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I'd be surprised if it's just savings percentage driving this. As tech workers we're a bit more privileged in that we have access to salaries and opportunities

I'd be surprised if it's just savings percentage driving this. As tech workers we're a bit more privileged in that we have access to salaries and opportunities that a lot of America doesn't have. Less than 6 years ago I was very much in that 62% category as high cost of living was eating into our combined paycheck pretty heavily.

Shivetya 11y ago
A lot of people get into the dangerous mentality that since the interest rates are not high that it somehow makes saving not a good idea, similar to many people in our industry who won't max out their 401k simply because the employer does not fully match. With regards to savings and lack thereof, regardless of salary. Far too many people excuse themselves from budgeting because they believe they are stretched too far to benefit. Yet the primary benefit of a budget is to understand where all your money is going, from major bills to day to day expenses; which can be a simple as that morning coffee or a pack of gum. Knowing where your money is going is the first step to getting yourself out of debt and a bad situation.
- HLRoku 11y ago
  Correct me if I'm wrong but I thought the point was that savings accounts are not worth it, leading many people to say their saving accounts are barren, not that they don't have savings saved up. Personally I'd fall into that category, I put all my money in checking since the interest is so poor in savings accounts I'd rather see that money go to some retirement fund or investment than see it get so little return in interest and restrict how much money I can take out of the account at any given time.
  - maxerickson 11y ago
    A big chunk of people just don't have any money held in reserve: https://news.ycombinator.com/item?id=10354263 https://news.ycombinator.com/item?id=10354263
    - HLRoku 11y ago
      Well, that's depressing. Almost hard to believe, to be completely honest -- but I might just be around the right group of people?

Shivetya 11y ago

A lot of people get into the dangerous mentality that since the interest rates are not high that it somehow makes saving not a good idea, similar to many people in our industry who won't max out their 401k simply because the employer does not fully match. With regards to savings and lack thereof, regardless of salary. Far too many people excuse themselves from budgeting because they believe they are stretched too far to benefit. Yet the primary benefit of a budget is to understand where all your money is going, from major bills to day to day expenses; which can be a simple as that morning coffee or a pack of gum. Knowing where your money is going is the first step to getting yourself out of debt and a bad situation.

HLRoku 11y ago
Correct me if I'm wrong but I thought the point was that savings accounts are not worth it, leading many people to say their saving accounts are barren, not that they don't have savings saved up. Personally I'd fall into that category, I put all my money in checking since the interest is so poor in savings accounts I'd rather see that money go to some retirement fund or investment than see it get so little return in interest and restrict how much money I can take out of the account at any given time.
- maxerickson 11y ago
  A big chunk of people just don't have any money held in reserve: https://news.ycombinator.com/item?id=10354263 https://news.ycombinator.com/item?id=10354263
  - HLRoku 11y ago
    Well, that's depressing. Almost hard to believe, to be completely honest -- but I might just be around the right group of people?