Latest news with #MichaelRyan


Newsweek
3 days ago
- 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
15-07-2025
- Business
- Newsweek
Gen Z More Likely Than Millennials to Choose Financial Stability Over Love
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. Gen Z was more likely to choose financial stability over love than their millennial elders, according to a new report. While 59 percent of millennials said they would prioritize a "broke and magical" relationship over financial security, only 54 of Gen Z said the same in a new Tawkify survey of 1,000 Americans. Why It Matters Both millennials and Gen Z have faced their fair share of financial challenges, including skyrocketing costs of higher education, student loan debt, an increasingly unaffordable housing market and surging inflation on everyday necessities. However, Gen Z may be a bit more cash strapped than millennials. New survey data from Empower reported that Gen Z participants pay an average of $526 per month toward student loans, significantly above the overall average payment of $284 for all age groups. A couple sits at an outdoor restaurant on Memorial Day weekend on May 29, 2021 in New York City. A couple sits at an outdoor restaurant on Memorial Day weekend on May 29, 2021 in New York To Know Roughly 46 percent of Gen Z said they would choose long term financial stability over romantic love in 2025, compared to just 41 percent of millennials. "Millennials have been through more, they've had time to explore love, make mistakes, and go through breakups," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. "Gen Z, on the other hand, came of age during economic chaos. Many of them have only known the broke experience, so it's no surprise that financial stability ranks higher on their list. They're trying to avoid what they've seen; the struggle, stress, and survival mode." Across the larger population, Americans were far more likely to choose love over monetary success. The survey reported that around two in three Americans, or 63 percent, would marry for love even if it meant a lifelong financial struggle. Older generations were generally more skeptical of the power of love over finances, with only 48 percent of baby boomers and 46 percent of Gen X likely to prioritize love over financial security. That potentially makes Gen Z's inclination for financial security over love beyond millennials' indicative of larger economic trends they are facing in their personal lives, experts say. Gen Z has been stereotyped as often glued to social media, where they are presented with certain depictions of celebrity and influencer wealthy lifestyles. And since Gen Z came of age during the 2020 recession, they watched millennials get crushed by housing costs, gig economy, and endless "experiences over things" mantras that left bank accounts empty, said Michael Ryan, a finance expert and founder of "Gen Z isn't choosing money over love," Ryan told Newsweek. "They're choosing survival. Why? Because they've watched their older siblings drown in student debt while Instagram-perfect couples split over Venmo requests." Women were also more likely to choose love over money in the report, with 58 percent saying they'd prioritize the "broke and magical relationship" over financial security, whereas just 51 percent of men said the same. The exact financial situation daters are looking for in a partner varies by generation. Gen X and baby boomers said their ideal partner would have an average salary of $115,000, while millennials and Gen Z said $100,000 and $80,000 respectively. What People Are Saying Brie Temple, COO and chief matchmaker at Tawkify, told Newsweek: "They don't think of it as being cold, they think of it as being clever. It's a pragmatic attitude born out of a struggling economy and an actual fear of repeating the mistakes of the past. Long term, this may cause more people to put relationships, marriage, or even having children on hold, not because they don't want them, but because they don't feel prepared. Gen Z isn't abandoning love; they just need to be in a good spot before they take the leap." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "Longer term, this shift in priorities could have real consequences—delayed marriages, fewer kids, and relationships that are more transactional than emotional. You're already seeing younger women having children with older men, and divorce rates creeping up. It's all tied to a larger economic reality: love is still important, but financial peace of mind is becoming the non-negotiable." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "This may come as no surprise, as the Millennial generation typically gets labeled as being one that favors experiences over consumer goods and activism over comfort. With Gen Z, we've seen this thinking revert back to prior generations that favored financial stability over other traits a relationship could carry with it. A society with more financial stability is a good one not just for the overall economy, but the finances of individual households." Michael Ryan, a finance expert and founder of told Newsweek: "Gen Z has seen what happens when you choose the charming barista over the boring accountant, eviction notices and ramen diets... A 'broke and magical' relationship hits different when gas is $3.50 and groceries cost $200 weekly. Gen Z understands that love doesn't pay rent." Dr. Wendy Walsh, a relationship expert for and psychology professor at California State University Channel Islands, told Newsweek: "Gen Z is the building generation. They are still building their lives and acquiring stuff. These young people are sharing rented apartments with roommates or still living in their parents' homes. Financial security is associated with freedom for Gen Z." What Happens Next Ryan said the generational shift is likely to reshape dating culture, where compatible credit scores are more likely to attract each other. "Expect delayed partnerships until financial stability is achieved, financial compatibility replacing 'spark' as the primary filter," Ryan said. "Romance isn't dead. It's just got better financial planning."


