Study in London for big salaries but head north for the nightlife, new university guide reveals

The universities and degree courses whose graduates earn the highest salaries have been revealed.

By Julie Henry, Education Corespondent

8:50AM BST 09 Sep 2012

2 Comments

The best-paid graduates of the London School of Economics are earning an average salary of almost £29,000 six months after they leave, while the average holder of a new medical degree is on an a salary of £31,383.

The figures were disclosed after universities and colleges were ordered by ministers to provide data on everything from where their students end up working and how much they earn, to the amount of contact undergraduates can expect with professors and how much it costs to live in halls of residence.

The information will be published this week on a website, which will also include research on how students rate campuses across the country. University applications for 2013 open this month.

The figures reveal that the top-earning graduates come almost from either colleges in London or Oxford and Cambridge, while medicine, dentistry, chemical engineering, veterinary medicine and economics are the most lucrative courses across higher education, leading to average annual salaries of at least £25,700 for their graduates.

New tuition fees of up to £9,000 a year, coupled with living costs, means students face graduating with average debts of about £53,000. As the financial burden of going to university has increased and the job market has contracted, demands have come for more information about what undergraduates actually get for their money.

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Vice-chancellors were reluctant to provide details on elements such as graduate earnings and the amount of time students spend in lecturers and tutorials.

They argued that such information is not comparable across all courses and all universities and that education is not a "consumer product" like a car or a washing machine.

However, David Willetts, the universities minister, has insisted that higher education is now a market place in which providers, some in the private sector, must compete for intake by delivering an "excellent student experience".

The website, published by Which?, will allow would-be students to build shortlists of institutions and narrow down degree choices by categories such as potential earnings, entry requirements and the percentage of applicants who were offered places on specific courses.

It publishes for the first time statistics from the Department for Business, Innovation and Skills, the Higher Education Statistics Agency and the National Student Survey, as well as its own survey of undergraduates.

The findings suggest that students who put nightlife at the top of the agenda should head north.

Northumbria, Liverpool, Newcastle, Manchester and Leeds universities are ranked highest, while the campuses rated as having the strongest political scene included the London's School of Oriental and African Studies, the LSE and Oxford University.

The instiutions rated highest for sports are Loughborough, Bath, Stirling, Brunel and Durham.

Those rated as having the most active music, theatre, dance and visual arts scenes are Arts University College in Bournemouth, Goldsmiths in London, and University College Falmouth.

Richard Lloyd, the executive director of Which?, said: "Research show students want more information on employment prospects, course structure and extra-curricular activities. It is crucial that students can access as much impartial information and advice as possible. It should be possible for anyone applying to university to make an informed choice that is right for them."

Mr Willetts said: "The Government is making more raw data about university courses available than ever before. The Which? University site can play a really important role, using their expertise to present the information in innovative and easy to digest formats."

Top 10 institutions ranked by average yearly salary six months after graduation

London School of Economics £28,968

Imperial College London £28,831

St George's London £27,015

University College London £25,020

Royal Veterinary College £24,936

University of Cambridge £24,926

King's College London £24,798

University of Oxford £24,773

Queen Mary London £23,961

City University London £23,674

Top 10 courses ranked by average yearly salary six months after graduation

Clinical Medicine - £31,383

Clinical Dentistry - £29,664

Botany - £28,591

Pre-Clinical Medicine - £28,397

Chemical, Process & Energy Engineering - £28,219

Others In Medicine & Dentistry - £27,931

Operational Research - £26,776

Biotechnology and Industrial Biotechnology - £26,309

Clinical Veterinary Medicine & Dentistry - £25,885

Economics - £25,717

http://www.telegraph.co.uk/education/educationnews/9530629/Study-in-London-for-big-salaries-but-head-north-for-the-nightlife-new-university-guide-reveals.html

The Best Ways to Prevent Money Arguments With Your Spouse

By Daniel Bortz
Fri, Sep 7, 2012

Are you fighting with your spouse over money? If so, you could be doing more damage than you realize.

Twenty-seven percent of Americans say disagreements over finances are most likely to erupt into an argument, ahead of arguments over children, chores, work, and friends, according to a recent survey of married or cohabitating couples by the American Institute of Certified Public Accountants.

