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Newsweek
6 days ago
- Business
- Newsweek
Social Security Issues Update on Changes Impacting Recipients
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The Social Security Administration announced a major update to its technological advancements on Wednesday as part of its larger mission, led by new Commissioner Frank Bisignano, to modernize the agency. "Our vision is centered on providing outstanding service that works for everyone we serve—whether they call, walk into a field office, or choose to manage their benefits online," said Bisignano in a statement. "We are transforming the customer experience, investing in technology to build frontline capacity, and using real-time data to monitor performance across the board. We are delivering higher levels of customer service—and this will continue." Newsweek reached out to the SSA via email for further comment. Why It Matters Approximately 69 million people receive Social Security payments each month. Since President Donald Trump took office again, the SSA has been undergoing a period of restructuring, with thousands of employees no longer working for the agency due to the Department of Government Efficiency's (DOGE) cost-saving initiatives. What To Know In its announcement, the SSA said it had implemented new telephone technology on the national 800 number and in its field offices. The SSA stated that this resulted "in improved service to the American people," according to its release. Specifically, the SSA is handling more calls with a faster response time. Last week, the agency handled nearly 1.3 million calls on the national 800 number, which was 70 percent more than the same week last fiscal year. The average speed of answer also dropped to 6 minutes from an average of 30 minutes last year. Field office wait times are also down. While the average wait time was 30 minutes last year, now Americans are waiting just 23 minutes. A Social Security Administration (SSA) office in Washington, D.C. A Social Security Administration (SSA) office in Washington, D.C. SAUL LOEB/AFP via Getty Images The agency also eliminated its longstanding scheduled downtime of 29 hours a week for the my Social Security portal. In the first week alone, the SSA said 125,000 more customers were able to access their online accounts. Despite these improvements, some experts have sounded the alarm on the tech upgrades while the SSA faces a funding crisis projected to hit as early as the early 2030s. "This modernization is happening while Social Security faces its worst funding crisis in decades. The trustees in 2024 projected the program's combined retirement and disability trust funds may last until 2035," Michael Ryan, a finance expert and the founder of told Newsweek. "Think about that. The agency is investing millions in new technology while knowing it might only be able to pay 83 cents on the dollar in 10 years. It's like renovating the kitchen while the house is on fire." In recent months, the SSA also said it would be sending 3.1 million payments to recipients eligible under the Social Security Fairness Act ahead of schedule. This law enabled public service workers, such as teachers and firefighters, to receive money they were owed but had previously been denied due to the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). The disability backlog has also decreased to 940,000 pending cases, down from more than 1.2 million cases last year, the SSA said. What People Are Saying SSA Commissioner Frank Bisignano said in a statement: "Our strategy is clear: serve customer needs quickly and completely, no matter how they contact us. We will continue to evaluate our tools, technology, and processes to empower our workforce to provide best-in-class customer service to the American people." Michael Ryan, a finance expert and the founder of told Newsweek: "What beneficiaries need to understand is this: Every 'modernization' is really a cost-cutting measure disguised as improvement. Those electronic signatures and digital uploads? They're not about your convenience; they're about reducing the army of federal workers processing your paperwork. It just means more automated screening, more delays, and fewer real people to talk to when things go wrong." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "For beneficiaries, it's a positive sign, as reports like this indicate it should be much quicker to get support over the phone or online. However, for the employees of the administration, this could further strain their workforce which is having to take on more tasks in an already heavy schedule. The hope is there can be a balance found in the long-term aspect where both sides can benefit from the new set-up." Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: "All service types—internet, phone, and in-person have had tech and process updates to expand service hours and speed up response times. These updates are woefully overdue and welcomed by all seniors and their caretakers." What Happens Next The SSA also alerted recipients to another change heading their way in the fall. Starting September 30, the SSA will no longer issue paper checks for benefit payments.
