why are americans so lousy at saving money?

Answer 1

In our culture, we are inundated with images and glamor of the rich and famous. Trying to keep up with an image is what many Americans do. Who cares about bling-bling and spinning wheels? That's all a waste of money.

Saving is simple mathematics. Something Americans fail at miserably. Take $10000 today and invest it over 20 years. You will have close to $30,000 if you earn 5% every year. Not bad - now start adding monthly contributions to your savings - your savings power compounds and before you know it, you're a self-made millionaire.

With many of us living in the "now", we don't think about putting our money to work for us. We'd rather live in the now and disregard what will happen 10 to 20 years from now. Retirement - what's that?

Simply put - saving money requires DISCIPLINE. Something many Americans do not have.

Answer 2

1.) Because Americans enjoy instant gratification.
2.) Because they rather do what they want with their money now then having to put it in a bank (which is some how so hard for people).
3.) Because Americans are the hardest to learn we learn less about money then in other countries.
4.)Don't believe that person who says we need to be taught Americans need to learn on their own.
5.)Because Americans make up more excuses then any other country in the world.
6.)Because most Americans can't dedicated themselves to anything but I want now stuff.
7.)And because we are so stupid with our money most other country just save without any reason.
I was born into a family whose number one rule was save no matter what, I also believe it's because most of my family members grew up in those countries such as Asia and Germany whose people save more then anywhere in the world. The saying goes Asians are stingy (yes we are why do you think we have more savings then other people because were stingy) Stingy (meaning we barely part with our money).
8.)Americans need to be stingy about shelling out money for crap such as fancy cars, brand name clothing, big ugly houses, eating out or hiring a personal chef.
9.) There's also a saying about the more you give the more you get back (but Americans want to get back now being greedy does not help you get back when the timing is right).

Answer 3

there's no school for money.

If there's a college / institution that will teach students on how to handle money, then people could probably start saving money.

Money 101 or Finance 101.

Answer 4

Most people are living for today because they feel tommorow isn't promised to them. Also, some people feel they can't afford to put anything to the side. Managing money should be taught not learned as you go.

Answer 5

Because the statistics define define saving money only as deposits to cash accounts (money markets, savins accounts, etc.) Contributions to 401(k)s, IRAs and stocks are counted as "spending."

Answer 6

Who cares about saving money?

Answer 7

Because we are educated by banks and credit cards that borrowing money is the right way to go and we are enticed by tv to live above our means by seeing what "rich" people/actors/ sports stars/ etc. live like

Answer 8

Because they (we) believe in conspicuous consumption and instant gratification. We can't save money at the same time that we are buying the newest/biggest/fanciest/most expensive-looking and trying to outdo our neighbors.

Answer 9

Don't know what you are talking about. Americans are the richest people in the world....

Answer 10

simple - the me generation , keeping up with the jones, the now generation , the tomorow will never come generation , low wages , bad economy , and a medical or divorce disaster .ALSO REFER TO THE FIRST PERSONS IGNORANT ANSWER OF WHO CARES . nOBODY WILL CARE ABOUT YOUR SORRY BUTT WHEN YOU ARE BROKE EITHER .