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How abortion access can impact personal finance: Turnaway Study author

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2 years ago

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Arizona residents rally for abortion rights on April 16, 2024 in Phoenix, Arizona.

Gina Ferazzi | Los Angeles Times | Getty Images

Abortion is an important issue for many voters, especially young women, heading into the November election.

Abortion access is about more than politics, or health care: It’s also a personal finance issue, said Diana Greene Foster, a demographer who studies the effects of unwanted pregnancies on people’s lives.

Foster, a professor at the University of California San Francisco, led The Turnaway Study, a landmark research study on the socioeconomic outcomes for Americans who are “turned away” from abortion. The study tracked 1,000 women over a five-year period ending January 2016. The women in the study had all sought abortions at some point before the study commenced; not all received one.

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In November, voters in 10 states — Arizona, Colorado, Florida, Maryland, Missouri, Montana, Nebraska, Nevada, New York and South Dakota — will choose whether to adopt state ballot measures about abortion access.

Such ballot measures follow a U.S. Supreme Court decision in 2022 that struck down Roe v. Wade, the ruling that had established a constitutional right to abortion five decades earlier.

Nationally, women under age 30 rank abortion as the most important issue to their vote on Election Day, according to the KFF Survey of Women Voters, which polled 649 women from Sept. 12 to Oct. 1. It ranked as the third-most-important issue among women voters of all ages, behind inflation and threats to democracy, according to the KFF poll.

Vice President Harris and Former President Trump spar over abortion

Abortion is among the least-important issues for registered Republicans, according to a Pew Research Center poll of 9,720 U.S. adults conducted Aug. 26 to Sept. 2.

CNBC spoke to Foster about the economics of abortion access and the financial impacts of the end of Roe v. Wade.

The conversation has been edited and condensed for clarity.

Low earners most likely to seek an abortion

Greg Iacurci: Can you describe the population of women that typically seek abortions in the U.S.?

Diana Greene Foster: One good thing about The Turnaway Study is that our demographics closely resemble national demographics on who gets abortions.

More than half are already parenting a child. More than half are in their 20s. A small minority are teenagers, even though lots of people think teenagers are the main recipients.

It’s predominantly people who are low-income. That’s been increasingly the case over time. It’s become disproportionately concentrated among people with the least economic resources.

GI: Why is that?

DGF: I think wealthier people have better access to contraceptives, even after the Obamacare-mandated coverage. Not everyone benefits from that. Not all states participate in that.

[Medical providers] still give contraceptives out. There are 20 states that have laws that say you should be able to get a year’s supply at a time, but almost nowhere is that actually available. The law says you should be able to get it, but you don’t. I led the studies that showed that if you make people go back for resupply every month or three months, as is very commonly done, you’re much more likely to have an unintended pregnancy. The laws have changed, but practice hasn’t changed. Access is not perfect yet.

Also, some people have abortions who have intended pregnancies because something went wrong with their health, with the fetus’ health, with their life circumstances. So even contraceptives aren’t the ultimate solution.

Greater likelihood of poverty and evictions

GI: What are the economic findings of your research?

DGF: When we follow people over time, we see that people who are denied an abortion are more likely to say that their household income is below the federal poverty line. They’re more likely to say that they don’t have enough money to meet basic living needs like food, housing and transportation.

Diana Greene Foster

Courtesy: Diana Greene Foster

Wanting to provide for the kids you already have is a common reason for abortion. We see that the existing children are more likely to be in poverty and in households where there aren’t enough resources if their mom couldn’t get an abortion.

[They’re also] more likely to have evictions, have a larger amount of debt if they’re denied an abortion.

GI: Can we quantify those impacts?

DGF: For example, six months after seeking an abortion, 61% of those denied an abortion were below the poverty line compared to just under half — 45% — of those who received an abortion. The higher odds of being below the [federal poverty line] persisted through four years.

And based on credit reports, we find that women denied abortions experienced significant increases in the amount of debt 30 days or more past due of $1,749.70, a 78% increase relative to their pre-pregnancy [average]. The number of public records, such as bankruptcies, evictions and court judgements, significantly increased for those denied abortions, by 81%.

GI: Why does this happen?

DGF: Having a kid is a massive investment. Deciding to parent a child relies on an amount of social support and housing security and access to health care, and our country isn’t at all set up to provide those things for low-income people.

Why costs are both rising and falling for women

GI: Your study took place at a time when Roe v. Wade was still the law. That’s no longer the case. How do you expect these economic consequences might be impacted?

DGF: In The Turnaway Study, people were denied abortions because they were too far along in pregnancy, but now you can be denied an abortion at any point in pregnancy in something like 13 states. So, it potentially affects a much larger group of people.