Newsweek
22-07-2025
- Business
- Newsweek
Some Gen Z Workers Are Quitting Jobs Over 'Sunday Scaries'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The "Sunday scaries" have been known to affect employees across the board, but Gen Z appears to have a special sensitivity to the anxiety that can hit right before a new work week. In a new report from roughly one in five Gen Z workers said they actually quit their job over the "Sunday scaries." "This generation is the first to prioritize mental health over wealth," Michael Ryan, a finance expert and the founder of told Newsweek in part. Why It Matters The younger generation, which includes workers up to the age of 28, has quickly earned a bad reputation among employers. A recent report from revealed that one in six businesses said they were hesitant to hire recent college graduates over concerns about how prepared they are for the work, as well as their communication skills and professionalism. And a whopping six in 10 employers had already fired college graduates who were hired in 2024 in September of last year. Woman lying in a hammock and working with a notebook on January 12, 2010 in Varkala near Trivandrum, Kerala, India. Woman lying in a hammock and working with a notebook on January 12, 2010 in Varkala near Trivandrum, Kerala, India. EyesWideOpen/Getty Images What To Know The "Sunday scaries" are having damaging effects on the newest crop of employees. Today, the "Sunday scaries" generally refer to the anxiety and dread that can occur right before the work week begins, usually on Sunday evening. The term first originated on Urban Dictionary in 2009 and has now been a common reference for many workers dealing with high levels of stress and burnout. In the survey of 1,000 Americans, 20.2 percent of Gen Z workers said they had quit a job over the Sunday scaries. And 45.9 percent have considered doing so. Across the larger worker population, one in seven employees said they experienced Sunday anxiety every week, and 11.7 percent have quit a job over it. "This generation is the first to prioritize mental health over wealth," Michael Ryan, a finance expert and the founder of told Newsweek. "They've watched their parents sacrifice for 'job security,' only to face layoffs, recession, and stress-related illness. Gen Z isn't job hopping because they're flaky. They're hunting for alignment. Purpose. Boundaries. If they can't find it? They leave." Gen Z was also more likely to report that their job negatively impacts their mental health, with 71.6 percent indicating their job has at least a somewhat negative effect on their well-being. Meanwhile, only 44.6 percent of millennials, 37.8 percent of Gen X, and just 27.3 percent of Boomers said the same. The top contributors to the Sunday scaries included workload and deadlines (33.1 percent), burnout and exhaustion (23.6 percent) and unrealistic expectations (15.7 percent). Generally, entry-level jobs were the most vulnerable to Sunday anxiety, with 19.6 percent of those workers saying that they feel it every Sunday. "The pressure and workload that is placed upon many in professional positions is increasing and it feels like many young people are being asked to do the work of two or three employees," Matthew Solit, the executive clinical director at LifeStance Health, told Newsweek. "The workplace culture in America does not always favor rest and time away from work, instead favor checking emails while out of office and working long hours. Simply put, the burnout factor is higher, and the youngest generations are seeing it and struggling more to cope." What People Are Saying Michael Ryan, a finance expert and the founder of told Newsweek: "For Gen Z, 'Sunday Scaries' has become a flashing red siren. Warning of burnout, toxic work cultures, and lives out of balance. They're not lazy. They're just not willing to sell their soul for a paycheck that can't cover rent and therapy." Matthew Solit, the executive clinical director at LifeStance Health, told Newsweek: "The 'Sunday Scaries' is a very real phenomenon and at times can be debilitating for anyone in any generation. Gen Z is particularly impacted by it given how fresh this group is in the workforce and the fact that the oldest of this generation is currently 28. For Gen Z and even many millennials, the idea of what life and success in the workforce would look like did not live up to the vision that was projected on them by other generations. Many in this age group find themselves in high-stress and low-return positions that they did not envision." Kevin Thompson, the CEO of 9i Capital and the host of the 9innings podcast, told Newsweek: "The anxiety and profound lack of connection with their current employer brings on the Sunday scaries. Many are feeling overworked and possibly overlooked as the cost of everything increases. I bet there is a significant correlation between job satisfaction and compensation, which many GenZ may feel left behind." What Happens Next Gen Z's reaction to Sunday scaries likely reflects a larger shift in the workforce, where employees are gaining more power, Ryan said. "Older generations asked, 'How can I fit into this job?' Gen Z flips the script by asking 'How does this job fit into my life?' And yes, that makes some employers uncomfortable," Ryan said. "Employers clinging to outdated 9 to 5s and performative wellness perks will hemorrhage true talent. But companies who adapt aka flexible hours, culture, mental health benefits, loyalty will be paid back to them. To me, this is just the pendulum of power swinging back to the workers, not the employers." HR consultant Bryan Driscoll echoed this sentiment. "Quitting over the Sunday scaries isn't retreat - it's acknowledgement," Driscoll told Newsweek. "And it's a red flag for employers. It reflects a workforce that's no longer willing to tolerate toxic cultures, vague expectations, or the erosion of work-life balance. Gen Z is demanding better and if companies don't adapt, they'll keep losing talent."
