Author: tourist_yp6g7u

Black and Hispanic households consistently maintained lower median cash balances than their white and Asian counterparts during and post-pandemic, according to a new JPMorgan & Chase Co. comprehensive Household Pulse study.

Placing a spotlight on American households’ financial landscape, the financial giant analyzed administrative banking data to track the cash balance of around nine million Chase customers from January 2020 to March 2023.

Through financial analysis, Chase provided an important glimpse into the economic trajectories of diverse households by revealing stark cash balance discrepancies among its customers based on race and ethnicity.

The study underscored that the imbalances are not merely numerical; they also reflect the broader dynamics of the American socioeconomic fabric.

Black and Hispanic households saw more balance gains during the pandemic, especially when the government provided economic impact payments and expanded unemployment insurance.

However, study authors emphasized that the pandemic’s financial effects were not evenly distributed across all demographic groups.

Despite reports of higher income growth for Black and Hispanic individuals before and during the pandemic, there was a significant difference.

Black and Hispanics maintained cash buffers substantially below their white and Asian counterparts.

The authors noted that existing disparities defied the expectations that predicted higher income growth would bridge the gap.

The study showed that households’ combined checking and savings balances decreased in all income quartiles in the second half of 2022.

But the trend was reversed in March 2023, as tax returns began flowing in, providing a much-needed boost to many households’ financial standings.

As of March 2023, a stark divide was apparent between income quartiles.

The highest income quartiles saw median balances of approximately $9,000, while the lowest struggled with balances of around $1,300.

That represented a substantial decrease from the pinnacle observed in April 2022 post-tax return distributions, where balances stood at approximately $10,700 and $1,400, respectively.

Further data dissection underscored the persistent cash balance gap among racial and ethnic groups.

Despite the relative gains made during the pandemic, Black and Hispanic families consistently faced lower median cash balances than their white and Asian counterparts.

Peak balances for Black and Hispanic families in April 2021 reached $4,300 and $4,600 respectively.

In 2021, there was a consistent decline in the numbers.

In April 2022, Black families reached about $3,200 and Hispanic families reached roughly $3,500, and that was due to tax season.

In March 2023, balances for both groups slipped below $3,000, a figure approaching their respective pre-pandemic levels.

Click here to view the full study.

The post Black and Hispanic households consistently saw lower cash balances and relative gains during pandemic appeared first on New York Amsterdam News.

* This article was originally published here

SPRINGFIELD, Mass. (AP) — When in-person school resumed after pandemic closures, Rousmery Negrón and her 11-year-old son both noticed a change: School seemed less welcoming.

Parents were no longer allowed in the building without appointments, she said, and punishments were more severe. Everyone seemed less tolerant, more angry. Negrón’s son told her he overheard a teacher mocking his learning disabilities, calling him an ugly name.

Her son didn’t want to go to school anymore. And she didn’t feel he was safe there.

He would end up missing more than five months of sixth grade.

Across the country, students have been absent at record rates since schools reopened during the pandemic. More than a quarter of students missed at least 10% of the 2021-22 school year, making them chronically absent, according to the most recent data available. Before the pandemic, only 15% of students missed that much school.

All told, an estimated 6.5 million additional students became chronically absent, according to the data, which was compiled by Stanford University education professor Thomas Dee in partnership with The Associated Press. Taken together, the data from 40 states and Washington, D.C., provides the most comprehensive accounting of absenteeism nationwide. Absences were more prevalent among Latino, Black and low-income students, according to Dee’s analysis.

The absences come on top of time students missed during school closures and pandemic disruptions. They cost crucial classroom time as schools work to recover from massive learning setbacks.

Absent students miss out not only on instruction but also on all the other things schools provide — meals, counseling, socialization. In the end, students who are chronically absent — missing 18 or more days a year, in most places — are at higher risk of not learning to read and eventually dropping out.

“The long-term consequences of disengaging from school are devastating. And the pandemic has absolutely made things worse and for more students,” said Hedy Chang, executive director of Attendance Works, a nonprofit addressing chronic absenteeism.

