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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

Huge wildfire reaches edge of Sequoia National Park

A plume of smoke and flames rise into the air as the fire burns towards Moro Rock during the KNP Complex fire in the Sequoia National Park near Three Rivers, California, on Saturday. Photo: Patrick T. Fallon/AFP via Getty Images

Firefighters in Sequoia National Park were working into the night after two wildfires merged to reach the Giant Forest Saturday.

Why it matters: This forest contains over 2,000 giant sequoias, including the General Sherman Tree — considered the world's largest by volume. Park officials wrapped the trees in foil last week as the Paradise and Colony Fires, now known as the KNP Complex Fire, neared. And officials said early Sunday protection efforts appeared to be working.

3 hours ago - World

U.S. drone strike victims' families in Afghanistan seek compensation

A relative of Ezmarai Ahmadi, who was killed by a U.S. drone strike, looks at the wreckage of a vehicle that was damaged in the strike in the Kwaja Burga neighbourhood of Kabul on Saturday. Photo: Hoshang Hashimi AFP via Getty Images

Relatives of 10 Afghans killed by a U.S. drone strike in Kabul last month said Saturday they want to see punishment and compensation over the deaths.

Driving the news: The relatives said it's "good news" that the U.S. had "officially admitted" that "they had attacked innocents" in the Aug. 29 strike that killed Zamarai Ahmadi, an aid worker with a U.S.-based group, and nine family members, but they still need "justice," per AFP.

Miriam Kramer, author of Space
6 hours ago - Science

All-civilian Inspiration4 is back on Earth after flight to space

A side-by-side of the Inspiration4 crew and a shot of their capsule on the way back to Earth. Photo: SpaceX

The all-civilian Inspiration4 crew is back on Earth after their three-day mission in orbit.

The big picture: The launch and landing of this fully amateur, private space crew marks a changing of the guard from spaceflight being a largely government-led venture to being under the purview of private companies.

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