Newsweek
09-07-2025
- Business
- Newsweek
Homebuyer Optimism Surges Among College Students
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Homebuyer optimism is increasing significantly among college students, according to recent polling from College Pulse. Data from the Newsweek/College Pulse study showed that, based on the responses of more than 1,000 undergraduate students last month, the percentage of those who are very optimistic about buying a home in the next 10 years surged from 10 to 23 percent from April to June. Why It Matters Buying a home has become increasingly less affordable in recent years. With home prices reaching record highs and mortgage rates hovering in the high 6 percentage range, the American dream of owning a home one day could be fading among millennial and Gen Z Americans. However, the data reveals that could be changing. A for sale sign is displayed outside of a home for sale on August 16, 2024 in Los Angeles, California. A for sale sign is displayed outside of a home for sale on August 16, 2024 in Los Angeles, California. PATRICK T. FALLON/AFP via Getty Images What To Know In June, 23 percent of college students surveyed said they were "very optimistic" about owning a home in 10 years. That was a more than double increase from April when 10 percent said the same. Another 35 percent said they were "somewhat" optimistic about owning a home, another slight uptick from 26 percent two months earlier. "This isn't naive optimism. Students are wagering their degrees will outpace housing costs over the next decade," Michael Ryan, a finance expert and the founder of told Newsweek. "The traditional homebuying timeline has been rewritten. Previous generations expected to buy homes in their 20s, today's students plan for a 10-year goal. This extended timeline allows for career establishment, debt paydown and financial stability." This shift could be rooted in current housing market trends, as a recent Redfin report found that sellers outnumber buyers by 34 percent. While there's an estimated 1.94 million active home listings, only 1.45 million buyers are looking, reflecting a significant gap that could cause home prices to stagger down. And in a June HomeLight survey of top real estate agents nationwide, 82 percent said that sellers are dropping home prices compared with this time last year. "Job prospects and overall sentiment are likely the biggest drivers behind this uptick in optimism. What once felt like a distant dream can start to feel attainable when home prices cool and interest rates stabilize," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. "Back in April, rates were climbing, and prices seemed to be on an unmanageable trajectory. Now, we're starting to see more balance—prices reaching a level where buyers and sellers are finally meeting in the middle, and rates have stopped rising. That shift in perception changes everything." However, home prices nationwide were still up 0.6 percent year-over-year in May, and the median sale price was $440,910, still dramatically out of many young Americans' budgets. What People Are Saying A spokesperson for College Pulse told Newsweek: "College student optimism about homeownership has grown since early 2025, even as broader political sentiment remains negative. Despite high disapproval of President Trump and widespread concern about the direction of the country, students remain hopeful about their personal futures—particularly around homeownership and career prospects. While trust in society may be low, confidence in individual outcomes continues to rise. This suggests that students are separating national challenges from their own ability to build stable, successful lives." Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek: "Some may laugh at the renewed optimism of college students about home ownership in the coming decade, but it could actually be tied to some financial reality. We're finally starting to see home prices either be stagnant or see declines in some major markets, as sellers are having a harder time finding buyers. That could increase as more baby boomers look to retire and downsize living expenses by selling their existing home for a smaller place." Michael Ryan, a finance expert and the founder of told Newsweek: "Students are betting on their future earning power over current market conditions. While 92 percent of prospective homebuyers report stress about purchasing in 2025, college students look beyond immediate chaos. They know education remains the most reliable path to homeownership, College graduates are way more likely to own homes than nongraduates." Alan Chang, nationwide title and escrow expert, told Newsweek: "I think that college students are realizing that the monthly rent payment vs. the monthly mortgage payment is working out to be close in many markets across the country. The long-term store of wealth in a starter home is also a perfect steppingstone to the next long-term home for professionals that have left school and established a career path." Nick Friedman, president of Homes at HomeLight, told Newsweek: "We're seeing a shift in buyer psychology, especially among younger generations. Younger consumers today are more willing to take risks and explore flexible paths to homeownership— whether that means buying a fixer-upper, embracing unconventional financing, or accepting higher mortgage rates for the sake of getting in the market." What Happens Next While paying for higher education can land many in student loan debt, there's still largely a positive correlation between obtaining a college degree and being able to own a home one day, experts say. "College students understand something many experts miss: education and homeownership are complementary investments, not competing ones. The decline in homeownership has actually occurred among noncollege graduates, not debt-laden students," Ryan said. Still, Mike Chambers, founder and CEO of home-selling help platform Ridley, cautioned against letting the optimism overwhelm expectations about the housing market. "It's great to see more young people feeling hopeful about homeownership," Chambers told Newsweek. "That optimism probably comes from headlines about rising inventory and talk of future rate cuts. But in reality not much has changed: Home prices are still high, interest rates remain elevated, and transaction fees in dollar terms are at or near all-time highs."