In seven states, the rate of chronically absent kids doubled for the 2021-22 school year, from 2018-19, before the pandemic. Absences worsened in every state with available data — notably, the analysis found growth in chronic absenteeism did not correlate strongly with state COVID rates.

Kids are staying home for myriad reasons — finances, housing instability, illness, transportation issues, school staffing shortages, anxiety, depression, bullying and generally feeling unwelcome at school.

And the effects of online learning linger: School relationships have frayed, and after months at home, many parents and students don’t see the point of regular attendance.

“For almost two years, we told families that school can look different and that schoolwork could be accomplished in times outside of the traditional 8-to-3 day. Families got used to that,” said Elmer Roldan, of Communities in Schools of Los Angeles, which helps schools follow up with absent students.

When classrooms closed in March 2020, Negrón in some ways felt relieved her two sons were home in Springfield. Since the 2012 shooting at Sandy Hook Elementary School in Connecticut, Negrón, who grew up in Puerto Rico, had become convinced mainland American schools were dangerous.

A year after in-person instruction resumed, she said, staff placed her son in a class for students with disabilities, citing hyperactive and distracted behavior. He felt unwelcome and unsafe. Now, it seemed to Negrón, there was danger inside school, too.

“He needs to learn,” said Negrón, a single mom who works as a cook at another school. “He’s very intelligent. But I’m not going to waste my time, my money on uniforms, for him to go to a school where he’s just going to fail.”

For people who’ve long studied chronic absenteeism, the post-COVID era feels different. Some of the things that prevent students from getting to school are consistent — illness, economic distress — but “something has changed,” said Todd Langager, who helps San Diego County schools address absenteeism. He sees students who already felt unseen, or without a caring adult at school, feel further disconnected.

Alaska led in absenteeism, with 48.6% of students missing significant amounts of school. Alaska Native students’ rate was higher, 56.5%.

Those students face poverty and a lack of mental health services, as well as a school calendar that isn’t aligned to traditional hunting and fishing activities, said Heather Powell, a teacher and Alaska Native. Many students are raised by grandparents who remember the government forcing Native children into boarding schools.

“Our families aren’t valuing education because it isn’t something that’s ever valued us,” Powell said.

In New York, Marisa Kosek said son James lost the relationships fostered at his school — and with them, his desire to attend class altogether. James, 12, has autism and struggled first with online learning and then with a hybrid model. During absences, he’d see his teachers in the neighborhood. They encouraged him to return, and he did.

But when he moved to middle school in another neighborhood, he didn’t know anyone. He lost interest and missed more than 100 days of sixth grade. The next year, his mom pushed for him to repeat the grade — and he missed all but five days.

His mother, a high school teacher, enlisted help: relatives, therapists, New York’s crisis unit. But James just wanted to stay home. He’s anxious because he knows he’s behind, and he’s lost his stamina.

“Being around people all day in school and trying to act ‘normal’ is tiring,” said Kosek. She’s more hopeful now that James has been accepted to a private residential school that specializes in students with autism.

Some students had chronic absences because of medical and staffing issues. Juan Ballina, 17, has epilepsy; a trained staff member must be nearby to administer medication in case of a seizure. But post-COVID-19, many school nurses retired or sought better pay in hospitals, exacerbating a nationwide shortage.

Last year, Juan’s nurse was on medical leave. His school couldn’t find a substitute. He missed more than 90 days at his Chula Vista, California, high school.

“I was lonely,” Ballina said. “I missed my friends.”

Last month, school started again. So far, Juan’s been there, with his nurse. But his mom, Carmen Ballina, said the effects of his absence persist: “He used to read a lot more. I don’t think he’s motivated anymore.”

Another lasting effect from the pandemic: Educators and experts say some parents and students have been conditioned to stay home at the slightest sign of sickness.

Renee Slater’s daughter rarely missed school before the pandemic. But last school year, the straight-A middle schooler insisted on staying home 20 days, saying she just didn’t feel well.

“As they get older, you can’t physically pick them up into the car — you can only take away privileges, and that doesn’t always work,” said Slater, who teaches in the rural California district her daughter attends. “She doesn’t dislike school, it’s just a change in mindset.”

