Latest news with #financialuncertainty
Irish Times
27-05-2025
- Business
- Irish Times
The Irish Times view on basic income for artists: keep it going
Reports this week that Minister for Arts Patrick O'Donovan supports the continuation of the Basic Income for the Arts (BIA) scheme will be welcomed by the sector. Introduced on a pilot basis by the Minister's predecessor, Catherine Martin, in October 2022, the scheme provides a payment of about ¤325 per week to 2,000 full-time artists selected by lottery from a larger group of 9,000 applicants. The intention was to gather robust data on whether such payment delivered meaningful benefits to the working practice of participants. Virtually every political party in the Dáil committed during last year's election campaign to the BIA's continuation. But there was more ambiguity on the matter in the Programme for Government. That was perfectly reasonable as the data required examination before any decision could be made. But it caused disquiet among artists' groups as the expiry date in August approached. The Minister has now confirmed he will seek funding to 'extend and expand' the BIA. His comments follow the release of a report which found it 'significantly impacts the subjective experience of financial uncertainty in the lives of recipients'. The scheme is a response to the fact that precarity and low incomes are a reality of life for many professional artists. This diminishes their ability to reach their full creative potential. It also acts as a barrier to entry for those from economically marginalised backgrounds, perpetuating the stereotype of the arts as a middle-class playground. For these reasons, the basic income is an imaginative and positive addition to more traditional funding mechanisms such as the Arts Council. READ MORE The challenge for O'Donovan and his officials will lie in redefining the scheme and securing the necessary funds. How many artists will be supported in future and will their participation be time-limited? The BIA currently costs the department ¤35 million per year, compared to spending of ¤300 million overall on arts and culture, so any expansion could have significant budgetary implications. None of this should be insuperable, though, and the Minister has made the right call.
South China Morning Post
23-05-2025
- Business
- South China Morning Post
‘A bit lost': China's savers search for options after deposit rate cuts
After a landmark decision by China's biggest banks this week to slash one-year deposit rates below 1 per cent for the first time, households across the country are grappling with a pressing question: where should they park their money? Advertisement The dilemma arose for risk-averse savers after six major state-owned lenders and leading joint-stock bank China Merchants Bank (CMB) announced on Monday they would cut their one-year fixed deposit rate to 0.95 per cent, eliminating what was once a safe, if modest, source of passive income. Smaller banks have followed suit, trimming rates across maturities, albeit to a smaller degree. Their one-year rate stands at 1.15 per cent, while three-year rates are at 1.3 per cent. For millions of Chinese families, the decline in deposit yields makes an already challenging financial landscape all the more slippery. Households are wracked with economic uncertainty while facing weak income prospects and a lack of attractive investment options. 'Since the rate cuts, we've seen a surge in clients asking what to do next. Many lament that the days of relying on bank deposits for steady returns are over,' said Liu, a client manager at a Shanghai branch of CMB who requested partial anonymity. Advertisement The move, the seventh such adjustment among China's leading banks since September 2022, officially ushered the country's deposit rates into the sub-1 per cent era.