Newsweek
07-07-2025
- Business
- Newsweek
Hundreds of Thousands of Women Are Leaving the Labor Force—Report
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A new labor market analysis based on June 2025 data revealed that a significant number of women have left the U.S. labor force this year. According to the National Women's Law Center (NWLC) review of monthly releases from the Bureau of Labor Statistics (BLS), 103,000 women aged 20 and over exited the labor force in June, while 163,000 men in the same age group entered. The data indicate that since January, a net 338,000 women have left the labor force, compared to a net gain of 183,000 men joining it during the same period. These trends unfolded as the national unemployment rate remained steady at 4.1 percent, with job gains primarily noted in the state government and healthcare sectors, and continued losses in federal government positions. Why It Matters The exodus of women from the labor force carries significant economic and societal implications, particularly as U.S. workforce participation rates have long served as key indicators of the nation's financial health. The NWLC pointed out that the June labor force changes were entirely attributable to male workers entering the job market, even as women continued to opt out. Compounding these gender disparities, Black men and women experienced heightened volatility in employment figures. While the unemployment rate for Black men aged 20 and over surged from 5.2 percent in May to 6.9 percent in June, the rate for Black women declined from 6.2 percent to 5.8 percent, yet remained markedly elevated compared to their white counterparts. The upward trend in Black women's unemployment since March 2023, following a post-pandemic low of 4.2 percent, signals deeper systemic challenges. Federal sector job cuts and broader labor market pressures appear to be accelerating the disparities. File photo of a woman working in an office. File photo of a woman working in an office. ROBYN BECK/AFP via Getty Images What To Know The BLS data showed that all labor force gains in June were among men over the age of 20, with 163,000 joining compared to the 103,000 women who left. The overall labor force participation rate stood little changed at 62.3 percent. Since January, men have gained 183,000 positions in the labor force while 338,000 women have collectively left their jobs. Michael Ryan, a finance expert and founder of attributed the exodus of female workers to the broader child care crisis in America. "It's about economic structures failing, not gender roles," Ryan told Newsweek. "I'd argue we're seeing the real cost of treating child care as a luxury rather than infrastructure. The economy's basically telling half its talent to stay home." Racial disparities were also visible in the June report. The unemployment rate for Black adults rose to 6.8 percent overall, driven in part by a dramatic increase for Black men, whose rate jumped from 5.2 percent to 6.9 percent in one month. Black women experienced a slight decline in the unemployment rate, falling from 6.2 percent in May to 5.8 percent in June; however, this remains notably higher than the rates for white women (3.1 percent) and white men (3.4 percent). Despite this drop, the unemployment trend for Black women has moved upward since spring 2023, exceeding pre-pandemic lows. Roughly 7,000 federal government jobs were lost in June, amounting to a cumulative 69,000 positions eliminated in the federal workforce since January. Notably, BLS labor force data does not count people on administrative leave or those receiving severance pay as unemployed, so the real impact of layoffs, particularly those reportedly initiated by the Department of Government Efficiency (DOGE), may be underestimated in the official numbers. The October 2020 analysis by the National Women's Law Center highlighted that at the pandemic's peak, women departed the workforce at four times the rate of men, a phenomenon largely attributed to caregiving burdens and heightened uncertainty in female-dominated sectors, such as hospitality, education and health care. In just one month in 2020, over 800,000 women aged 20 and over exited the workforce, compared to 216,000 men. This longstanding dynamic continues to influence today's labor trends. "There's been a renewed push, particularly from the current administration, toward traditional family values. This includes the idea that men should be the primary breadwinners while women stay home to raise children," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. "But there's also a practical, economic factor: the cost of child care. For many families, especially those with multiple children, it's actually more cost-effective for one parent—typically the mother—to stay home rather than pay for expensive child care services." The 2025 data suggest that, even as traditionally women-populated sectors, such as health care, continue to post job gains, these have not offset broader structural barriers and job losses, particularly in the federal sector. Deep cuts in departments with historically higher employment of Black women, such as Education, Health and Human Services, and Housing and Urban Development, have eliminated positions that once provided job security and pay equity. What People Are Saying Michael Ryan, a finance expert and the founder of told Newsweek: "The numbers don't lie. It's about child care costs and impossible choices. Just look at the countries that have subsidized child care. They all have high levels of female labor force participation. "The system's forcing women out, not pulling them. In my view, we're watching educated, skilled women get priced out of working because nobody's solved the childcare equation." Jasmine Tucker, vice president for research at the National Women's Law Center, told Newsweek: "Costs are continuing to rise and the possibility of an upcoming recession is looming on the horizon. Couple that with rising child care prices, with the average family needing to make $180k/year to reasonably afford infant care, and the administration's attacks on the federal child care program Head Start, it's no surprise that women are leaving the labor force." Keith Spencer, a career expert at FlexJobs, told Newsweek: "Many women are still navigating job markets that lack the flexibility, wages, or caregiving support needed to remain consistently employed long term. The increase in men joining the labor force could reflect growth in male-dominated sectors like construction or manufacturing. Over time, without broader workplace shifts and more flexible work options, we risk reinforcing gender gaps in labor force participation." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "When families are financially penalized for both parents working, it discourages labor force participation. At the same time, we're seeing an increase in male labor force participation, driven in part by the deportation of migrant labor. Many of these roles, especially in physical labor and agriculture, are now being filled by domestic workers, often young men." What Happens Next The next Employment Situation report from the Bureau of Labor Statistics is scheduled for release on August 1 at 8:30 a.m. EST, which may provide additional clarity on the trajectory of women's labor force participation and ongoing trends in unemployment. However, if child care does not become more readily accessible to everyday families, the trends could persist in the coming months. "We're not just talking about fairness anymore; we're talking about economic suicide," Ryan said. "In my opinion, we're voluntarily shrinking our labor pool during a worker shortage, which is about as economically sensible as burning money for heat."