Most states have yet to release attendance data from 2022-23, the most recent school year. Based on the few that have shared figures, it seems the chronic-absence trend may have long legs. In Connecticut and Massachusetts, chronic absenteeism remained double its pre-pandemic rate.

In Negrón’s hometown of Springfield, 39% of students were chronically absent last school year, an improvement from 50% the year before. Rates are higher for students with disabilities.

While Negrón’s son was out of school, she said, she tried to stay on top of his learning. She picked up a weekly folder of worksheets and homework; he couldn’t finish because he didn’t know the material.

“He was struggling so much, and the situation was putting him in a down mood,” Negrón said.

Last year, she filed a complaint asking officials to give her son compensatory services and pay for him to attend a private special education school. The judge sided with the district.

Now, she’s eyeing the new year with dread. Her son doesn’t want to return. Negrón said she’ll consider it only if the district grants her request for him to study in a mainstream classroom with a personal aide. The district told AP it can’t comment on individual student cases due to privacy considerations.

Negrón wishes she could homeschool her sons, but she has to work and fears they’d suffer from isolation.

“If I had another option, I wouldn’t send them to school,” she said.

____

AP education writer Sharon Lurye contributed from New Orleans; AP reporter Becky Bohrer contributed from Juneau. This story was reported and published in partnership with EdSource, a nonprofit newsroom that covers education in California. EdSource reporter Betty Márquez Rosales contributed reporting from Bakersfield.

___

The Associated Press education team receives support from the Carnegie Corporation of New York. The AP is solely responsible for all content.

The post Millions of kids are missing weeks of school as attendance tanks across the US appeared first on New York Amsterdam News.

* This article was originally published here

NEW YORK (AP) — With the help of technology, scammers are tricking Americans out of more money than ever before. But there are steps you can take to keep your money and information safe.

In 2022, reported consumer losses to fraud totaled $8.8 billion — a 30 percent increase from 2021, according to the most recent data from the Federal Trade Commission. The biggest losses were to investment scams, including cryptocurrency schemes, which cost people more than $3.8 billion, double the amount in 2021.

Younger adults ages 20-29 reported losing money more often than older adults ages 70-79, the FTC found. But when older adults did lose money, they lost more. Many retirees have assets like savings, pensions, life insurance policies or property for scammers to target.

With the rise of the digital economy, scammers now reach targets by social media and text, as well as phone and email. Online payment platforms, apps, and marketplaces have also increased opportunities. Still, many of their tactics and strategies are similar.

“The first thing they’ll do is get you into a heightened emotional state, because we can’t access clear thinking when we’re in that state,” said Kathy Stokes, director of fraud prevention for the AARP’s Fraud Watch Network. “It could be fear, panic, or excitement — ‘I just won a million dollars from Publishers Clearing House.’”

Once the sense of urgency is established, the target’s defenses are down.

“When approached with urgency, give it an extra three-second pause,” said Amanda Clayman, a financial therapist who works with digital payment network Zelle around issues of fraud. “When someone is trying to get us to take action quickly, that’s usually a red flag indicating we should do the opposite.”

Here’s what else to know to keep your money and information safe:

WHAT ARE SOME COMMON SCAMS?

Simply being aware of typical scams can help, experts say. Robocalls in particular frequently target vulnerable individuals like seniors, people with disabilities, and people with debt.

“If you get a robocall out of the blue paying a recorded message trying to get you to buy something, just hang up,” aid James Lee, chief operating officer at the Identity Theft Resource Center. “Same goes for texts — anytime you get them from a number you don’t know asking you to pay, wire, or click on something suspicious.”

Lee urges consumers to hang up and call the company or institution in question at an official number.

Scammers will also often imitate someone in authority, such as a tax or debt collector. They might pretend to be a loved one calling to request immediate financial assistance for bail, legal help, or a hospital bill.

ROMANCE SCAMS

So-called “romance scams” often target lonely and isolated individuals, according to Will Maxson, assistant director of the Division of Marketing Practices at the FTC. These scams can take place over longer periods of time — even years.

