The personal savings rate has slowly halved over the past 60 years[0].
Did everyone become illiterate or maybe the inflation rate has exceeded the growth rate of wages[1], among other things?
What's funny is that on two comments rejecting my argument one accuses me of considering people "too dumb" to take their own financial decisions, the other tells me people are actually too dumb and that's why they are in financial trouble.
The article you linked mentions "Lack of budgeting and financial planning" and "Social pressures" for reason of living paycheck to paycheck. And those are self reported values.
Last 60 years we experienced enormous growth of advertising - is it really hard to believe that many people are having big problems with limiting their spending.
Last 60 years we experienced enormous growth of advertising - is it really hard to believe that many people are having big problems with limiting their spending.