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Survey: Most Americans Struggle To Save Money

Tuesday, February 25, 2014 - 7:43 PM
"Stagnant wages, and prolonged unemployment and underemployment have meant that many Americans continue to struggle to save. Finding it difficult to build wealth through home ownership has also impeded many individuals and families from making progress in meeting their savings needs, according to a national survey.The survey released Monday found that only about one-third of Americans say they're making "good" or "excellent" savings progress, while nearly two-thirds are making only "fair" or "no" progress."

Survey: Most Americans Struggle to Save Money - NBC News
7
ShorebreakShorebreak2,376 posts since
Apr 6, 2010
Rep Points: 12,693
1. Thursday, February 27, 2014 - 8:45 AM
I think with the situation of jobs in the last 30-35 years and stagnant wages it has made it very hard and in many circumstances impossible to save and get ahead. We have had too many booms and busts. 

I really hate to say this but I think that with us building in the 70's and living in the basement while we worked on it and then using every penny paying off the house and with the high inflation in the 80's made it much easier to pay off the house and save for the future. Since 2008 we have had many times we were on the edge of stagflation, and this is far more serious than inflation. 
2
AllyAlly783 posts since
Jan 16, 2010
Rep Points: 2,279
2. Saturday, March 1, 2014 - 2:55 PM
I can't help but wonder if the majority if not all the posters here have gobs of money saved, not in stocks but CDs, checking accounts, etc. Meaning cash deposits.  This article makes me feel better in realizing that not being able to save over the last few years isn't an individual problem, but a systemic problem.  You can't beat the system as it is too big.  That is why you need government to step in, as they are the only entity strong enough to stand up to the problems of the system.  You, and I, are not alone!
3
mustsavemoremustsavemore40 posts since
Jun 26, 2013
Rep Points: 127
3. Saturday, March 1, 2014 - 5:09 PM
You seem to be on the side of the government "stepping in" .  Are you speaking about more access to welfare and food stamps etc?.  How is the government stepping in in any other way which helps people to save?  I can't find how they are and that is why this generation cannot save and if they try can make nothing without taking risk.  The "gobs" of money you think has been saved by posters on DA, if it is true, was saved at a time when they were able to get much higher interest rates on CDs.  This opportunity is no longer available to this generation and may never return.  IMO,  they "are" still alone in this endeavor to save.
2
paoli2paoli21,142 posts since
Aug 10, 2011
Rep Points: 5,104
4. Saturday, March 1, 2014 - 9:15 PM
Exactly!  So if the government can mandate changes like higher interest rates, then you'd see more bang for your buck.  I'm sure that's why I can't save a dime.
1
mustsavemoremustsavemore40 posts since
Jun 26, 2013
Rep Points: 127
5. Sunday, March 2, 2014 - 7:58 AM
Higher interest rates are used to SLOW the economy. With higher interest rates comes higher inflation. 
1
AllyAlly783 posts since
Jan 16, 2010
Rep Points: 2,279
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