But there have been other changes which have to do with resources to help people travel and information about how to order medication abortion pills online. So, it isn’t the case that everyone who wants an abortion is now carrying a pregnancy to term.

There has been a lot of effort to circumvent state laws, and I think The Turnaway Study really reveals why. People understand their circumstances, and they are very motivated to get care, even when their state tries to ban it.

GI: What are the financial impacts some women in those states might encounter?

DGF: I’m actually studying the economic costs of the end of Roe and travel [expense]. Costs went up by $200 for people traveling out of state. People were delayed more than a week.

Under Roe, people could drive to an abortion clinic or get a ride; [after,] they were much more likely to be flying, having to take more modes of transportation. Over half stayed overnight. They traveled an average of 10 hours. That means taking time off work too. So, it dramatically increased the cost for those who traveled to get an abortion.

There are people who ordered pills online who are not [included] in the study. For those people, the cost may have gone down because it’s possible to order pills online for less than $30.

But you have to know about it, and you have to have an address, and you have to have internet, and it takes a level of knowledge to be able to pull that off. There can be a need for follow up medical care, so you have to be able to get that.

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$20,000 Caution Bond Requirement for US Visa Applications imposed on 50 Countries

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7 days ago

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August 8, 2026

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The United States Department of State has officially implemented a revised visa policy introducing a mandatory posting requirement for caution payments of up to $20,000 on select foreign travel applications. Under the updated regulatory framework, consular officials are authorized to require temporary nonimmigrant visa applicants from targeted foreign countries to post a refundable financial bond of $20,000 as a condition for visa issuance. The policy mechanism is designed to address diplomatic concerns regarding high overstay rates among temporary visitor, business, and educational visa categories.

The caution bond pilot program applies selectively to foreign nationals from designated countries whose diplomatic entities record historical visa overstay rates exceeding established federal thresholds. Under administrative guidelines published by the State Department, the full financial deposit is posted directly to a dedicated federal escrow account prior to final visa issuance. The entire caution payment is automatically refunded to the applicant upon verified proof of timely departure from the United States in strict compliance with the authorized duration of stay. Conversely, failure to depart within the legal timeframe results in full forfeiture of the posted financial bond to the United States government.

Diplomatic representatives and travel policy experts have expressed varying perspectives regarding the operational implementation of the caution bond system. Administration officials emphasize that the measure serves as an effective, market-based incentive to enforce international travel compliance and preserve domestic immigration security standards. However, international trade organizations and foreign diplomatic missions have raised concerns regarding the financial burden imposed on legitimate business travelers, foreign students, and commercial partners from developing nations.

The United States finalized the rule to make the temporary visa bond program permanent, taking effect on August 3, 2026. The updated permanent regulation replaces the prior 12-month pilot, eliminates the lowest $5,000 tier, and raises the maximum required bond amount to $20,000 for specific B-1/B-2 business and tourist visa applicants.

Here is the list of the 50 countries on the list as o August 3, 2026

African Nations (31 Countries)

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burundi
  • Cabo Verde (Cape Verde)
  • Central African Republic
  • Côte d’Ivoire (Ivory Coast)
  • Djibouti
  • Ethiopia
  • Gabon
  • The Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Lesotho
  • Malawi
  • Mauritania
  • Mauritius
  • Mozambique
  • Namibia
  • Nigeria
  • São Tomé and Príncipe
  • Senegal
  • Seychelles
  • Tanzania
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe

Asian & Eastern European Nations (11 Countries)

  • Bangladesh
  • Bhutan
  • Cambodia
  • Georgia
  • Kyrgyzstan
  • Mongolia
  • Nepal
  • Papua New Guinea
  • Tajikistan
  • Turkmenistan
  • Uzbekistan

Caribbean & Latin American Nations (5 Countries)

  • Antigua and Barbuda
  • Cuba
  • Dominica
  • Grenada
  • Venezuela

Oceanian Nations (3 Countries)

  • Fiji
  • Tonga
  • Vanuatu

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Personal Finance

Next-Generation Retirement Planning: Managing Longevity Risk and Variable Income Streams

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1 week ago

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August 7, 2026

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Retirement planning strategies are evolving in 2026 to address increased life expectancies, shifting dynamic market conditions, and the transition away from traditional defined-benefit pensions. Individual investors and financial advisors are abandoning rigid retirement models in favor of flexible, multi-asset strategies designed to mitigate longevity risk and preserve purchasing power over multi-decade retirement horizons.

