Originally published on Fri August 30, 2013 1:29 pm
There's no question that dealing with mortgages, car payments and other bills takes up time and energy. But having a tight budget may also zap our ability to think clearly, scientists report Thursday in the journal Science.
In a series of clever experiments involving farmers in India and shoppers in New Jersey, scientists found that people are worse at solving puzzles — similar to those on the IQ test — when they're first reminded of money problems.
Rico Saccoccio is a junior at Fordham University in the Bronx. He's from a middle-class family in Connecticut and he spent the summer living at home with his parents, who cover about $15,000 a year in his college costs.
According to the U.S. government, Saccoccio is living in poverty. The $8,000 he earns doing odd jobs puts him well below the $11,945 poverty threshold for an individual. In fact, the U.S. Census Bureau recently reported that more than half of all college students who are living off campus and not at home are poor.