Older adults generally have a good sense of their own financial abilities – unless they have dementia. shapecharge/E+ via Getty ImagesIan McDonough, Binghamton University, State University of New York Older adults diagnosed with dementia lose their ability to assess how well they manage their finances, according to a recent study I co-authored in The Gerontologist. In comparison, people of the same age who don’t have dementia are aware of their financial abilities – and this awareness improves over time. For our study, we used data from over 2,000 adults in the U.S. age 65 and older, collected during a long-term study on aging.
We focused on how participants’ financial skills changed over time. The study began in 1998 and is still running, but we probed data collected between 1998 and 2009. Participants were assessed at one year, two years, five years and 10 years for their ability to carry out everyday tasks, including ones that required handling money. For example, they had to calculate the cost of a gym membership and a store discount rate, fill out part of a tax return and assess the cost of medical services. They also rated how well they thought they could do everyday financial tasks. Initially, none of the participants were diagnosed with dementia, but over the course of the decade, 87 participants, or 3.1%, received a dementia diagnosis. We found that even though participants’ performance on financial tasks declined as they aged, older adults who did not have dementia and older adults who had mild cognitive impairment were appropriately aware of their financial abilities. What’s more, that awareness increased over time. However, participants who were diagnosed with dementia during the study and experienced severe cognitive decline often misjudged how well they performed financial tasks.Financial scams targeting older adults are on the rise. The lack of insight into one’s cognitive abilities is called anosognosia. This study reveals a new type called financial anosognosia.
Why it matters
As people get older, their financial management skills start to deteriorate. The combination of a lifelong accumulation of wealth, declining financial abilities and a lack of awareness of those declines puts older adults at serious risk for financial scams. Few tools are available that can support families in helping cognitively impaired adults manage their finances. Our research suggests that there is a critical window of time after people begin to experience cognitive decline during which they are still aware of their financial abilities. We believe that this is when people can take action to secure their finances and develop systems to protect themselves from fraud.
What still isn’t known
Close friends or family members are often tempted to take away the financial autonomy of an older adult who is mismanaging their finances. However, that may not be the best solution, particularly for people who feel that handling their finances is a core part of their identity. More research is needed to identify how best to balance personal autonomy and the need to protect a person’s finances.
What’s next
This study used paper-and-pencil tasks to assess financial performance. But increasingly, many older adults are using online banking. E-banking simplifies many calculations, which may be helpful for older adults with declining cognition. However, e-banking can also make finances more of a black box, which may decrease a person’s awareness of their financial abilities. Furthermore, e-banking is constantly advancing, putting older adults at a disadvantage because they are more likely to be less cognitively flexible and to learn more slowly. We hope to explore whether older adults with and without cognitive decline have similar awareness of their ability to appropriately manage their finances online and identify potential financial scams. The Research Brief is a short take on interesting academic work.Ian McDonough, Associate Professor of Psychology, Binghamton University, State University of New York This article is republished from The Conversation under a Creative Commons license. Read the original article.
(Family Features) Homeowners still have time to take advantage of a federal tax credit of up to 30% of the cost of eligible energy-efficient home improvements. The Energy Efficient Home Improvement Credit (also known as the 25C tax credit) can help offset the expense of updating or upgrading major home systems while also lowering energy consumption.
Understanding the 25C Tax Credit
Homeowners in the United States may be eligible when they install qualifying energy-efficient equipment in their primary residence such as all-climate electric heat pumps, insulation, windows and other improvements. The credit is subject to some limitations; for example, a homeowner can only claim up to $2,000 per year for a heat pump. The installation must be an addition or improvement to an existing home, not a new home, and can be used in combination with other tax credits or incentives such as local, utility and federal incentives and IRA programs.
The current version of this tax credit was implemented Jan. 1, 2023, and expires Dec. 31, 2025. In addition, rising energy costs and potential regulatory changes in 2026, such as updated guidelines on refrigerant, make late 2025 a strategic time to upgrade systems.
Smart Ways to Use the Tax Credit Generally, energy-saving upgrades are some of the most common home improvement projects because they enhance the home’s overall function while increasing the potential for cost savings on energy bills.
Some qualifying upgrades do double-duty by enhancing the home’s curb appeal while reducing energy requirements. Common examples include windows, skylights and exterior doors.
Insulation and air sealing materials such as caulk and weatherstripping are also common choices, especially in older homes where insulation may be below current standards and settling has created gaps for air leaks.
Another common selection for homeowners looking to take advantage of the 25C tax credit is climate control systems, and an increasing number are turning to all-climate, all-electric heat pumps. One major reason is their high performance when it comes to energy efficiency. According to the U.S. Department of Energy, today’s heat pumps can reduce electricity use for heating by 65% compared to electric resistance heating. In fact, Mitsubishi Electric all-climate, all-electric heat pumps have an efficiency rating at 260-490% compared to traditional systems at or below 100%.
In addition to their proven track record, contrary to a popular misconception that all-climate heat pumps are only for milder regions, the systems can operate quite effectively in both high heat and extreme cold. As a result, they provide homeowners with greater comfort and control of their indoor climate.