Mitigating Longevity Risk with Dynamic Asset Allocation
As average life expectancies extend past eighty-five years, one of the primary financial risks facing retirees is outliving their accumulated wealth. Traditional fixed income allocations—such as the standard 60/40 equity-to-bond portfolio—are being reevaluated to ensure portfolios generate sufficient capital growth alongside reliable income.

Financial planners recommend maintaining a meaningful equity allocation throughout retirement to offset long-term inflation erosion. High-dividend equity funds, global real estate investment trusts (REITs), and inflation-indexed Treasuries are combined to create diversified portfolios that deliver both growth and income stability.

The Transition to Dynamic Withdrawal Strategies
The classic “4% safe withdrawal rule” is increasingly replaced by dynamic withdrawal strategies that adapt annually based on market performance. Under a dynamic withdrawal framework, retirees adjust their annual distribution rates within pre-set caps and floors:
– Market Upside: During strong market returns, retirees can increase discretionary spending or fund family legacy gifts.
– Market Downturns: During market pullbacks, spending distributions are temporarily reduced to prevent sequence-of-returns risk and preserve core investment principal.

Guaranteed Lifetime Income Options and Deferred Annuities
To establish a guaranteed baseline for essential living expenses, individuals are incorporating modern fixed-indexed and deferred longevity annuities into their broader retirement architectures. Modern annuity structures offer competitive return caps, transparent fee schedules, and inflation-adjustment options.

By funding essential expenses—such as housing, healthcare, and insurance—with guaranteed income streams from Social Security, pensions, and annuities, retirees can manage discretionary investment portfolios with greater flexibility and lower emotional stress during market volatility.

Actionable Steps for Future Retirees
1. Calculate Baseline Retirement Expenses: Determine fixed living costs and map guaranteed income sources to cover essential expenditures.
2. Adopt Flexible Withdrawal Rules: Implement dynamic spending rules to protect investment principal against market downturns.
3. Incorporate Inflation-Protected Assets: Maintain exposure to dividend-growing equities and inflation-indexed bonds to safeguard long-term purchasing power.

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Personal Finance

Building Generational Wealth: Family Governance, Estate Tax Optimization, and Asset Protection

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2 weeks ago

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August 1, 2026

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As the largest intergenerational transfer of wealth in history accelerates, high-net-worth families, entrepreneurs, and individual investors are placing heightened emphasis on comprehensive estate planning, family governance, and asset protection. Preserving capital across generations requires a balanced approach combining tax-efficient legal structures with open family communication and financial literacy education.

Optimizing Estate Tax Exemptions and Trust Structures
With potential modifications to federal estate tax exemption thresholds on the horizon, proactive estate planning is essential for high-net-worth households. Estate planning attorneys and wealth advisors are establishing multi-generational trust structures to transfer wealth efficiently while minimizing estate and gift tax exposure.

Popular structural strategies include:
– Irrevocable Life Insurance Trusts (ILITs): Utilizing life insurance proceeds to provide liquidity for estate tax obligations without expanding the taxable estate.
– Grantor Retained Annuity Trusts (GRATs): Transferring rapidly appreciating assets to beneficiaries with minimal gift tax consequences.
– Dynasty Trusts: Preserving wealth across multiple generations while providing long-term asset protection from creditor claims and legal liabilities.

Establishing Family Governance and Financial Education
Legal and financial structures alone cannot guarantee long-term wealth preservation without effective family governance. Financial advisors report that a significant percentage of multi-generational wealth dissipation stems from lack of communication and inadequate financial preparation among heir generations.

Families are establishing formal family governance frameworks, including periodic family meetings, written mission statements, and structured philanthropic foundations. Involving younger family members in charitable grant-making and investment discussions fosters financial stewardship and prepares heirs to manage family assets responsibly.

Digital Asset Custody and Legacy Planning
In today’s modern economy, estate planning must extend beyond physical real estate and traditional brokerage accounts to encompass digital assets. Comprehensive estate plans now include detailed inventories and legal access protocols for corporate domain names, intellectual property, digital media rights, and cryptocurrency holdings.

Fiduciaries and estate executors should be provided with secure, encrypted access mechanisms and clear legal authority to manage and transfer digital holdings in accordance with the owner’s estate directions.

Practical Steps for Legacy Planning
1. Review and Update Estate Documents: Ensure wills, revocable trusts, and power-of-attorney designations accurately reflect current family structures.
2. Establish Structured Trusts: Utilize irrevocable trusts to protect assets from creditors and minimize future estate tax liabilities.
3. Create a Digital Estate Inventory: Document access protocols and legal permissions for all online accounts, intellectual property, and digital assets.

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