Fights with your spouse are never easy, but evidence shows that arguments over money can be particularly distressing. A 2011 study by Jeffrey Dew of Utah State University found that married couples who disagreed about money once a week were twice as likely to divorce as those who differed less than once a month. This is partly because money arguments encompass more than just finances. "Money doesn't just represent money; it represents love, power, control, self-esteem, freedom," says Olivia Mellan, a money coach and author of Money Harmony: Resolving Money Conflicts in Your Life and Relationships.

"Money decisions are such personal decisions, which is why they can lead to nasty fights," says Scott Palmer, who co-authored the book First Comes Love, Then Comes Money: A Couple's Guide to Financial Communication with his wife, Bethany.

When it comes to money, many couples are blinded by their own views on spending and saving, and often can't see or understand their partner's perspective. "We always think our own way of looking at money is the best, and it creates a tug-and-pull inside the relationship," says Bethany Palmer.

Communication is key to resolving money issues, experts say. Gaining a better understanding of your partner's financial habits will enable you to prevent arguments with your spouse over money--or at least quell them before they escalate. U.S. News spoke to experts for their recommendations:

Be financially transparent. Financial transparency is the foundation of good communication, says Bethany Palmer. "If you're not open with your spouse about your finances, it's very hard to have an intimate relationship," she says.

Being honest about your finances from the start--including any debt you carry, for example--will enable you and your spouse to avoid financial infidelity. "If both parties aren't on the same page, it leads to secrets, which can undermine a marriage," says Matt Bell, author of Money & Marriage: A Complete Guide for Engaged and Newly Married Couples.

Exchange information. Jean Dorrell, a certified estate planner in Longboat Key, Fla., who counsels couples about money, recommends that couples share credit reports and tax returns--that way, nothing is kept secret. This ideally occurs before they tie the knot, but it can still be effective if done at the beginning of the marriage. "When you fall in love with somebody, you don't think about going, 'Oh, by the way, how's your credit score?' But it's a conversation you need to have," Dorrell says.

If your partner has significant debt, Dorrell suggests you consider signing a prenuptial agreement so that you're not legally responsible for paying off their debt in the event that you divorce.

Establish a budget. Creating a budget for you and your spouse will take the guesswork out of your money arguments. "A budget gives you factual information," says Bell. "A lot of arguments around money have to do with assumptions and emotions. But if you have a budget, you can take a look strictly at the numbers, which will enable you to have a fact-based discussion about any disagreements."

Even if one spouse doesn't stick exactly to the budget, having one in place creates an expectation of how much each of you should be spending. Just be sure to allow some wiggle room for discretionary purchases, suggests Lynn Mayabb, a certified financial planner with BKD Wealth Advisors in Kansas City. "Everybody is going to have something they want to buy that the other person thinks is frivolous," she says. "Each person needs a certain amount of money that they don't have to explain where they spent it. If you have a budget that's too constricting, people have a hard time sticking to it."

Understand each other's money personality. Scott and Bethany Palmer believe each person has a money personality--a spending style that dictates their money habits. At the most basic level, someone is a saver or a spender, according to the Palmers. If a saver and a spender wind up together, which the Palmers say often happens because opposites attract, the couple's day-to-day lives are in conflict. The saver wants to make dinner at home; the spender wants to eat out. The spender buys himself a nice bathrobe and the saver resents it each morning when she sees it hanging on the hook. "You would think the biggest arguments about money would be over a big subject like a house or a car, but it's over everyday decisions," says Bethany Palmer.

However, if you take the time to evaluate and understand each other's respective money personalities, you'll likely fight about money a lot less. "We find if couples can understand how they look at money and understand their partner's perspective of money, that will start their relationship off on the right foot," Scott Palmer says.

If both parties are aware of the other person's spending style, the lines of communication are open and each person will have a better idea of where the other one is coming from. "Walk half a mile in your partner's moccasins," says Mellan. If you stop and think how your partner feels about the situation, Mellan says you and your spouse become less polarized.

Discuss family history. The way people approach money is, in large part, related to how their parents treated money, says Mayabb. Was money openly discussed in your household growing up? Did Dad make all the decisions or was it a team effort? Did you admire your parents' spending and saving habits or did you vow to do the opposite of what they did? Having a discussion about your families' money habits will help bridge the gap between you and your spouse's outlook on money, Mayabb says.