Take Steps to Beat the Deadline If you’re a homeowner planning to make upgrades and claim 25C tax credits, now is the ideal time to get your project underway.
Choose qualifying equipment. While some brands’ complete product lines meet the qualification criteria, others do not. Do your homework to ensure the model you’re installing is eligible for the credit. Your salesperson may be able to provide information, or you can visit the manufacturer website or contact the manufacturer directly for details.
Work with a certified contractor. Many reputable brands, including Mitsubishi Electric, offer a contractor network with highly skilled, knowledgeable and reputable installers.
Save your receipts to file. When you prepare your 2025 tax forms, you’ll need to complete IRS Form 5695. Specifically, you will need to provide the manufacturer’s pin number and other details about your purchase, including proof of purchase.
Welcome to the Consumer Corner section of STM Daily News, your ultimate destination for savvy shopping and informed decision-making! Dive into a treasure trove of insights and reviews covering everything from the hottest toys that spark joy in your little ones to the latest electronic gadgets that simplify your life. Explore our comprehensive guides on stylish home furnishings, discover smart tips for buying a home or enhancing your living space with creative improvement ideas, and get the lowdown on the best cars through our detailed auto reviews. Whether you’re making a major purchase or simply seeking inspiration, the Consumer Corner is here to empower you every step of the way—unlock the keys to becoming a smarter consumer today!
Despite naysayers and rising costs, data shows that college still pays off for students – and society overall
College graduates earn significantly more than high school graduates, but rising costs and policy changes affect enrollment. The need for educated workers is increasing, necessitating reforms in higher education to align skills with job market demands and improve access.
No industry has perhaps felt the negative effect of a radical shift in federal policy under the second Trump administration more than higher education.
Meanwhile, new restrictive immigration policies have prevented many international students from enrolling in public and private universities. Universities and colleges are also facing other various other challenges – like the threat to academic freedom.
These shifts coincide with the broader, increasingly amplified argument that getting a college degree does not matter, after all. A September 2025 Gallup poll shows that while 35% of people rated college as “very important,” another 40% said it is “fairly important,” and 24% said it is “not too important.”
By comparison, 75% of surveyed people in 2010 said that college was “very important,” while 21% said it was “fairly important” and 4% said it is “not too important.”
Still, as a scholar of education, economic development and social issues, I know that there is ample and growingevidence that a college degree is still very much worth it. Graduating from college is directly connected to higher entry-level wages and long-term career success.College diplomas are seen on display as part of an art exhibition in Grand Central Terminal in New York in 2022. Timothy A. Clary/AFP via Getty Images
A growing gap
Some people argue that a college degree does not matter, since there might not be enough jobs for college graduates and other workers, given the growth of artificial intelligence, for example. Some clear evidence shows otherwise.
An estimated 18.4 million workers with a college degree in the U.S. will retire from now through 2032, according to Georgetown University’s Center on Education and the Workforce. This is far greater than the 13.8 million workers who will enter the workforce with college degrees during this same time frame.
Meanwhile, an additional 685,000 new jobs that require college degrees – spanning from environmental positions to advanced manufacturing – will be created from now through 2032.
The gap between those expected to leave and enter the workforce with college degrees creates a serious problem. One major question is whether there will be enough people to fill the available jobs that require a college degree.
In 2023, foreign-born people made up 16% of registered nurses in the U.S., though that percentage is higher in certain states, like California. But restrictions on immigration could limit the number of potential nurses able to fill open positions.
The overall average salary for this graduation class one year after they left school marked an increase from the average $60,028 that the class of 2022 earned in 2023, equivalent to $63,850 today.
While there is not available data that offers a direct comparison, full-time, year-round workers ages 25 to 34 with a high school diploma earned $41,800 in median annual earnings in 2022, or $46,100 today.
Overall lifetime earnings for those with college degrees is about about $1.2 million more than people with a high school make, according to the recent Georgetown findings.
People who earn more generally have more money to support their families and contribute to their immediate communities. Their higher taxes also contribute to the U.S. economy, supporting needed services like education, public safety and health care.
People with college degrees are also more likely than those who are not college graduates to vote, volunteer and make charitable donations to help others in need.
College matters for individuals, but it clearly also helps improve the economy.
With 64 public colleges across the state, the State University of New York system is the largest post-secondary network of higher education schools in the country. For every $1 the state of New York invests in SUNY, the SUNY system returns $8.70 to the state in terms of economic growth, according to 2024 findings by the Rockefeller Institute, an independent public policy research organization affiliated with SUNY. And that is only one state.
It isn’t likely that the expected number of college-educated people who will soon retire will suddenly decrease, or that the anticipated number of people entering the workforce will unexpectedly increase.
There are practical reasons why some people do not want to go to college, or cannot attend. Indeed, the percentage of young people enrolled as college undergraduates fell almost 15% from 2010 through 2022.
For one, tuition and fees at private colleges have increased about 32% since 2006, after adjusting for inflation. And in-state tuition and fees at public universities have also grown about 29% since 2006.
