One thing that I plain just don’t understand – how so many people can go through life in the richest age in the history of the human race and have absolutely nothing saved for retirement? Those people together with the people that don’t save enough would constitute a majority of working people.
From CTV News
- 68 per cent don’t have a retirement plan
- 30 per cent haven’t saved a cent
- 62 per cent ended up retiring earlier than expected
How does this happen?
Western society is the richest society in history and we have the vast majority of people not planning on enjoying the fruits of their life long labour.
Is it a
- Lack of education in school?
- Expectation that the government will take care of you?
- Psychological propensity to only look at the short term?
- Rampant Consumerism?
The only thing I know it isn’t is a lack of information. All the information you could ever want to know about capitalism, investing, retirement is a click away, so what gives?
I don’t know that we will even have a definitive answer but some of my thoughts centre around how our society does not talk about money conversationally. It is considered ‘taboo’ to talk about investing, money, budgeting etc in polite conversation. What a farce! Obviously there are those that can be obnoxious about any subject – but the taboo on money and being smart with it is quite literally costing lives.
From my experience – my parents managed to retire early and they did have conversations with me about money as a child. The extent of it was save 10% of your income and invest it. I am pretty sure that I was an outlier in that the vast majority of my generation received much less education about money than that. Who willingly wants to keep selling their labour for income for their whole life? Someone who truly understands that their capital can provide their income instead of their labour would not go through life not saving for the future. Investing today’s labour to provide tomorrows income – how amazing is that? And yet so few people do it.
Please let me know why you think there is this huge disconnect in our society