>It's not so much that Americans are bad at planning, it's just that they're not taught to do it. It's not taught in schools, and because their parents didn't need to plan so much when the economy was much better, it wasn't a skill that has been passed down.
This is simply not that true. It was taught in my public school and taught to most of my friends that went to public schools near me. Also taught in college. It didn't help. The power of compounding interest is taught to almost everyone and even fake quotes from Einstein used to hammer it home.
My generation (mid-30s) faced a post-graduate nightmare of a job market after 9/11 and then the 2007 credit decoupling in combination with a massive run-up in real estate values in the largest cities in America. No one had money to save.
I have managed to save starting in my 30s but I have quite a few friends who work paycheck to paycheck. The education was there. The ability is lacking.
This is simply not that true. It was taught in my public school and taught to most of my friends that went to public schools near me. Also taught in college. It didn't help. The power of compounding interest is taught to almost everyone and even fake quotes from Einstein used to hammer it home.
My generation (mid-30s) faced a post-graduate nightmare of a job market after 9/11 and then the 2007 credit decoupling in combination with a massive run-up in real estate values in the largest cities in America. No one had money to save.
I have managed to save starting in my 30s but I have quite a few friends who work paycheck to paycheck. The education was there. The ability is lacking.