Newsweek
09-07-2025
- Business
- Newsweek
Credit Card Debt Is Actually Down Despite Breaking Records
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. Credit card debt in the United States reached a new nominal record in May, with balances totaling $1.31 trillion. However, when adjusted for inflation, the current total remains below the all-time high recorded in 2008, according to analysis of the latest data from WalletHub. Why It Matters Although the $1.31 trillion headline figure appears alarming, the context provided by inflation-adjusted analysis reveals that today's burden is $113 billion below the 2008 peak. This distinction comes at a time when millions of Americans are struggling to manage day-to-day expenses and keep up with steep credit card interest rates, which averaged 28.6 percent in early 2025 compared to banks' sub-4.5 percent borrowing rates from the Federal Reserve. U.S. households have steadily increased their reliance on credit cards since 2021, driven by a combination of inflation, stagnant wages and, for some, inadequate social safety nets. The share of cardholders making only minimum payments reached a historic high of 10.75 percent in the third quarter of 2024, reflecting elevated financial pressures for many families. In this photo illustration, the Visa, Mastercard and American Express logos on various credit and debit cards are seen atop a U.S. $1 bill on February 4 in Somerset, England. In this photo illustration, the Visa, Mastercard and American Express logos on various credit and debit cards are seen atop a U.S. $1 bill on February 4 in Somerset, To Know While credit card debt for May 2025 technically set a record, topping May 2024 by 3 percent, it actually marks an 8 percent decline from the record for that month and is only 0.3 percent higher than last year when adjusted for inflation. "Sure, the headlines scream 'RECORD DEBT!' but that's like saying people are taller than ever without mentioning we're also eating better and living longer," Michael Ryan, finance expert and founder of told Newsweek. "The US job market remains solid and wage growth is beating inflation, which means people are managing their debt while their paychecks are actually keeping up with rising costs." Still, the reported increase in credit card balances has prompted renewed debate among lawmakers and economic experts over Americans' financial health and the impact of rising interest rates amid persistent inflation. "It's still a wealth killer, no question," Ryan said. "The long-term impact isn't as scary when you consider that people are more savvy about balance transfers, debt consolidation, and actually reading those credit card terms. We're not the same financially naive country we were seventeen years ago." The growing burden has led lawmakers to propose new restrictions on lending rates. A bipartisan bill introduced by independent Senator Bernie Sanders of Vermont and Republican Senator Josh Hawley of Missouri in early 2025 seeks to cap credit card interest rates at 10 percent over the next five years. "We cannot continue to allow big banks to make huge profits ripping off the American people," Sanders said. "This legislation will provide working families struggling to pay their bills with desperately needed financial relief." With Americans using credit cards to cover medical costs, everyday living expenses, and even funeral bills, experts and lawmakers alike have highlighted the link between debt, mental health challenges and diminished well-being. What People Are Saying Ryan also told Newsweek: "Everyone's freaking out about hitting $1.3 trillion in credit card debt, but it's like being scared of a shadow that's actually smaller than it used to be. Americans' total credit card balance is $1.2 trillion as of the first quarter of 2025, and when you adjust for inflation, we're actually carrying less debt burden than we were back in 2008. It's kinda like how your grandpa's dollar used to buy way more candy. Today's trillion isn't yesterday's trillion." Alex Beene, financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "During the pandemic era, we saw Americans pay off more of their debt and enhance their savings. In the years following it, though, inflationary pressures have caused more spending on credit cards, and levels now are close to the all-time highs in 2008." What Happens Next Lawmakers are set to debate the bipartisan proposal to cap credit card interest rates in 2025. For Americans who accumulate more debt and delay paying it off, there's likely to be long-term financial hardship, Beene said. "Thankfully, the job market is still robust and strong enough to support the incomes of most Americans, but it does create an ominous picture if we do finally start to see a higher unemployment rate as to all that debt going unpaid and more being acquired," Beene said.


