Accidents and emergencies can sometimes spell financial disaster for people earning modest incomes. A financial expert discusses how to make the most of a low salary in good times and bad. We also talk Italian cuisine with Chef Lidia Bastianich, and discuss recent news about appropriate fan sportsmanship at school athletic events.
Featured in this Show
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Saving For Unexpected Expense Can Be Harder For Low-Income Families
Financial planning and literacy has gained attention in recent years with people encouraged to save for retirement, for education expenses and for financial emergencies like the loss of a job.
But for those living on already low incomes, these unexpected expenses can lead to a financial crisis.
J. Michael Collins, associate professor of public affairs and consumer science at the University of Wisconsin-Madison, said that only half of Americans overall are saving for an emergency and they’re not saving enough.
“The truth is, even among middle-income people, there is a scarcity of these cushions … it’s even harder when you’re low income,” said Collins, who directs the Center for Financial Security.
Collins said the consequences are significant to low-income Americans and can lead to a snowball effect. He gave an example of not being able to pay for needed car repairs, then not having a car to get to work and losing a job or income. He said planning on a major event is the key and then finding a savings plan or account that works for the individual.
“Some financial institutions are aware that they need these basic accounts so they come up with an account of barely any fees or very low fees and they’re pretty accessible. The trouble is that they’re not well-known,” he said.
As an example, Collins mentioned the new myRA product that has become available from the U.S. Treasury Department. This savings account was designed to save for retirement, but he said there is no penalty for withdrawing early. He said a savings account like that could become liquid very quickly for an emergency expense.
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Appropriate Sportsmanship At School Sporting Events
Students at Wisconsin high school sporting events might have fewer chants in the coming months as the state has made national news over suggested guidelines on what is appropriate, and inappropriate to cheer about. We discuss the relationship between fan sportsmanship and athletic events.
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Paying For The Unexpected: Financial Planning For Low-Income People
For many low-income people, financial disaster can be one unexpected expense away. A guest talks about emergency savings — and policy initiatives that could help boost those savings.
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Food Friday: Mastering The Art Of Italian Cuisine With Lidia Bastianich
Lidia Bastianich will be in Milwaukee on January 16 for an evening of conversation and storytelling at the Pabst Theater. We get a preview of what her event will be like and discuss her latest cookbook, “Mastering the Art of Italian Cuisine: Everything You Need To Know to be a Great Italian Cook.”
Episode Credits
- Rob Ferrett Host
- Veronica Rueckert Host
- Rob Ferrett Producer
- Matt Oleson Producer
- Amanda Magnus Producer
- J. Michael Collins Guest
- Jim Langkamp Guest
- Lidia Bastianich Guest
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