1,963
7
Essay, 1 pages (150 words)

Americans have cut way back on savings

The cultural trends and attitude of Americans are contributing to the lack of savings. According to a professor of University at Buffalo School of Management in New York, Lewis Mandell, American consumers feel much secured about their life after retirement because of Social Security, therefore, they believe that nothing bad can happen to them (Gardner).

Economic conditions are also contributing to the American’s cut way back on savings. For example, the high rate of unemployment and decline in average earnings of consumers during the previous few years along with the increase in housing, education, and healthcare costs have increased the financial stress on Americans, thereby, making it difficult to fulfill their basic needs.

Consumers are getting more materialistic and they do not consider the difference between ‘ need’ and ‘ want’ and it is evident from the fact that they want to have the latest cell phone, iPods, fast cars, etc. Generally, when a person earns a bonus, he is more likely to think about how to spend it rather than thinking about how much they can earn in the future by savings and investments.

Thank's for Your Vote!
Americans have cut way back on savings. Page 1
Americans have cut way back on savings. Page 2

This work, titled "Americans have cut way back on savings" was written and willingly shared by a fellow student. This sample can be utilized as a research and reference resource to aid in the writing of your own work. Any use of the work that does not include an appropriate citation is banned.

If you are the owner of this work and don’t want it to be published on AssignBuster, request its removal.

Request Removal
Cite this Essay

References

AssignBuster. (2022) 'Americans have cut way back on savings'. 1 October.

Reference

AssignBuster. (2022, October 1). Americans have cut way back on savings. Retrieved from https://assignbuster.com/americans-have-cut-way-back-on-savings/

References

AssignBuster. 2022. "Americans have cut way back on savings." October 1, 2022. https://assignbuster.com/americans-have-cut-way-back-on-savings/.

1. AssignBuster. "Americans have cut way back on savings." October 1, 2022. https://assignbuster.com/americans-have-cut-way-back-on-savings/.


Bibliography


AssignBuster. "Americans have cut way back on savings." October 1, 2022. https://assignbuster.com/americans-have-cut-way-back-on-savings/.

Work Cited

"Americans have cut way back on savings." AssignBuster, 1 Oct. 2022, assignbuster.com/americans-have-cut-way-back-on-savings/.

Get in Touch

Please, let us know if you have any ideas on improving Americans have cut way back on savings, or our service. We will be happy to hear what you think: [email protected]