Newsweek
08-07-2025
- Business
- Newsweek
Social Security Update: Payout Shift Triggers Drop in Personal Income
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. Personal income in the United States declined by 0.4 percent in May, marking the first monthly drop since 2021, according to recently released government data. The decrease was not driven by Americans earning less, but was instead attributed to a shift in Social Security benefit payouts. This change comes amid ongoing concerns about the financial sustainability of the program, as its trust fund is forecast to run out of cash within the next 10 years unless legislative action occurs. Why It Matters The decline in personal income underscores the significant influence that Social Security has on the nation's economic well-being. With more than 60 million Americans receiving benefits, even modest adjustments in payouts can affect broader measures of household income and economic stability. Concerns about Social Security's solvency have been mounting, with the program facing automatic benefit reductions if Congress does not intervene before the trust fund is depleted. According to a report released by Social Security trustees last month, once the trust fund is exhausted, payroll taxes would only be sufficient to cover about 77 percent of scheduled benefits. Advocates and policymakers warn that such cuts could increase poverty rates among older Americans and disrupt finances of millions who depend on these payments. A Social Security Administration office in Washington, D.C., is pictured on March 26. A Social Security Administration office in Washington, D.C., is pictured on March 26. SAUL LOEB/AFP via Getty Images What To Know In May, there was a 0.4 percent dip in personal income, following a 0.8 percent rise in April. Analysts have attributed the decline not to lower wages or earnings, but to a specific change in how Social Security benefits were distributed. Since the Social Security Fairness Act went into effect, retroactive payments were sent out to beneficiaries in March and April, triggering monthly income to temporarily rise for nearly 3 million recipients. The law affects former public sector workers whose jobs previously did not receive equal coverage from Social Security. Due to the boost, it appeared income dropped in May, but moving forward, the extra benefits will be factored into monthly payments. "What really happened is that the Social Security Fairness Act eliminated two provisions. The Windfall Elimination Provision (WEP) & the Government Pension Offset (GPO). They previously reduced benefits for individuals who also receive income from public pensions," Michael Ryan, finance expert and founder of told Newsweek. "These retired teachers, firefighters, and government workers had been getting the short end of the stick for years. Having their Social Security benefits slashed just because they'd also earned a pension from their public service jobs," Ryan added. The Social Security trust fund is projected to run out of cash by 2033, about nine months sooner than anticipated last year, due in part to the new Social Security Fairness Act. Trustees have warned that, without legislative intervention, benefits for over 60 million recipients would automatically be slashed by 23 percent once the fund is empty. A recent analysis from the Committee for a Responsible Federal Budget projected that a typical couple could see annual Social Security benefits drop by up to $16,500 in 2033 if no fix is enacted, while a middle-income single worker could face a reduction of $8,200 per year. This amounts to an automatic 21 percent cut to monthly checks. More than 11,000 baby boomers now reach retirement age daily, resulting in fewer workers supporting a growing population of beneficiaries. Decades of surplus payroll taxes have created a large, but dwindling, trust fund buffer. Once depleted, incoming payroll taxes would only sustain partial payments, covering 77 percent to 79 percent of promised benefits, according to current estimates. Potential solutions discussed include raising payroll taxes, lifting the income cap on taxable wages, cutting benefits or raising the retirement age. However, these proposals face political resistance and there have been no specific plans proposed by the president or Congress. What People Are Saying Ryan also told Newsweek: "When May rolled around and those lump sums disappeared from the monthly calculations, it looked like everyone suddenly got poorer. It's like if you got a big tax refund in April. Your income would spike that month, then 'drop' in May even though you're not actually making less money." Martha Shedden, president and co-founder of the National Association of Registered Social Security Analysts, told Newsweek: "Beneficiaries affected by the Social Security Fairness Act were issued retroactive checks by the SSA for their new monthly amounts, some for as many as 16 months back to January 2024. "Those individuals are now receiving higher monthly benefit checks that will not change going forward except for the annual COLAs each January." What's Next Congress faces increasing pressure to address Social Security's funding gap before the trust fund depletion deadline in 2033. Should legislators fail to take action, automatic benefit cuts will be enacted under current law, significantly impacting retirees' incomes and potentially further reducing nationwide personal income figures. At the moment, the Social Security Fairness Act is adding even more strain to the financially overrun system. "This is fantastic news for about 2.8 million public sector retirees who've been getting shafted by these arcane rules. But it's also adding pressure to Social Security's already strained finances. We're talking about billions in additional payouts at a time when the program's trustees are warning about fund depletion," Ryan said. "It's honestly a perfect storm of good intentions meeting fiscal reality. We're essentially robbing from tomorrow's beneficiaries to pay today's."


BreakingNews.ie
07-07-2025
- BreakingNews.ie
Jury discharged due to 'matters beyond my control', judge says
A judge at the Central Criminal Court has discharged a jury after two weeks of a murder trial, saying she was left with no alternative due to "matters beyond my control". Ms Justice Karen O'Connor today told the jury of five women and seven men in the trial of Joseph Lawlor that she was "very sorry" the trial could not continue, but it would not be appropriate to go into detail about what had happened. Advertisement Mr Lawlor (39) pleaded not guilty to murdering dad-of-three Michael Ryan (51) outside the accused man's home in Hampton Wood Way, St Margaret's Road, Finglas, Dublin 11 on June 20th, 2024. His trial began on June 19th. The jury had been told to expect the prosecution case to close early last week but issues arose that Ms Justice O'Connor told them needed to be dealt with in their absence. When the jury returned to court on Monday morning, Ms Justice O'Connor told them she had no alternative but to discharge. Ireland Court must avoid judiciary being dragged into supe... Read More She thanked them for their attentiveness and exempted them from further jury duty for five years. The trial had heard that Mr Lawlor and Mr Ryan had been drinking together in Mr Lawlor's home. A series of fights between them were captured on CCTV, by neighbours using their telephones and by a Ring doorbell. The final, fatal encounter occurred shortly after midnight and resulted in Mr Ryan suffering a single stab wound to the neck that severed an artery. Having discharged the jury, Ms Justice O'Connor put the matter back to July 22nd when a date will be fixed for a second trial.