According to the U.S. Bureau of Economic Analysis, Americans are saving less in 2023. The personal saving rate — the portion of disposable income one sets aside for savings — was significantly lower at 3.9% in August, compared to the 8.51% average in the past decade, according to data from Trading Economics which goes as far back as 1959.
Additionally, inflation makes it harder for people to cover their expenses or save, Koehler said.
A report by Blackrock shows that in 2023, only 53% of workers believe they are on track to retire with the lifestyle they want. A lack of retirement income, worries over market volatility and high inflation were some of the reasons cited for a lack of confidence about retirement among workers.
It really just is time for companies to pay more money to their employees, to share the wealth better, back like how we used to.
It’s wild to think that in the past only one person would have to work and a couple would be able to afford a house and raise a family. I can’t see how that can be done in today’s world.
Someone dig up FDR and ask him the redo the ‘New Deal’.