).
Do you think economics can save the world? Well, the economists at the University of Chicago seem to think so. On November 19th, the Becker Friedman Institute for Economics at the University of Chicago (BFI) hosted a policy round table where they discussed the implications of economics on a variety of social issues facing the world including poverty, education in third world countries, and gender inequality.
While FinTech began primarily as highly advanced data analysis tools for investment banking and other institutional investing, it has expanded. Now, over half (64%) of global consumers use FinTech including mobile wallets like Apple Wallet, crowdfunding sites such as GoFundMe, and online banking apps (EY).
18%.That’s the percentage of finance professionals who are women. Over the past 20 years, the number of women in the industry has steadily increased; however, there is still a significant gender gap that needs to be addressed.
People always say to invest your money, but what does that mean? When it comes to the stock market, you can make a portfolio of stocks with the hope of increasing its value. To create a balanced portfolio, there must be diversification: investment in a variety of stocks in order to get “as much exposure to the market,” reducing risk, says Cynthia Plouche, a former portfolio manager.