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Money tips for international students.

FAQs

Chances are you or someone you know has been looking for full-time work for months, and the job market is feeling pretty brutal. Maybe you have friends who have been unemployed for even longer — or who are scraping by on temporary, low-wage gigs.

Meanwhile, the government continues to report a historically low U.S. unemployment rate, a sign of a resilient economy, according to many analysts.

So what gives?

To start, the national average obscures any variations by industry, location, ethnicity or age. Plus, most government reports have yet to capture the full impact of recent federal spending cuts and policy changes, according to economists at the Indeed Hiring Lab.

But there’s also more than one way to look at the nation’s unemployment picture.

One alternate measure — calculated by the Ludwig Institute for Shared Economic Prosperity — is over 24% and on the rise. This so-called “True Rate of Unemployment” still relies on government data, but also includes people who are working part-time but want full-time work as well as those who earn a poverty wage of less than $25,000 a year.

The parameters are subjective, but provide meaningful context to the struggle many Americans feel despite what’s being reported as a relatively strong job market. It may also help explain how consumer confidence got so low.

In fact, a new metric LISEP introduced last month — the Minimal Quality of Life Index — suggests a similar disconnect between standard economic indicators and what many people are experiencing.

According to LISEP, this index shows that the cost of “basic economic security” doubled between 2001 and 2023 as the price of things like housing, healthcare and college surged. That’s 38% faster than the government’s Consumer Price Index.

“For too long, traditional cost-of-living measures have fixated on mere survival, overlooking the fundamental truth that surviving is not living,” Gene Ludwig, founder of the non-profit research group, said in a statement last week.

So what? It’s true: Surviving isn’t living. And many Americans aren’t earning what they need to feel financially secure, regardless of the headlines. But what you make isn’t the only variable in your financial equation, and it doesn’t have to define your situation. Adopting a take-charge attitude can make a big difference.

Here are a few simple ideas to get you started:

•   Even when your budget is tight, there’s usually some room to save money, whether it’s wasting less food, avoiding unnecessary bank fees, or downgrading your phone or Internet plan.

•   If you’re straining to pay your credit card bill or car payment, reach out to your lenders. You may be able to negotiate a lower payment or get a temporary reprieve.

•   If your insurance or utility bills have been rising, be proactive. Call the companies to see if they can offer you a better deal or shop around with other providers.

•   There are always options. Don’t hesitate to seek help, whether that means asking a mentor to connect you to job opportunities, getting expert advice on lowering your debt burden, or using a financial planner to get a clearer handle on the big picture. (SoFi can help with this last one. Members can get a complimentary 30-minute initial consultation.)

Related Reading

•   5 Things to Do to Come Back From a Layoff (SoFi)

•   How to Land a New Job in a ‘Low Firing, Low Hiring’ Market (CNBC)

•   New College Grads are Entering a Workforce Shaped by Chaos. Here’s How They’re Preparing (Quartz)

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