Kate Kleinart, 70, who lost tens of thousands to a romance scam over several months, said to be vigilant if a new Facebook friend is exceptionally good-looking, asks you to download WhatsApp to communicate, attempts to isolate you from friends and family, and/or gets romantic very quickly.

“If you’re seeing that picture of a very handsome person, ask someone younger in your life — a child, a grandchild, a niece or a nephew — to help you reverse-image search or identify the photo,” she said.

She said the man in pictures she received was a plastic surgeon from Spain whose photos have been stolen and used by scammers.

Kleinart had also been living under lockdown during the early pandemic when she got the initial friend request, and the companionship and communication meant a lot to her while she was cut off from family. When the scam fell apart, she missed the relationship even more than the savings.

“Losing the love was worse than losing the money,” she said.

WHAT SHOULD I DO ABOUT TEXT AND EMAIL SCAMS?

“I think anyone who has participated in the digital economy has received multiple attempts daily that have some sort of scheme, whether that’s, ‘Your account has been locked’ or ‘Your package delivery is delayed,’” Lee said. “Again — just take a breath — and verify.”

Lee urges people never to click an unusual link in a text or email, and instead go to the site in question directly, or call the number listed on the official site.

“It’ll take 30 or 40 seconds longer, but go ahead and do that because it could save you a lot of money every time,” he said.

Some indications to be extra wary could include an unrecognized sender, unusual wording, or a tell-tale misspelling.

In 2022, consumers lost more than $326 million from scam texts alone, according to the Federal Trade Commission.

WHAT ARE OTHER COMMON RED FLAGS?

Gift cards. Both Maxson and Lee said any mention of payment with gift cards should be a blaring warning alarm.

Kleinart, who experienced the romance scam, was also initially asked to send money via gift cards, with varied explanations.

“Just don’t pay people with gift cards,” Maxson said. “No legitimate company or individual is going to ask you to buy large quantities of gift cards and then read the numbers off the cards. That is exclusively a payment method of fraudsters.”

“Let me tell you, the IRS does not accept gift cards,” Lee said. “But you’d be surprised by the number of people who fall for people calling from ‘fill in the blank agency’ or ‘fill in the blank company’ and who send $500 worth of gift cards.”WHAT ABOUT SOCIAL MEDIA SCAMS?

In addition to romance scams like the one Kleinart fell victim to, here’s what to know about other common social media scams:

INVESTMENT SCAMS

According to Lois Greisman, an associate director of marketing practices at the FTC, an investment scam constitutes any get-rich-quick scheme that lures targets via social media accounts or online ads.

Investment scammers typically add different forms of “testimony,” such as from other social media accounts, to support that the “investment” works. Many of these also involve cryptocurrency. To avoid falling for these frauds, the FTC recommends independently researching the company — especially by searching the company’s name along with terms like “review” or “scam.”

QUIZ SCAMS

When you’re using Facebook or scrolling Google results, be aware of quiz scams, which typically appear innocuous and ask about topics you might be interested in, such as your car or favorite TV show. They may also ask you to take a personality test.

Despite these benign-seeming questions, scammers can then use the personal information you share to respond to security questions from your accounts or hack your social media to send malware links to your contacts.

To protect your personal information, the FTC simply recommends steering clear of online quizzes. The commission also advises consumers to use random answers for security questions.

“Asked to enter your mother’s maiden name? Say it’s something else: Parmesan or another word you’ll remember,” advises Terri Miller, consumer education specialist at the FTC. “This way, scammers won’t be able to use information they find to steal your identity.”

MARKETPLACE SCAMS

When buying or selling products on Instagram or Facebook Marketplace, keep in mind that not everyone that reaches out to you has the best intentions.

To avoid being scammed when selling via an online platform, the FTC recommends checking buyers’ profiles, not sharing any codes sent to your phone or email, and avoiding accepting online payments from unknown persons.

Likewise, when buying something from an online marketplace, make sure to diligently research the seller. Take a look at whether the profile is verified, what kind of reviews they have, and the terms and conditions of the purchase.

___

The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.

The post People are losing more money to scammers than ever before. Here’s how to keep yourself safe appeared first on New York Amsterdam News.

* This article was originally published here