With the potential for money arguments to lead to serious marital problems, consider setting up weekly chats to tackle money disagreements before they evolve into fights.

http://finance.yahoo.com/news/best-ways-prevent-money-arguments-163024950.html

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How to Retire Rich: 3 Smart Steps at Ages 40-55

Maneuver to stay on track. It's a balancing act to pay for college and keep saving.
By Sandy Block and Jane Bennett Clark | Kiplinger

By now, you've probably amassed a decent sum in your retirement accounts and another hefty sum in the college fund. You haven't? Join the club. A survey conducted in 2009 by Edward Jones, the financial services firm, showed that 20% of respondents ages 45 to 54 had saved nothing at all for either retirement or college. A recent survey showed that 62% of respondents had never heard of a 529 savings plan, much less contributed to one.

[More from Kiplinger: 5 Costly Retirement Surprises]

Here's the penalty for procrastinating on both those fronts: If you had started saving for retirement in your twenties, you would have had to carve out 13% of your salary every year to replace your income in retirement, according to an analysis by T. Rowe Price. Now, at 45, you'll need to sock away 29% of your salary to catch up. (And if you put it off until age 55, you'll need to save 43%, which won't leave you much for groceries or gas.) Uncle Sam gives the procrastinators of the world a powerful incentive to save: Once you're over 50, you can contribute significantly more to your 401(k) plan than your younger colleagues.

Adjust the college plan. The same time-and-money crunch applies to college savings. Compare the difference between starting a college fund when your child is a toddler and when he or she is 13. Fifteen years out, you would have had to save $345 a month to cover 75% of the cost of a public college education, according to Savingforcollege.com. At this stage -- say, five years out -- you'll have to save $646 a month, almost twice as much.

Rather than regret the past, recalibrate. If you're on track for retirement but short of your college goal, for instance, you can always redirect 1% or 2% of your gross income from one pot to the other for a few years, says Greg Dosmann, a principal at Edward Jones. Recognize that you might have to work a year or two longer before retirement or boost the retirement allocation after you're done paying the college bills. "It's a trade-off," he says.

[More from Kiplinger: 10 Things You Must Know About Social Security]

Or consider borrowing -- judiciously. Parent PLUS loans, sponsored by the federal government, carry a fixed 7.9% rate. PLUS loans let you borrow up to the cost of attendance, minus any financial aid. Thanks to their fixed rate and consumer protections, such as forgiving the loan if the student dies or becomes disabled, PLUS loans are generally a better bet than private student loans.

Remember, however, that borrowing on behalf of your student can jeopardize your own financial security in retirement. If the gap is a chasm, not a crevice, find a cheaper school. Another way to get cash for college is to borrow against the equity in your home. With a home-equity loan, you pay a fixed rate (recent average: 6.4%) but borrow the entire amount upfront. With a line of credit, you pay a variable rate (recent average: 5.1%) and borrow as needed. With both, you can generally deduct the interest on amounts up to $100,000, no matter how you use the money.

A lower rate and tax-deductible interest may beat student loans. The downside to this strategy is that it pushes off a key goal for many people, which is to enter retirement mortgage-free. "After the kids are finished with college, you are going to have to save like heck to pay off the mortgage or, if you can't do that, sell the house and downsize when you retire," says Yrizarry. Downsizing doesn't have to be a bad thing, but it's a decision you should make before you borrow, not after.

[More from Kiplinger: 10 Most Tax-Friendly States for Retirees]

Talk turkey with your kids. No matter how you plan to pay for college, let your kids know what you're prepared to do before you make up a college wish list. Be clear that "if the net price after financial aid doesn't end up at your number, it has to go off the list,” says Fox. Without that conversation, you'll be hard-pressed to say no when the acceptance letter from Vassar comes. "College is not just a financial decision," says Fox. "There's a whole emotional side. You have to have the guidelines established before you get to that point."

Invest what's left. If you're among those who have college covered (or don't have college costs to contend with) and you save the max in your retirement accounts each year, you may be looking for ways to invest excess income. One option is to add tax-free municipal bonds to your fixed-income allocation, says Yrizarry. Despite recent reports, most state and local governments have shown resilience in the face of budget cuts.

