- Misclassification of Employees (contractor jobs)
- Student Aid Bill of Rights
Finances are an integral part of everyday life, and everyone is a consumer when it comes to finances. Finances are not always easy to understand and consumers should be aware of certain terms and policies to better be able to protect themselves from debt and fraud. Terms such as the Misclassification of Employees (contract work), Poverty, and the Student Aid Bill of Rights are all important matters that consumers should be aware of in finances. Consumers should also know that financial health is not limited to just how much money an individual has, it also expands into subjects like employment, student debt, and poverty.
Did you know that over $14 million Americans are unemployed? Job hunting is often a daunting and expensive task for both individuals pursuing a job and employers offering employment. Consumers are vulnerable during job hunting, as time passes they slowly dig away at their savings. This could threaten to throw a consumer into a drastic financial situation if they go without a job for too long. No one wants to be out of a job for long, but consumers should be wary of offers that are too good to be true. Consumers seeking employment should be closely before accepting contract work. Some companies are illegally dubbing employees as contact workers rather than full-time employees to save on costs. By listing employees as contract workers the companies are saving revenue while depriving employees of important benefits. This practice is known as misclassification, an illegal and slow to fix exploitation of employees. Consumers should always thoroughly investigate a potential employer and any offered job before taking on employment.
What happens when you cannot find a job, and the savings are gone? This situation is a common one for many consumers. Poverty, actual poverty, is unfortunately a real problem in today’s society. Poverty is generally thought of as an inability to provide for oneself basic necessities such as food, water, or shelter. Say a consumer cannot find a job, the savings are gone, the kids are hungry, and the electricity has been cut off because they cannot pay the bill. This is a harsh struggle that many people have to deal with on a day-to-day basis. Poverty is not something that can or should be ignored, and it is definitely not something that will go away on its own. Consumers need to be aware that they are not immune to poverty, and that they should be putting forth efforts to combat poverty.
Financial difficulties are not only affecting those in the workforce, these days it is common for college students to accumulate tens of thousands of dollars in debt in the pursuit of higher education. Student debt can become overwhelming, consumers need to keep track how much they owe, make payments early (if possible), and to know the grace period once out of school. Consumers with student debt should also be aware of the Student Aid Bill of Rights. The Student Aid Bill of Rights is a bill that provides consumers with protection as borrowers, and establishes the consumers right to a fair, affordable, quality loan to utilize for education. This bill is important to consumers because it affords consumers the flexibility to base payments upon income and to have the loan forgiven after a set number of years (generally around 25 years). The is a huge benefit to consumers as it means that the payment amounts can be adjusted to the consumers income, and it also allows for a responsive student feedback system to help shape the system more effectively and to hold lenders accountable for the services they are supposed to provide.