Help with sociology question...ages 40+ please!?

Question

This is a question for my sociology class that we are supposed to ask any person that is at least 20 years older then myself. Since I am 20 the question is open to anyone 40+ that has a few moments to help me out!

Question:

Government reports suggest that people in the U.S. are not saving as much money as they used to, which means that they have less (or no) cash for investing or dealing with unexpected expense. Do you think that attitudes about "saving for a rainy day" have changed over the years?

Thanks in advance for your time and help!

Answer 1

I think when the economy is good and job security is safe, people tend to spend more than they make using credit. It is a fast paced world of technology and we tend to want it now. However, for the last year as the economy was tanking, we personally have tried to cut all costs we can in our household, stopped traveling, etc. to try and pay off our debts and get serious about saving money. With inflation what it is and my husband being a self employed contractor-well, we are not incurring new debt, but our savings has not grown either. I know my grandparents were much more conservative and always saved money. This did not pass down through the next two generations so well. So I definitly think the majority of people don't having very good emercency cash funds and instead depend on a credit card to bail them out of trouble.

We are in our early 50's.

Answer 2

attitudes are the same, but the economy does not allow for much, if any extra income. you need two incomes today to sustain a house.

most high paid manufacturing jobs have gone away.

Answer 3

It is increasingly more difficult to save money when the rate of inflation and cost of goods outpaces salary.  For example, when I bought my car in 2002, I paid $12 for a fill up. Today, I pay $48 for the same amount of gas.  I dont need to tell you that my pay has not quadrupled since then.

Something has to give and unfortunately, it has been a few things....less savings, less travel, less investment.  

I do still save for that rainy day...I just have to hope it comes 4 years later than I originally planned for.

Answer 4

Yes, the "save for an emergency" attitude has definitely changed over the last years in America.

Most of the attitude change is due to consumerism, new inventions, new technologies, and the good old "keeping up with the neighbors" mentality.

The media has made many consumers believe that bigger, newer, and modern is better. Also, brand names have been advertise as prestigious and adding prestige to people who use them/buy them. Last, but not least; easily obtaining credit cards have change the spending attitude of consumers to the point of living well beyond their means.