(Family Features) Financial literacy is a critical skill that helps set the foundation for a stable and prosperous future. By understanding the basics of money management, teens can make informed decisions and avoid common financial pitfalls. According to the annual Teens and Personal Finance survey, a study of teens ages 13-18 conducted by Wakefield Research on behalf of Junior Achievement and MissionSquare Retirement’s Foundation, 45% of high schoolers took a personal finance or financial literacy class at school. This is up from 31% in 2024, indicating the nation’s youth are interested in building a strong financial foundation. What’s more, of the students who took their school’s curriculum, 64% found it extremely or very helpful, yet despite this increase, data reveals knowledge gaps remain. In fact, 42% of teens surveyed are terrified they won’t have enough money to cover their future needs and goals. “There is so much for teens to absorb when learning about finances and planning for their future, they often struggle to envision what lies ahead,” said Andre Robinson, president and CEO of MissionSquare Retirement. “Offering engaging programs that can boost financial knowledge and decision-making skills can only help to inspire young individuals to build a strong foundation of lifelong financial resilience.” Consider discussing these economic topics with your teen to help make a positive impact on students’ financial readiness and get them ready for financial decisions they’ll face in adulthood. Mastering Saving and Budgeting A good starting point for teens is to create a simple budget that tracks income and expenses. Because only 36% of teens surveyed save a part for their futures when they receive money, this can help them understand where money is going and identify areas they may be able to save for the future. This is particularly important considering 68% of teens agree that saving for retirement is something they can think about later in life. Understanding Credit Credit is a powerful tool but can also be a source of financial trouble if not managed properly. It’s essential to understand how financial behaviors, like paying bills on time and keeping credit card balances low, impact their credit scores. A higher FICO score, which 80% of teens surveyed had never heard of or did not fully understand, can lead to better interest rates and more favorable loan terms. Managing Common Debt Pitfalls According to the survey, 43% of teens believe an interest rate of 18% on debt is manageable and can be paid off over time. However, it’s important to understand the true cost of debt and how interest rates can accumulate over time and lead to significant financial strain. Establishing good debt management habits early, such as avoiding high-interest debt and paying off balances quickly, can lead to a healthier financial future. Investing and Planning Ahead According to the survey, teenagers’ most appealing investing strategies are savings accounts, side hustles and keeping cash at home, and only 13% invest a portion of their money. Encouraging teens to learn about different types of investments, such as stocks, bonds and mutual funds, can help them make informed decisions and begin to build long-term wealth. For more information on how to help teens improve their financial knowledge, visit ja.org.   Photo courtesy of Shutterstock   SOURCE: Junior Achievement  

(Family Features) For some, tax season represents the opportunity for a return and some much-needed relief for their bank accounts. Yet for others, it’s time to write a check to Uncle Sam. Ensure you’re up to date on all things 2025 taxes with this guidance from the Consumer Financial Protection Bureau and the IRS. Tax Deadlines If you’re unable to file before the traditional April 15 deadline, you do have a few options. Filing for an extension provides an extra six months until Oct. 15, however, if you believe you will owe taxes, you’re required to estimate how much you owe and pay that amount alongside your extension form. Filing Your Taxes Each person’s tax situation is unique, but there is an assortment of options when it comes time to file. Some people (an estimated 100 million) are eligible to file their returns for free, such as seniors, those who speak English as a second language, those with incomes of less than $60,000, servicemembers and more. Be sure to check your eligibility for services like IRS Volunteer Income Tax Assistance, AARP Foundation Tax-Aide, The Tax Counseling for the Elderly, MyFreeTaxes, GetYourRefund, IRS Free File, MilTax and more. Accessing Your Refund Electronically filing and choosing direct deposit is the fastest way to receive your refund. The IRS typically issues refunds within 21 days, but issuance of a paper check may take 4-6 weeks. Make sure to have your account and routing numbers ready when filing your return. One alternate solution is to have your refund issued to a prepaid card that accepts direct deposit, but there may be fees involved. Check with the card provider to determine any applicable fees. Watch for Scams The IRS will not contact you by email, text message or social media to request personal or financial information. Scammers may impersonate the IRS to convince you to share personal information through the mail, telephone, email and beyond. Find more tax tips and information at irs.gov and visit eLivingtoday.com for additional financial advice.   Photo courtesy of Unsplash   SOURCE: eLivingtoday.com

Oren Reshef, Washington University in St. Louis; Abhay Aneja, University of California, Berkeley, and Michael Luca, Johns Hopkins University

Labeling businesses as Black-owned can significantly boost their sales, we found in a recent study.

