Today’s top news headlines feature extreme sacrifices some Americans are making to save money on gas and a new poll that shows Americans are more pessimistic about the future of young adults. Plus, find out how unemployment affects divorce rates.
Optimism About Young Adults’ Futures Declines to New Lows
The Huffington Post
An annual Gallup survey that polls adults on whether they believe today’s youths will have a better life and standard of living than their parents did not yield positive results, revealing optimism has fallen to record lows. The poll showed only 44 percent of adults believed today’s younger generation would surpass their parents in building a better life, and this optimism shrank with age. Sixty-three percent of adults over 65 said young adults would not achieve the same level of success as their parents.
Families Make Difficult Decisions To Pay For Gas
CNN Money
Rising gas prices have placed a financial burden on many families who are already struggling, but some are also being forced to make personal sacrifices to curb costs. Some families are saving on gas by cancelling trips to see family members or taking their children out of school or educational programs on days they can’t afford to drive. Many have also cut down on necessary purchases, such as groceries and household necessities, to meet the rising costs.
Researchers Correlate Unemployment with Lower Divorce Rates
The Huffington Post
Data compiled by Penn State University professors showed an unexpected phenomenon: After 1980, divorce rates dropped during periods of high unemployment. However, analysts say this trend may have little to do with spouses being content in their marriages, and more with couples refusing to give up their standard of living by breaking up a household during an already difficult period. Separate data shows that as the economy shows signs of life, divorce rates begin increasing again.
Fannie and Freddie Offer Incentives For Quick Modifications
Credit.com
Government-backed mortgage guarantors Fannie Mae and Freddie Mac have instituted a new incentive and penalty system for lenders who process mortgage modifications. For example, lenders who process modification applications within six months of a homeowner becoming delinquent will receive a $500 reward, while loan servicers who fail to meet this stipulation will receive a penalty for that amount. Similar rewards and penalties are attached to the time frame in which a successful modification is completed.
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