Personal Finance

Financial News Roundup: Retirement Confidence Plummets, Jobless Seek Out Internships

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Unemployed turn to unpaid internships for work experienceToday’s top news headlines feature new figures showing a significant shortfall in the amount Americans are saving for retirement and data revealing businesses are beginning to purchase equipment and supplies again. Plus, find out where unemployed Americans are turning for job experience.

More Unemployed Americans Apply for Unpaid Internships
The Los Angeles Times

A large number of jobless Americans are turning to unpaid internships until the job market recovers, according to a recent report. The interns say working for free may not be financially advantageous, but they hope the opportunities will help them gain valuable work experience, obtain job training in a new field or increase their likelihood of being hired when a position eventually opens up.

More Than A Quarter of Americans Not Confident With Retirement Savings
CNN Money

Twenty-seven percent of Americans polled in the most recent retirement survey say they are “not at all confident” in how much they’ve saved for their golden years, up from 22 percent in 2010. The study also showed 56 percent of Americans have less than $25,000 saved for retirement, and 29 percent have saved less than $1,000.

Businesses Prepare for Recovery By Purchasing Supplies
The Huffington Post

A new report shows businesses are returning to pre-recession spending levels, as the number of companies purchasing supplies and technology increased 12 percent in 2010. A separate report reveals business investment spending grew 17 percent during the same period.

Government Extends Federal Refinance Program

The Home Affordable Refinance Program, which allows homeowners with little equity more flexibility in obtaining a refinanced loan, has been extended until June 30, 2013. Additionally, eligibility for this program has been expanded, allowing homeowners who secured their mortgage through Fannie Mae and Freddie Mac before June 1, 2009, to take part in the program; the date was previously restricted to March 1, 2009.

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