Yahoo
23-05-2025
- Business
- Yahoo
'I'm A Federal Worker Overseas In Fear Of Losing My Job – Should I Stop Paying Into My TSP And Pay Off Debt?' Suze Orman Weighs In
Facing financial uncertainty can be overwhelming, especially when your job security is in question and you have significant debt. That's exactly the situation a federal worker named Gillian described in a recent episode of the "Women & Money" podcast with Suze Orman. Gillian, a federal employee stationed overseas, wrote in to ask for advice. She supports her spouse and child and is the sole earner in the household. Though she once felt secure in her government position, she now fears being laid off — a concern that's become more common among federal workers this year. Amid federal downsizing and budget cuts under the Trump administration, workers — especially those based overseas — have grown increasingly worried about job stability. Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – With a considerable amount of debt on her shoulders, Gillian wondered if she should stop contributing to her thrift savings plan and instead use that money — along with her emergency fund — to reduce what she owes. Orman didn't hesitate to weigh in. Before diving into the advice, Orman clarified what the TSP is. It's the federal government's version of a 401(k), helping employees save for retirement through tax-advantaged contributions. The question at hand was whether it made sense for Gillian to stop these contributions in order to focus entirely on debt repayment. KT, Orman's co-host, said, "I don't think she should stop paying into the TSP, and I definitely would not use that emergency fund money." Orman agreed — but added several important financial insights. Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Orman emphasized that in Gillian's case, redirecting funds from her TSP and emergency savings still wouldn't make a significant dent in her total debt. In Gillan's own words, "Doing this won't even cover half of my debt," making the decision even clearer. Orman shared a general rule of thumb: "When you owe more money than you are worth, you are essentially bankrupt." However, that doesn't mean liquidating all available funds is the best approach. In fact, retirement accounts like the TSP, Roth IRA, and 401(k) are legally protected in the event of bankruptcy. That means even if the worst-case scenario happens — like losing a job or filing for bankruptcy — these funds would remain intact. "Do not stop putting money in a place that's safe and sound," Orman for tapping into the emergency fund, Orman was just as clear: Don't do it. The purpose of an emergency fund is to cover essential expenses in the case of income loss or other true emergencies — like, for instance, a layoff. Using it to chip away at debt, especially when it won't eliminate that debt, could leave Gillian exposed if her job situation worsens. In short, Orman's advice to Gillian was to stay the course with retirement contributions and preserve her emergency fund. The debt remains a concern, but the protections and potential growth offered by the TSP are too valuable to give up — especially during uncertain times. If you're in a similar situation, it may be worth talking to a trusted financial advisor about how to balance debt repayment with long-term financial security. Read Next: Nancy Pelosi Invested $5 Million In An AI Company Last Year — Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 'I'm A Federal Worker Overseas In Fear Of Losing My Job – Should I Stop Paying Into My TSP And Pay Off Debt?' Suze Orman Weighs In originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
22-05-2025
- Business
- Zawya
Gold prices ease from two-week high as dollar edges higher
Gold slipped on Thursday after hitting a nearly two-week high earlier in the session, hurt by an uptick in the dollar, although worries over the U.S. government's increasing debt burden and fiscal outlook kept prices above $3,300 level. Spot gold was down 0.3% at $3,303.82 an ounce, as of 1020 GMT, after hitting its highest level since May 9 earlier in the session. U.S. gold futures fell 0.3% to $3,304.10. "Selling coming in especially from those looking to book profits and a degree of recovery in the dollar seems to have taken some of the shine off gold," Ross Norman, an independent analyst said. The dollar index edged up 0.2% against its rivals, making greenback-priced bullion more expensive for other currency holders. "There are concerns about the way the U.S. is managing its debt issue and one would expect gold to remain relatively firm if the markets take these tax cuts in a negative way," Norman said. Moody's cut the United States' top sovereign credit rating by one notch last week, citing concerns about its growing $36 trillion debt pile. U.S. Treasury Department's $16 billion sale of 20-year bonds met soft demand from investors on Wednesday, weighing on risk sentiment among investors in the Wall Street. Market participants also worried that the U.S. government debt would swell by trillions of dollars if Congress passes President Donald Trump's proposed tax-cut bill. Gold is often used as a safe store of value during times of political and financial uncertainty. The dollar index hovered near two-week low, making the bullion more attractive for other currency holders. Trump's sweeping tax and spending bill cleared a crucial hurdle on Thursday, as the House of Representatives voted roughly along party lines to begin a debate that should lead to a vote on passage later in the morning. Elsewhere, spot silver fell 0.7% to $33.14 an ounce, platinum dropped 0.7% to $1,068.97 and palladium lost 2% to $1,015.97. (Reporting by Brijesh Patel and Ishaan Arora in Bengaluru; Editing by Janane Venkatraman and Shailesh Kuber)
