The Real Reason People Don't Save

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I feel for the disadvantaged groups, but at the same time I know a few people who are young and make a lot more money than they should, have just themselves to support, yet spend like there's no tomorrow. I have no sympathy for these people. Saving is common sense. You don't spend more than you earn. How hard can that be to get around your head?

jack of DE 10:07PM October 06, 2012

hello. i think learning to budget is extremely important, especially when your younger so you can develope good habits and learn not to waste your money on things that are not needed.

Angela Kalfson of MT 6:14PM March 08, 2011

I am currently 41 years old. I believe that my age group was taught to live with debt, and by using our credit we were doing what was expected of us. At the age of 18 everyone, it seemed wanted us to borrow money. For college tuition, for books and other incidentals we were offered credit cards everywhere.
Even today every store has incentives to apply for their particular card, all of which seem to have very high interest as compared to a Visa or American Express. It's very difficult to keep on track and think of saving when you can have today what you can't afford. Also it seems like my age group often went for the quick fix to debt by declaring bankruptcy.
Preditory lending is all too common. The younger we teach children to say "no" to debt the better.

Christine Buescher of NY 1:33PM March 03, 2009

We need top share the wealth in this country. One way of doing this ,would be,as used in some other nations, a wealth fund
which would pay out yearly income to every citizen in our country.
In other words, what the huge majority of UScitizens need is a guaranteed income every year that will come to the individual like clockwork.
That way, no matter what the economy does,they will be able to stay stable and buy their basic needs, no matter what.
The money for this could come from the profits of corporations,such as oil companies,etc.

Leslie Howell of NV 5:15PM February 11, 2009

Teaching high school students about what job opportunities/education is available to them in the future is a much better use of time than teaching "financial literacy." I find that my parents who are just about as middle class as it comes...are the most financially illiterate...at least with things like retirement savings options, etc...

Grace of VA 11:07AM February 05, 2009

Nice article. Savings is a habit that is learned. Getting kids involved in the savings habit requires some out-of-the box thinking. The only investment I know which attempts to reach out to kids in a fun and entertaining way is the Monetta Young Investor Fund. High school is to late to teach basic financial skills, it starts around 5/6 years old. Savings on a regular basis is the most important habit to form at an early age to help kids understand the value of money.

Kathy of IL 4:15PM February 04, 2009

If people were to pay themselves first to an IRA or 401K, then they wouldn't have easy access to their money. Having desperate relatives (for whatever the reason) is never easy.

jimmy of AL 3:23PM February 04, 2009

This "insight" that family/friend needs will always absorb accessible money is a gem. Go deeper. Play it again and again. Americans need to hear this in public about 100 times, like a Viagra ad or something.
As for pensions, Social Security is the best we have now for most people. You CANNOT get any of it until you're old enough. You CANNOT get it in a lump sum no matter what. And you CANNOT outlive it.

Muser of NM 2:30PM February 04, 2009