Scared straight?Blog added by Paul Wilson on April 17, 2009
Paul Wilson

Paul Wilson

Denver, CO

Joined: May 30, 2007

Between working, paying bills, running the kids to soccer practice and everything else that makes up the daily grind, most people already have plenty on their plates. Unfortunately, as of late, the economy is giving us even more to deal with.

Beyond nagging concerns about actually having a job to go to, an increasing number of us are now dealing with questions like “should I keep contributing to my 401(k) if my employer reduces or eliminates matching?” and “how do I continue to make ends meet when salaries are frozen but prices for everything else continue to skyrocket?”
If nothing else, maybe current economic conditions are starting to scare Americans into being smarter with their money. A recent study by EBRI shows that just 13 percent of American workers say they’re very confident they’ll have enough money for a comfortable retirement. Meanwhile, 81 percent of respondents who said they have lost confidence in having enough money to retire also say they’re spending less. Considering 20 percent of those surveyed said they currently have less than $1,000 in savings, that’s gotta be a good thing, right?
Who knows? Maybe an economic apocalypse is the wake-up call we all needed. Maybe. I hate to say it, but the more likely scenario is a gradual end to the recession, at which point America will slowly settle back into its old, comfortable (and dangerous) habits. Long live credit and a new car every three years! Isn’t that the American way? I hate to sound cynical but do you really see it going any differently?
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