Or take advantage of low interest rates and bottoming housing values to invest in real estate, Yrizarry suggests. If your student is heading off to college, you can accomplish multiple goals (and take advantage of a strong rental market) by buying a condo near campus and letting your kid and a few roommates live in it. Later, you can rent the property to other students or to alums during big sports weekends, generating income before and into your retirement.

MORE FROM 

• QUIZ: Are You Saving Enough for Retirement?
• How to Retire Rich: 6 Smart Steps to Take at Ages 50-66
• 10 Least Tax-Friendly States for Retirees

http://finance.yahoo.com/news/how-to-retire-rich--3-smart-steps-at-ages-40-55.html

Is Tesco Turning?

By Tony Reading
September 7, 2012

LONDON -- It came out of the blue, slashing nearly a quarter off the share price. Tesco's (LSE: TSCO.L  ) profit warning in January -- its first for 20 years -- divided investors between bulls who saw it as a temporary glitch and bears who saw more serious writing on the wall.

It wasn't just among private investors that opinions were sharply divided. Investment guru Warren Buffett rapidly upped his stake to over 5%. But high-yield fund management superstar Neil Woodford took a bearish view, selling out completely in April.

So how is Tesco faring now?

As far as the share price goes, there is little indication of recovery. At 338 pence, they are still 16% below their early-January high of 411 pence. But there is some indication they're slowly clawing their way back. They are up 6.5% from the post-profit-warning low, during which time the FTSE 100 has gone nowhere. Meanwhile, rival J Sainsbury has motored up 14%, and William Morrison has slipped 3%.

Hubris
Tesco's sin was one of hubris -- perhaps not surprising in the light of former CEO Terry Leahy's very long and successful tenure. It took its core U.K. grocery business for granted and neglected it in favor of exciting growth opportunities internationally and in nonfood businesses from out-of-town hypermarkets to banking.

Nemesis came when the U.K. shopper woke up to Tesco's poorer customer service and product offering, and its grocery market share slipped. Meanwhile, the new markets proved tough. Internationally, Tesco lacks the market power it has at home, hypermarkets found online competition tougher than was expected, and some new ventures such as second-hand cars were just a step too far.

Tesco's act of repentance, unveiled by new CEO Philip Clarke in April, was to refocus investment on the core U.K. grocery. Store expansion would be cut back, while more would be spent on refurbishing existing stores, improved staffing, and price promotions.

Trench warfare
Is it working? Competition in the U.K. grocery sector is rather like trench warfare. Tesco's market share is around the 30% level -- roughly double that of each of its big three rivals, Sainsbury, Morrison and Wal-Mart-owned Asda. A big push in sales translates into just a small increase in market share.

Tesco's market share has continued to slip all year, but recent figures hint at a turnaround. Measured over the 12 weeks to Aug. 5, its market share slipped marginally to 30.9%, but in the final four weeks of that period, it rose to 31.4%, according to data from Kantar Worldpanel. In those four weeks, sales grew 5.1%, ahead of Asda at 4.9%, Sainsbury at 2.7%, and Morrison at 1.4%. It's a very small sign, but as the company says, "Every little helps."

Not all are convinced. Asda hit out at Tesco's complex promotions, describing them as "basket bingo." ING's analysts have suggested that Tesco needs to make much deeper price cuts to stop customers switching to Asda. Meanwhile, Tesco's international business has its own headaches, with the U.S. stores still making losses and the business in Korea hit by government regulation.

So Tesco shareholders can expect to wait a while yet before the shares recover their previous levels. But Tesco has the market and financial power to claw its way back, and I remain a patient bull.

A good run
Sainsbury's share price has had a good run over the summer, matching its sales success over the period. Up 12% since June 1, they look a little expensive at 324 pence, but with tangible net assets of about 290 pence and a yield of 5%, they remain a good defensive investment.

Morrison makes a virtue of its slowness to act. It is only now rolling out a plan for a chain of convenience stores, long after Tesco and Sainsbury. Having eschewed hypermarkets, its chief executive has recently dismissed them as "a blip on the pages of retail history." And its adventures into nonfood retailing have been specifically confined to its acquisition of baby-goods retailer Kiddiecare.

Just why has Warren Buffett singled out Tesco as a rare foreign investment? You can delve into this question in this report from the Motley Fool: "The One U.K. Share That Warren Buffett Loves." It's free, and you can download it here.

