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Whatever Happened to Thrift?: Why Americans Don't Save and What to Do about It
It is no secret that Americans save very little: every economic index confirms as much. But to solve the real mystery, we must ask the questions, “Why?” “What are the effects on our economy?” and “What can be done about it?”
In this thoroughly researched and thought-provoking book, Ronald T. Wilcox clearly describes not only how the “savings crisis” adversely influences personal lifestyles over the long term but also how it can undermine our national wealth and standard of living. Wilcox cogently explains that savings are essential to fuel our nation’s economic growth, whether it’s putting money in the bank or in the form of direct loans to the government as savings bonds, for example. And, he presents unambiguous facts showing that a high proportion of current wage earners simply will not have enough money for self-support during retirement—and that the government safety nets for income and health can no longer be counted on. Most important, Wilcox examines the many rational and irrational reasons behind individuals’ failures to put money away, what third parties such as corporations and government can do to help, and the steps people can take today to help themselves.
The book is an attempt to reinvent thrift in the United States, to find practical ways to help people consume less and save more now so that we can be a richer people in the future and a more prosperous nation. It is a must-read for every corporate executive, policy maker, and concerned citizen.
In this thoroughly researched and thought-provoking book, Ronald T. Wilcox clearly describes not only how the “savings crisis” adversely influences personal lifestyles over the long term but also how it can undermine our national wealth and standard of living. Wilcox cogently explains that savings are essential to fuel our nation’s economic growth, whether it’s putting money in the bank or in the form of direct loans to the government as savings bonds, for example. And, he presents unambiguous facts showing that a high proportion of current wage earners simply will not have enough money for self-support during retirement—and that the government safety nets for income and health can no longer be counted on. Most important, Wilcox examines the many rational and irrational reasons behind individuals’ failures to put money away, what third parties such as corporations and government can do to help, and the steps people can take today to help themselves.
The book is an attempt to reinvent thrift in the United States, to find practical ways to help people consume less and save more now so that we can be a richer people in the future and a more prosperous nation. It is a must-read for every corporate executive, policy maker, and concerned citizen.
- GenresNonfictionMoney
176 pages, Hardcover
First published October 1, 2008
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Displaying 1 - 11 of 11 reviews
March 30, 2009
A fine book, but more academic and full of numbers and quotes than I thought it would be. I didn't quite know what to expect but thought it might be different than it was. Perhaps I hoped it would be more of a general social commentary than a academic overview of financial troubles. Overall not a bad book though and definitely informative for anyone financially minded or not (I'm not, and had to skim some of the deeper discussions of financial formulas and things I couldn't begin to understand).
October 21, 2020
I felt that this book had some solid information, but it wasn't very easy to understand, unless you are deeply involved in the business world. Or, at least, I assume that someone in business could understand it! I was expecting a sort of money-saving for dummies book, and this definitely wasn't it.
July 31, 2022
His serious, unforgiving tone about common money issues combined with his jagged sense of humor is refreshing.
August 29, 2016
This book has very good recommendations (for the most part) and a generally fair understanding of the root of the saving crisis in this country. However, the author does tend to generally downplay large structural factors (such as stagnant wages and increasing medical, college, and housing cost in the past few decades), while also skimming over the rampant levels of abuse that exist in the mutual fund industry dealing with retirement plans, like 401(k) plans.
October 21, 2008
Good book that combines data from the current American savings debacle with the pschology of "keeping up with the Jones" that we all suffer in varying degrees.
November 11, 2008
Considered by most to be a dry subject, but so far I'm motivated to still turn the pages. Clearly an important message, just not one with a lot of sex appeal.
May 30, 2011
I thoroughly enjoyed this book - it is very well set out and logically argued with some simple economic and behavioural prescriptions to get the US back on track.
January 3, 2012
This is pretty much just a rehash of every other financial book about how American's don't save enough money.
May 13, 2012
not what i was expecting. a little too much economics, but written in a decently understandable way.
July 8, 2012
Too technical and boring for my tastes.
July 13, 2008
Academic in nature, but very interesting.
Displaying 1 - 11 of 11 reviews