Or the 1940's? What's changed?
2006-07-25 08:48:46 · 10 answers · asked by birdiesquill 2 in Business & Finance ➔ Personal Finance
Americans aren't saving today. For the first time ever, we have a sustained negative savings rate. In the 1940s and 1950s, everyone still remembered the Great Depression, where they lost everything they had. They saved a lot more because they were always afraid it would happen again. Today, very few remember the Great Depression, and we've become accustomed to recessions being short and manageable.
2006-07-25 08:52:09 · answer #1 · answered by Tim 4 · 0⤊ 0⤋
Today American saving habits are lower by percent than previous generations. The reason is we have more choices in terms of products and services. As result, we save less. But it is an actual change in culture. We want everything now and have access to easy credit to accomplish this. Therefore, we save less as a society. That's my two cents.
2006-07-25 15:52:55 · answer #2 · answered by Tuan T 2 · 0⤊ 0⤋
I read an article a couple of months ago that said that the savings rate is the lowest in history, in fact people are going in to their savings to spend. Not good!
2006-07-25 15:51:24 · answer #3 · answered by jxt299 7 · 0⤊ 0⤋
5% doesn't cover inflation?
the real answer is everyone today behaves like a child. look at the answer above... cost of living is too high, waaaaa waaaaaa waaaaaa. my job sucks.. waaaa waaaaaa... the rich get richer waaaaaa waaaaaa. the mexicans are somehow ruining my life, waaa waaaaaaa. I want a new car , I want it now waaaaaa waaaaaaa... I want a house now that I cant afford... gimme interest only mortgage! waaaa waaaaaaa...
2006-07-25 16:00:34 · answer #4 · answered by kvuo 4 · 0⤊ 0⤋
IT HAS TO BE HARDER TO SAVE IN THIS TIME. COST OF LIVING WAS EXTREMELY LOWER AND SINCE THE 50'S THE COST OF LIVING HAS GONE UP 100X. ITS INSANE. ALSO, WHO WANTS TO PUT $$$ IN THE BANK AND EARN 1/4 OF A PERCENT FOR INTEREST.
2006-07-25 15:53:56 · answer #5 · answered by sammi girls mom 5 · 0⤊ 0⤋
We have no savings habits today
2006-07-25 15:53:32 · answer #6 · answered by bigdogthepirate 2 · 0⤊ 0⤋
We now use and trust banks instead of using a sock under a mattress.
2006-07-25 15:51:54 · answer #7 · answered by wpililli 2 · 0⤊ 0⤋
People have so much more debt these days than ever before. Why does everyone live so much beyond their means?
2006-07-25 15:52:59 · answer #8 · answered by christiliz17 2 · 0⤊ 0⤋
americans today in general don't save at all compared to that time period. And they are in debt big time thanks to credit cards.
2006-07-25 15:52:51 · answer #9 · answered by jhrkickin 3 · 0⤊ 0⤋
we don't save now...the savings rates barely cover inflation
2006-07-25 15:52:11 · answer #10 · answered by Razor_Shock 3 · 0⤊ 0⤋