Same here in Canada. Financial illiteracy has done more damage than anything to peoples retirement portfolios. Your average blue collar worker didn't understand stock plans which many utility, telecom companies offered through the 90s and early 2000 and put them directly into your RRSP (401K).

Unfortunately workers just saw a deduction, their contribution on their pay stub and viewed it as less take home pay and missed out on years worth of matching 100% or more. Its still that way. I have employee I have had to explain this to. Its not taught in school.

I shouldn't even say just blue collar. Its rampant among all categories. Your buddy is a good example. Earns 200K, no idea what a 401K is! At-least he is willing to learn, many are not still.

This post was edited by SBD on Nov 3 2023 08:38am

Yeah our primary education system has zero standardized financial educations. A Few public schools here and there have an elective you can take but if you’re 19 fresh out of school, you don’t really think about what you’ll need at 60. And 19 to 30 goes by quickly.

This.. if you aren’t using a cash back or perks credit card for purchases.. you’re doing something wrong and losing out on a lot.

Nobody investing should be running up credit card debt.

the people on here are just the people on here and does not represent what people do on a larger scale, let's say a country.



cash back on credit card lmao. rapport choucroute ?
you got it all wrong but maybe when (y)our countries inevitably goes bankrupt you might understand what I was trying to tell

NFA

This post was edited by Melatonina on Nov 3 2023 10:02am

Pretty much goes for anyone investing. The majority who invest wipe out their credit card payments monthly and only use it for the perks. Anyone who doesn’t shouldn’t be investing if you can’t pay off your expenses each month.

Maybe a link will help you

https://www.pgpf.org/national-debt-clock

I think part of the 401k problem is not a vast majority of businesses offering them and the popularity of average Americans living beyond their means or paycheck to paycheck, thus not having the funds to invest. The illiteracy is a huge factor for sure. I didn't start investing in better ways until early-30's because I hadn't had much exposure to the concepts. It was the sensationalism of YOLO WallStreetBets stuff that initially grabbed my attention and prompted me to explore investing.
Retail gamblers are probably at an all-time high, if I had to guess, due to apps like Robinhood and WallStreetBets. YouTube and TikTok videos add to this, too. Makes me wonder what overall effect this has on the market.

Okay, so go make an informative thread about your concerns around rising credit card debts and spending habits? The people you're talking to on here don't have credit card debts accruing interest.

Credit cards for savvy people can be utilized advantageously, taking advantage of free interest periods, free flights and accommodations, etc.

This post was edited by SBD on Nov 3 2023 10:11am

Yeah I realized I wrote it poorly, didn't meant you guys specifically but as a whole nation

Lots of contributing factors for that one. Increased cost of living, poor financial education in western schools in general (people do not understand compounding interest), keeping up with the Jones's mentality, constant targeted marketing on every single website you visit resulting in frivolous spending.