Where is the U.K.'s leading dividend stock-picker investing today? The identities of Neil Woodford's favorite blue chips are revealed in this free Motley Fool report -- "8 Shares Held By Britain's Super Investor."

More investment opportunities:

• New Brooms To Sweep Clean At Astra and Barclays
• How To Unearth Great Oil And Gas Shares
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http://www.fool.com/investing/international/2012/09/07/is-tesco-turning.aspx

Median Household Income in the United States

First off - what is median household income?

According to the U.S. Census Bureau, "household median income" is defined as "the amount which divides the income distribution into two equal groups, half having income above that amount, and half having income below that amount."

The U.S. Census Bureau currently publishes median household income data from 1975 until present day.

Year

No. of Households

Nominal $

Inflation Adjusted $

2010

118,682,000

$47,022

$49,445

2009

117,538,000

$47,361

$50,599

2008

117,181,000

$47,832

$50,939

2007

116,783,000

$47,752

$52,823

2006

116,011,000

$45,817

$52,124

2005

114,384,000

$44,082

$51,739

2004

113,343,000

$42,167

$51,174

2003

112,000,000

$41,185

$51,353

2002

111,278,000

$40,347

$51,398

2001

109,297,000

$40,148

$52,005

2000

108,209,000

$39,926

$53,164

1999

106,434,000

$38,714

$53,252

1998

103,874,000

$36,932

$51,944

1997

102,528,000

$35,086

$50,123

1996

101,018,000

$33,593

$49,112

1995

99,627,000

$32,191

$48,408

1994

98,990,000

$30,321

$46,937

1993

97,107,000

$29,244

$46,419

1992

96,426,000

$28,547

$46,646

1991

95,669,000

$27,937

$47,032

1990

94,312,000

$27,601

$48,423

1989

93,347,000

$26,550

$49,076

1988

92,830,000

$24,879

$48,216

1987

91,124,000

$23,685

$47,848

1986

89,479,000

$22,588

$47,256

1985

88,458,000

$21,405

$45,640

1984

86,789,000

$20,295

$44,802

1983

85,407,000

$18,859

$43,453

1982

83,918,000

$18,422

$43,758

1981

83,527,000

$17,375

$43,876

1980

82,368,000

$16,017

$44,616

1979

80,776,000

$14,605

$46,074

1978

77,330,000

$13,121

$46,202

1977

76,030,000

$11,743

$44,481

1976

74,142,000

$10,962

$44,201

1975

72,867,000

$10,218

$43,479

1974

71,163,000

$9,600

$44,649

1973

69,859,000

$8,945

$46,109

1972

68,251,000

$8,226

$45,196

1971

66,676,000

$7,671

$43,340

1970

64,778,000

$7,396

$43,766

1969

63,401,000

$7,057

$44,108

1968

62,214,000

$6,464

$42,527

1967

60,813,000

$5,952

$40,770

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Source: U.S. Census Bureau (*.pdf)


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Inflation Calculator
http://www.davemanuel.com/inflation-calculator.php

Now at Tesco: Drive-Through Grocery Pickup

By Sarah Shannon - Sep 4, 2012

Jason Alden/Bloomberg

A page from the Tesco website is displayed for a photograph on an iPad.

When Nikki Dye tired of supermarket queues, she tried having her groceries delivered, but that meant committing to being at home for a two-hour delivery window. Now, she’s switched to a service where she can order online and then collect her groceries from a local store.

Enlarge image

By yearend, Tesco expects to complete collection points in 150 stores as part of a 1 billion-pound ($1.6 billion) initiative to revive domestic sales. Photographer: Simon Dawson/Bloomberg

“It’s so quick,” the 25-year-old working mother said as Tesco Plc (TSCO) staff at the store in the southern English town of Harlow loaded her car trunk with goods costing 80 pounds ($127).

With same-store sales falling, Tesco is betting it can get a lift from shoppers like Dye by tripling the number of outlets offering what it calls click and collect. The chain’s leading share of the U.K. grocery market shrunk to a seven-year low this year as more Britons chose upscale competitors such as Waitrose Ltd. or discounters like Iceland Foods Ltd. and Aldi.