Newsweek
18-06-2025
- Business
- Newsweek
Map Shows States Where People Are Most Delinquent on Debt
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Across the United States, millions of people are in debt, with some states experiencing higher rates of delinquency than others. According to a new report from WalletHub, southern states made up the top places where Americans are most behind on their debt. Why It Matters U.S. households carry $18.203 trillion in debt as of 2025, according to the Motley Fool. While mortgages make up 70 percent of that, getting into delinquency can have severe consequences for your credit. Americans may also face late fees, higher interest rates and even lawsuits as a result of their delinquency. What To Know The top five states with the highest delinquency rates on debt payments included Mississippi, Louisiana, West Virginia, Alabama and Arkansas. In Mississippi, 14.3 percent of individual loans and lines of credit in the state were delinquent in the first quarter, which was the highest percentage in the country. "They rank dead last in financial education, and surprise, they're drowning in debt," Michael Ryan, a finance expert and the founder of told Newsweek. "The numbers don't lie, and they're ugly. Eight of the top 10 delinquent states sit below the Mason-Dixon Line." Meanwhile, Louisiana residents were delinquent on 13.1 percent of all their individual loans and lines of credit. Also in the top 10 were South Carolina, Delaware, North Carolina, Texas and Tennessee. Ryan said many of the southern states facing high delinquency have low median incomes relative to the rest of the country. Residents also face banking deserts and poor personal finance education. "Southern states dominate this list because poverty, poor education, and limited financial services create a terrible recipe for disaster," Ryan said. WalletHub ranked the states by delinquency based on each state's proprietary user data from the first quarter of 2025. What People Are Saying WalletHub analyst Chip Lupo told Newsweek: "Being delinquent on debt can lead to fees, credit score damage, increased interest rates and other negative repercussions. That's why it's important to get current as quickly as possible. For many types of debt, you will have at least 30 days after your due date to make your payment before the lender officially reports it as 'late' to the credit bureaus. Many lenders also offer hardship programs that can allow you to temporarily forgo payments due to financial difficulty." Michael Ryan, a finance expert and the founder of told Newsweek: "Until we fix financial education at the state level, we're just putting Band-Aids on bullet wounds. This data screams that we've failed entire populations by not teaching basic money management." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "With debt delinquencies, unfortunately, there aren't many surprises in terms of which states see higher numbers. Most of them are in the Southeastern United States, where incomes, when compared to the national average, are lower, and debt can often be higher. "When residents in these states are drowning in debt and have incomes that allow them to barely keep their heads above water, they can often make the decision to simply quit paying some amounts owed over time." A sticker showing that American Express is accepted at a business in Chicago on February 11, 2025. A sticker showing that American Express is accepted at a business in Chicago on February 11, Happens Next Across all states, individuals who fall into delinquency may face substantial long-term effects on their credit. "Regardless of where you live, delinquencies can destroy your credit and lead to further legal action against you, so it's imperative you make your monthly payments either by taking on additional work or cutting spending," Beene said. Financial experts encourage those in debt to focus on their smallest debt first and then work to absolve the higher amounts. "How to dig yourself out of it? Start small, win big: Attack your smallest debt first," Ryan said. "That $200 credit card victory will fuel your fight against the $20,000 monster."
