INDIANAPOLIS (WISH) — Here is a look at Wednesday’s business headlines with Jane King.
New watchdog registry could identify bad businesses
A so-called rap sheet for U.S. companies is in the works that will allow consumers and government prosecutors to easily identify non-bank businesses that repeatedly break laws.
The Corporate Offender Registry will be unveiled next year by the Consumer Financial Protection Bureau. It will likely include 1,500 to 7,000 companies, and any sanctions or consent orders they may have accrued.
While banks are excluded, debt collectors, credit bureaus, mortgage and payday lenders won’t be.
College tuition fees proving hard lesson for parents
Although most parents agree that a college degree is important for their child’s future, according to College Ave, less than half of parents felt ready to pay for the first tuition bill when their child graduated from high school. This is based on a survey of 1,000 parents of current college students.
Nearly all parents surveyed plan to help their child pay for college and will use a mix of methods. Such as, parent income, savings, grants, scholarships, a 529 account, federal student loans and child contributions.
However, those parents who have saved for college the average amount saved for their child’s education was $45,000.
US job openings fall to lowest in over 3 years
In April, job openings slipped to 8 million, down by nearly 300,000 from March and the lowest since February 2021. While job openings decreased, hires moved slightly higher as did separations and quits.
Declining job openings along with weak Gross Domestic Product, could be early signs that the economy is slowing.
Middle class Americans face financial struggles
The majority of middle-class Americans say they struggle financially, the National True Cost of Living Coalition found that a third of respondents feel extreme stress about paying debt.
A portion of higher income Americans also feel financially insecure. The survey shows that a quarter of people making over five times the federal poverty level, an annual income of more than $150,000 for a family of four, worry about paying their bills.
SURVEY: Some Americans skeptical about electric cars
Many Americans are skeptical of switching to electric vehicles. About 46% of Americans said they are unlikely to purchase an electric vehicle, according to a poll released by the Energy Policy Institute at the University of Chicago.
Nearly 60% of respondents said they would avoid the transition due to the high cost.