By yearend, Tesco expects to complete collection points in 150 stores as part of a 1 billion-pound ($1.6 billion) initiative to revive domestic sales. The grocer is also hiring 20,000 staff, updating its house brand products, refreshing stores and adding more personalized promotions.

Bryan Roberts, an analyst at Kantar Retail in London, said click and collect will give shoppers a reason to choose Tesco over its competitors. Among the top four grocers in the U.K., onlyWal-Mart Stores Inc.’s Asda, (WMT) the No. 2 chain, has a similar service for groceries, and it’s just in a trial stage. The service also helps Tesco stand out from online retailers.

‘Ahead of the Pack’

“It’s going to be a key growth opportunity,” Roberts said. “The economics are much superior to home delivery,” which requires grocers to operate a fleet of vans and drivers.

Tesco, based in Cheshunt, England, expects that making shopping easier will convince customers to come back more often. Deloitte LLP estimates that people who shop via different methods -- the Internet, smart phones and visits to the supermarket -- spend more than double those who only shop at physical stores.

Click and collect “is gaining traction, and Tesco is ahead of the pack,” said Clive Black, an analyst at Shore Capital who recommends holding the stock. “While it’s a very modest part of supermarket activity it is one that’s expected to grow.”

Web sales, which accounted for 3.4 percent of U.K. grocery spending last year, are set to almost double over the next five years, according to the Institute of Grocery Distribution.

Declining Sales

Tesco’s domestic sales have declined for the last four quarters, with U.K. same-store revenue falling 1.5 percent in the 13 weeks ended May 26. That has left Chief Executive Officer Philip Clarke to seek new avenues for growth. Expanding click & collect, which started from a store in southern England two years ago, forms a part of his plan.

The service relies on its simplicity and convenience, said Ken Towle, Tesco’s director of Internet retailing. For a 2-pound fee, a shopper’s groceries are picked, packed and stored at the drive-through point. When the customer arrives, a staffer loads the groceries into the trunk.

“What customers like is they are in control,” Towle said. “They choose when they want it to be available. It de-stresses the whole experience for them.”

The expansion has come at a cost. Tesco has had to train staff in customer service and product returns, Towle said. And adding the collection points to stores has cut the floorspace available to sell products.

A big challenge is linking up online orders with picking and packing the groceries in the chosen time-slot from the store, according to Chris Gates, director of retail at Hitachi Consulting, a technology adviser that has worked with Tesco. Another issue is ensuring stores can handle returns and have enough supplies to account for both online and physical buyers.

Asda Trial

“Whilst companies realize it’s the way customers want to shop, it takes a lot of investment to make it happen,” Gates said. Retailers, he said, typically see a return on their investment in two years.

Asda says it has had trouble getting planning permission to set-up drive-through collection points. The company started testing a 1.50-pound-per-order click & collect for groceries this year and has about 10 outlets. Stores with the service get about 60 to 100 orders a week almost immediately, said Jon Wragg, director of Asda’s multi-channel strategy.

The retailer has trialed low-cost alternatives like a simple shelter in a carpark with a van that customers collect from, to a formal drive-through attached to the store.

French Insight?

“It’s all the understanding and refining of the experience for customers that I think is going to be tough,” Wragg said.

France may offer some insight into the concept’s potential. While British grocers have focused on home delivery of online orders, French companies have embraced drive-throughs instead.

Groupe Auchan SA has had drive-in collection since 2000, and Le Clerc, Casino Guichard-Perrachon SA (CO) and Carrefour SA (CA) also now offer the service. Planet Retail estimates there were about 1,000 drive-through points in France in May. Le Clerc expects about 5 percent of its sales to come from the drive-through format by 2015, up from 1.4 percent in 2011.

Planet Retail analyst Malcolm Pinkerton estimates that Tesco will generate about 6.4 percent of its overall U.K. sales from online orders this year, which will surge to 9.3 percent, or 5.9 billion pounds, by 2017 as click & collect is extended.

“Anybody that’s in retail who is not multi-channel would want to think quickly about having a strategy,” said Colin Jeffrey, director of retail research at Deloitte Digital. Click and collect is “a must, but it’s a massive challenge.”

http://www.bloomberg.com/news/2012-09-03/now-at-tesco-drive-through-grocery-pickup.html?cmpid=yhoo

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