• @[email protected]
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    -121 year ago

    While wages are obviously a significant factor here, I still wouldn’t be surprised if the primary cause for this is simply the fact that most people aren’t very skilled at managing their personal finances.

    I make a pretty decent living, but in discussions with my coworkers who earn as much as I do, and often even more, it becomes apparent that many of them are essentially living from hand to mouth. In contrast, I have a year’s worth of wages invested in stocks and enough cash to purchase two more cars like the one I already own. Finances and saving are subjects I enjoy discussing, but the vast majority of people have zero interest in them, and this has a real impact on their lives.

    • @[email protected]
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      1 year ago

      You’ve been downvoted, but I get what you’re saying. There’s just people who never really got out of the pocket money model of spending whatever you have all the time.

      It’s quite possible to do everything right and still end up with not enough, but I definitely work with people who could do better. One guy, between them and their partner earn more than I do, yet are in far worse financial shape, and it’s simply because they see money in their account, and see no reason not to spend it, meaning those little events (that don’t happen all the time, but do happen) like a car failing an MOT, or a boiler breaking in winter, or a roof leak means they have no way to cover it.

      I think there’s definitely a market for managed bank accounts, that handle your bills and outgoings, save up an emergency pot for you, put into investments when that fills up, and give you a spuff money pot for takeaways and other frivolous shit.

      City life can also be expensive, and too few people move away when it isn’t working for them.