Americans today are lacking crucial savings needed for managing short-term emergencies and building long-term wealth. According to a rolling representative online survey among U.S. adults by YouGov, 27 percent of Americans had some savings below $1,000 as of May 2023, while 12 percent said they had no savings at all.
To me, the lack of savings is a reflection of overall economic conditions and inflationary pressures for a portion of the US population. It’s too easy to say people need to save more. The problem is a lot of people live paycheck to paycheck and can’t save more.
I am getting it. The household economics don’t apply to a nation economics. At home save and invest while the other creates wealth via debt with lots of dynamics involved. It’s this dynamics that need realignment to benefit everyone equitably ( rather than equally)
Yikes!
Yes, the more people talk saving the more scarier the charts become. A mismatch worth a thousand mismatches!
To me, the lack of savings is a reflection of overall economic conditions and inflationary pressures for a portion of the US population. It’s too easy to say people need to save more. The problem is a lot of people live paycheck to paycheck and can’t save more.
I am getting it. The household economics don’t apply to a nation economics. At home save and invest while the other creates wealth via debt with lots of dynamics involved. It’s this dynamics that need realignment to benefit everyone equitably ( rather than equally)