I believe that in order to ensure enough college-educated people can fill the anticipated work openings in the future, universities and the government should embrace needed changes to increase both enrollment and completion rates.
Artificial intelligence will transform work worldwide, for example, and that shift should be incorporated into higher education curriculum and degrees. Soft skills – like problem-solving, collaboration, presentation and writing skills – will become more important and should be prioritized in the learning process.
I believe that universities should also prioritize experiential education, including paid internships that offer students academic credit. This can help students gain experience that is both accredited and is connected to direct career pathways.
Universities and high schools could also expand how much they offer microcredentials – or short, focused learning programs that offer practical skills in a specific area – so students can connect their education with clear career pathways.
These reforms aren’t easy. They require a commitment to change, and all of this work will require deep partnerships with the government. While that might be a heavy lift currently at the federal level, it is both possible and achievable to make advances on these and other changes at the state level.
American universities and colleges have always been key to preparing the workforce for economic opportunity. At the end of World War II, for example, Columbia University and IBM worked together to help create the academic discipline now called computer science.
This action did more than help one university or one employer. It fueled change across higher education and across private companies and the government, leading to massive economic growth.
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Universities have made countless other contributions to strengthen and expand the economy. Considering solutions to some of the challenges that stop students from going to college could help ensure that more students see the value in a college education – and a tangible way for them to connect it to a future career.
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7 Energy-Saving Tips: Simple steps to help homeowners cut utility bills
(Family Features) Fall is the perfect time for homeowners to take simple steps to lower utility bills, improve comfort and take advantage of available rebate programs. While 71% of homeowners say energy efficiency is important, according to research from the Alliance to Save Energy, fewer than 35% consider their homes efficient.
Plus, heating and cooling account for 50-60% of total household energy use, and more than half of U.S. homes remain under-insulated with outdated HVAC systems. With colder weather on the way, a few smart changes now can pay off all winter long.
“Now is the ideal time to put efficiency in focus; and it isn’t about one big project, it’s about small steps that add up to comfort and savings,” said David Rames, senior product manager at Midea. “We want to empower homeowners with practical tools and modern technology to help them cut utility bills, improve comfort and take advantage of rebate programs that can make upgrades more affordable.”
Consider this expert-backed guidance from the experts at Midea to help improve home efficiency:
Ideas to help homeowners cut utility bills
Seal it up: Air leaks around windows, doors and attics can account for up to 30% of heating loss, according to the U.S. Department of Energy. Use weatherstripping and caulk to prevent waste. Adding attic insulation is another small investment that can lead to major energy savings.
Smarten your thermostat: A programmable or smart thermostat can automatically adjust heating schedules and save up to $180 per year.
Upgrade your filter: Replace HVAC filters monthly during peak seasons to improve airflow and reduce system strain.
Invest in efficiency: Replacing aging systems with high-efficiency heat pumps can cut heating costs by up to 50% while also providing energy-efficient cooling in summer.
Explore new technologies: Consider a next-generation heat pump that is designed to deliver reliable heating even in sub-zero temperatures. For example, the Midea EVOX All Climate Heat Pump provides 100% heating output down to -31 F and continues operating at -40 F, making it an option for families across the country who want to be more energy efficient.
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Compact plug-and-play technology solutions like the Midea packaged window heat pump (PWHP) can offer an efficient upgrade option for apartment renters or multifamily housing. These can be installed in less than an hour and plug into most standard outlets.
Take advantage of rebates: Federal, state and local utility programs can help consumers save thousands on energy-efficient upgrades, such as qualified heat pump systems. Check available offers before making a purchase.
Look for the CVP rating: Choose a heat pump tested under the new Controls Verification Procedure to help ensure the efficiency you see on paper translates to actual savings at home. The first manufacturer worldwide to have its systems certified to this new standard, Midea gives families added confidence in their real-world performance.
Fall may go by quickly, but the habits it encourages can deliver benefits year-round. When homeowners stay mindful of efficiency, they save money, support a more reliable energy grid and create a more sustainable future for their families. From quick DIY fixes to advanced heat pump technology, families have more tools available to take charge of their energy use and choose solutions that fit their lifestyle.
“Efficiency is no longer a luxury; it’s a necessity for comfort and cost savings,” Rames said. “With the right tools and choices, families can take control of their energy bills this winter and for years to come.”
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For more information to help homeowners cut utility bills, call 1-888-643-3262 or visit mideacomfort.us.
Welcome to the Consumer Corner section of STM Daily News, your ultimate destination for savvy shopping and informed decision-making! Dive into a treasure trove of insights and reviews covering everything from the hottest toys that spark joy in your little ones to the latest electronic gadgets that simplify your life. Explore our comprehensive guides on stylish home furnishings, discover smart tips for buying a home or enhancing your living space with creative improvement ideas, and get the lowdown on the best cars through our detailed auto reviews. Whether you’re making a major purchase or simply seeking inspiration, the Consumer Corner is here to empower you every step of the way—unlock the keys to becoming a smarter consumer today!
Ian McDonough, Associate Professor of Psychology, Binghamton University, State University of New York This article is republished from The Conversation under a Creative Commons license. Read the original article.
