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Not sure that I completely understand the logic here
Posted on 9/21/22 at 6:51 pm
Posted on 9/21/22 at 6:51 pm
The inflation issue, yes. But other than that, why would one save less and also cut back on paying down debt if concerned about a possible economic downturn? Learn from squirrels, no?
quote:
A new study from Morgan Stanley at Work finds 62% of employees have reduced their short- and long-term savings contributions amid high inflation and concerns about a possible recession.
Almost one-third — 31%— of respondents reduced contributions to their 401(k) plans. Meanwhile, 26% said they've cut back on paying down debts, 25% reduced their long-term savings, 24% scaled back emergency and short-term savings, 19% whittled down contributions to health savings accounts and 13% reduced contributions to a college savings fund.
6
Posted on 9/21/22 at 6:56 pm to Jag_Warrior
Maybe a lot of people need the money for day to day expenses?
Posted on 9/21/22 at 6:57 pm to Jag_Warrior
Poorly constructed sentence maybe?
Inflation stacked all the other parts of budget screwed is what I am reading ....oh and recession is coming
Inflation stacked all the other parts of budget screwed is what I am reading ....oh and recession is coming
Posted on 9/21/22 at 7:24 pm to thelawnwranglers
Yeah terrible sentence. Means people are strapped and cannot affford to save as the excess income is going into inflated regular expenses
Posted on 9/21/22 at 7:37 pm to Jag_Warrior
They are losing the power to save and accumulating undesirable debt (like credit cards)
Posted on 9/21/22 at 7:47 pm to Jag_Warrior
It's probably a bit of that being how much cost increases are hitting some, a bit of some being more willing to sacrifice savings and retirement contributions in order to not hamper their lifestyles, and/or a bit of both.
Posted on 9/21/22 at 8:03 pm to Bard
Yeah, I can see that. I guess it was just the way it was worded that made me go, huh?!
Posted on 9/22/22 at 3:14 am to Jag_Warrior
Money in a 401k account doesn’t help you Tomorrow if you’re laid off. Better to have it in cash now and not have to pay a penalty to take it out later
This post was edited on 9/22/22 at 3:15 am
Posted on 9/22/22 at 5:03 am to Jag_Warrior
quote:
why would one save less and also cut back on paying down debt
CC utilization is up like 10% YOY. So maybe these people have maxed out their CCs, so have reduced their 401k contributions and paying cash/debit for the enhanced daily expenses like food/gas/utilities
Not paying down debt bc they need the cash just to stay afloat.
Whats the number, over 50% of americans don't have 1k in their savings for an emergency?
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