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Photo: Cris Faga/NurPhoto via Getty Images

In an era of financial-services innovation, money remains one of the great stressors in our lives.

By the numbers: 5% of Americans with checking accounts rack up more than 50% of all the country's overdraft and bounced-check fees. It's a $35 billion income stream for the banks, even after Dodd-Frank. Needless to say, those 5% of Americans are precisely the people who can least afford to pay dozens of fees per year at an average cost of $35 apiece.

According to a new report from Nonfiction:

  • 41% of Americans who earn over $200,000 a year have cried because they didn’t have enough money.
  • In an age of social media, almost everybody feels status anxiety — the pressure to present to the world a false view of how effortless and carefree their lives are.
  • The result is costly embarrassment. One respondent gave up a job opportunity rather than admit that they needed help with the bus fare to get to the interview.
  • We're desperate for help with knowing if we're being paid fairly. For example, 70% of women feel that they are not paid what they deserve, but have no access to salary evaluation services.
  • We also need help with budgeting and saving.

The financial-services industry does a dreadful job of addressing these problems, and the problems are getting worse.

  • Millennials are 40% more likely to overdraw their checking accounts if they use mobile payments, according to a new financial literacy report from the TIAA Institute.
  • Mobile payment users were also more likely to make withdrawals from their retirement savings accounts and engage in high-cost borrowing activity.
  • Existing budgeting tools don't help. Millennials who use their mobile devices to track their spending are 25% more likely to overdraw their checking account.

Go deeper

Most teachers are white. Most students aren't.

Expand chart
Data: U.S. Department of Education, National Center for Education Statistics; Chart: Baidi Wang/Axios

The nation's 6.6 million teacher workforce has grown more racially and ethnically diverse over the past three decades — but not nearly fast enough to keep pace with a student population that's nearing majority-minority in public schools, two new reports show.

Why it matters: The disparities are especially acute between Hispanic students and teachers, and in schools with 90% or higher non-white student populations.

Updated 12 hours ago - World

UK government: Kremlin has plan "to install pro-Russian leadership" in Ukraine

British Foreign Secretary Elizabeth Truss. Photo: Gints Ivuskans / AFP via Getty Images

The United Kingdom's Foreign Secretary on Saturday night said the government has "information that indicates the Russian Government is looking to install a pro-Russian leader in Kyiv as it considers whether to invade and occupy Ukraine."

Driving the news: U.S. National Security Council spokeswoman Emily Horne called the intelligence "deeply concerning" in a statement to Axios. The Biden administration has said Russia is actively manufacturing a pretext for invasion and warned that Putin could use joint military exercises in Belarus as cover to invade from the north.

Updated 13 hours ago - Science

This powerful new accelerator looks for keys to the center of atoms

Illustration: Eniola Odetunde/Axios

Nuclear physicists trying to piece together how atoms are built are about to get a powerful new tool.

Why it matters: When the Facility for Rare Isotope Beams begins experiments later this spring, physicists from around the world will use the particle accelerator to better understand the inner workings of atoms that make up all the matter that can be seen in the universe.

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