In June 2020, the business-review website Yelp introduced a feature allowing consumers to search for Black-owned restaurants. As professors who study digitization, inequality and the economics of technology, we were interested in understanding its effect. So we analyzed more than two years of data from Yelp.

We found that restaurants labeled as Black-owned saw a 65% increase in online traffic, more searches and calls, and higher sales through food orders and in-person visits. These results suggest that for many Black-owned businesses, a simple change in their visibility can create new opportunities for growth.

However, the impact varied by location. The gains were strongest in politically liberal areas and places with lower levels of implicit racial bias, as measured by regional variation in implicit-association test scores. This suggests that platforms are in part channeling, as opposed to creating, customer demand. Interestingly, white customers drove most of the increase, suggesting the label helped raise awareness of businesses they might not have considered before.

This wasn’t just a 2020 trend – in follow-up analyses, we found similar results among businesses that opted into the feature later. We also collaborated with the online furniture company Wayfair, which launched a “Black Maker” label on its site in 2023, and found that it led to a 57% increase in web traffic. Finally, Yelp rolled out a Latino-owned label on the platform late that year, which led to a similar increase in consumer engagement.

Why it matters

This research has implications for business owners, digital platforms and policymakers. Growing awareness of racial inequality – partially driven by the Black Lives Matter movement, especially after the murder of George Floyd in 2020 — has led to increased corporate and customer interest in supporting minority-owned businesses. It also led many companies to make commitments to promote racial equity.

However, more recently, many companies have dismantled these efforts. For instance, Target recently announced that it was eliminating its program to spotlight Black-owned businesses. Our findings suggest that increasing the visibility of minority ownership – a relatively low-cost change – can substantially improve economic outcomes for Black-owned businesses.

Our results also show that diversity initiatives aren’t just about warm and fuzzy feelings. Businesses should measure and evaluate their impact to ensure their programs are effective. A well-designed program can benefit the bottom line, while a poorly designed one risks being ineffective or even counterproductive.

So it’s important to acknowledge the potential risks. Past research, including some of our own, indicates that revealing racial identity sometimes can lead to discrimination or backlash. While our findings suggest that labeling can have positive effects, a poorly implemented policy can backfire. Yelp’s initiative design empowered users looking to support Black-owned businesses while allowing other users to continue searching in alternative ways.

That means policy design is crucial. What matters isn’t just what information is revealed, but also how it’s communicated. Our analysis shows that customer demand and preferences vary considerably across locations and demographics, meaning that context also matters.

What still isn’t known

While our research suggests that businesses experienced economic benefits from adopting the label, it’s crucial to understand which policy designs work best in the long run. For instance, Yelp’s program used an opt-in feature, which may have contributed to its success.

However, open questions remain. How are platforms affected by labeling businesses? What other types of labels might be impactful, and for which types of businesses? Could some interventions backfire?

Another key question is, which customers respond to racial identity disclosures? Recent advances in data analytics can help companies refine their strategies, making it easier to target the right consumer groups for more effective initiatives.

Ultimately, our study is a step toward understanding how transparency and visibility can shape economic outcomes. It highlights a diversity initiative that has benefited both customers and businesses, and provides a road map for companies that want to design initiatives that matter. And, more broadly, it speaks to a question facing all companies: How can companies better understand and shape their societal footprint?

The Research Brief is a short take about interesting academic work.

Oren Reshef, Assistant Professor of Strategy and Entrepreneurship, Washington University in St. Louis; Abhay Aneja, Assistant Professor of Law, University of California, Berkeley, and Michael Luca, Director, Technology and Society Initiative, Carey Business School, Johns Hopkins University

This article is republished from The Conversation under a Creative Commons license. Read the original article.